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CNBC
2 hours ago
- CNBC
CNBC Daily Open: Investors look away from the Trump administration's call to relook the Fed
With the job market currently being rough for many — in no small part because of artificial intelligence — it may be tempting to enroll in graduate school in the hopes of securing a better job eventually. Don't do it. That is, if you have dreams of working at America's central bank. U.S. Secretary of Treasury Scott Bessent on Monday questioned the Federal Reserve's decision not to lower interest rates this year so far, given that the U.S. has "seen very little, if any, inflation." "I think this idea of them not being able to break out of a certain mindset," Bessent said, referring to Fed officials. "All these Ph.D.s over there, I don't know what they do." The headline number for June's consumer price index was the highest since February. While navigating the job market has been a challenge regardless of qualifications, the stock market seems to be on a smooth path upward regardless of challenges. The S&P 500 broke the 6,300 closing level for the first time on Monday. That's despite the Trump administration's beef with the Fed and its use of heavy tariffs as a bargaining tool. Under those circumstances, an investor doesn't need a Ph.D. to know that volatility in markets could lie ahead despite the positive sentiment today. Scott Bessent calls for a review of the Federal Reserve. In an interview with CNBC on Monday, the U.S. Treasury Secretary suggested that the government needs to examine the "entire" Fed. Bessent also said the Aug. 1 tariffs will help the U.S. reach "better agreements" with its trade partners. The S&P 500 closed above 6,300 for the first time. Boosted by advances in Meta and Amazon shares, the Nasdaq Composite notched a record closing high on Monday as well. Asia-Pacific markets traded mixed Tuesday. Figma IPO could value it as much as $16.4 billion. The design software company published on Monday an updated prospectus, which stated that Figma expects to sell about 37 million shares at $25 to $28 each. Trump Media has built a roughly $2 billion bitcoin hoard. Those holdings now account for about two-thirds of Trump Media's total liquid assets, signaling U.S. President Donald Trump's pivot to cryptocurrency as a source of wealth while in office. [PRO] European defense bull run may cool off. A fund manager who oversees assets worth close to $2 billion told CNBC that the valuations of the defense sector in Europe have hit "extreme" levels. The race to roll out solid-state batteries is picking up steam again Often touted as the "holy grail" of sustainable driving, solid-state batteries are thought to offer significantly higher energy density than conventional lithium-ion ones. But they have long been stuck between theory and the promise of commercialization in the next five to 10 years. A recent flurry of announcements from major automakers and incumbent cell producers appears to have renewed optimism. —
Yahoo
2 hours ago
- Yahoo
AP Top Extended Financial Headlines at 12:51 a.m. EDT
Microsoft is issuing an emergency fix to close off a vulnerability in Microsoft's SharePoint software that hackers have exploited to carry out widespread attacks on businesses and at least some federal agencies
CNBC
2 hours ago
- CNBC
European stock exchanges mull 24-hour trading to attract retail investors amid U.S. boom
European stock exchanges are weighing up the feasibility and demand for 24-hour or out-of-hours trading as retail activity continues to significantly lag that in the U.S. Alex Dalley, head of European cash equities at Cboe Europe — the largest European stock exchange operator — told CNBC they were "closely monitoring" the growing appetite stateside for extended trading hours while "global retail investors look to develop and scale their engagement in the European cash equity markets." Cboe Global Markets in February announced plans to offer 24-hour trading for U.S. equities five days a week on its Cboe EDGX Equities Exchange. To encourage retail investors' participation in Europe, Cboe launched a new service earlier this month that cut charges to trade across 18 European markets. The Financial Times reported Sunday that the London Stock Exchange Group was looking into the technological and regulatory implications of extending its own hours. LSEG declined to comment when contacted by CNBC. Other exchanges and stocks brokers across Europe also suggested that European investors are more likely to be interested in trading U.S. equity and linked products in after hours, rather than renewed interest for investing in European companies. SIX Group, which owns the Swiss stock exchange, said it was "examining an extension of trading hours" for structured products, such as ETFs or derivates, after seeing demand from retail investors for U.S. stocks. Meanwhile, Euronext, which runs stock exchanges in Paris, Amsterdam, Brussels, Milan, Lisbon, Dublin and Oslo, said it had not yet seen a demand from its clients for extended trading hours. "Given that there is no consensus among industry participants on buy-side, sell-side and industry associations, Euronext doesn't see an immediate need to take action to review its overall trading hours," a Euronext spokesperson said. Deutsche Börse, which runs the Frankfurt Stock Exchange from 8:00 a.m. to 10:00 p.m. local time five days a week for derivates and structured products, echoed Euronext. "If there is demand, we would extend the trading hours further. However, this is currently not the case," a Deutsche Börse spokesperson told CNBC. 'Positive for retail involvement' The U.K.'s largest stock broker Hargreaves Lansdown said that while London Stock Exchange's move to consider 24 hour trading was "bold," it was unlikely to improve the attractiveness for listed companies to investors. "This move, still in its infancy, primarily caters to retail investors navigating markets via smartphones rather than liquidity-sensitive institutional giants," said Matt Britzman, senior equity analyst at Hargreaves Lansdown. "That's positive for retail involvement but is unlikely to move the dial on the attractiveness of UK vs US markets for companies looking to choose a listing destination." Britzman also cautioned that extended trading hours brought additional risks to all investors. Lower trading volumes in after hours have often contributed to sharp price moves in stocks. Such moves could lead to margin-calls for investors who may suddenly discover they have an inappropriate exposure. Platforms such as Robinhood are now generating significant U.S. market activity overnight, reflected in opening prices, while the New York Stock Exchange has applied to extend trading to 22 hours a day, and the Nasdaq to 24 hours . Robinhood CEO Vlad Tenev told CNBC earlier this month that cryptocurrency markets had already paved the way for the removal of opening and closing bells. "Customers love it. They love being able to trade on Sundays before the market opens. I think not having access to 24-hour markets will be seen as a disadvantage, probably to some extent it already is," Tenev said. Investors have long bemoaned weak levels of retail investment in U.K. markets, with the London Stock Exchange itself taking steps to boost participation in recent years, such as removing fees for access to real-time market data. Brits have the lowest percentage of their wealth in investments of any G7 country, at 8%, according to a January report by Aberdeen. However, other European nations also significantly lagged the 33% of personal wealth that U.S. adults were storing in equities and mutual funds. "While it is important we find ways to make investing in European equities as attractive as possible to this community it is worth stating Europe's trading hours are currently longer than any other jurisdiction," Cboe Europe's Dalley told CNBC. "Demand and feedback from global retail investors will be core to any decision to extending European trading hours further."
