one hour ago
CNBC Pro: Wall Street pros name the biggest risks to stock markets–and reveal how to trade them
Stock markets have been broadly in the green this year, but there is unease about the rally, with many risk factors still weighing on the market.
How should investors trade the market? Wall Street professionals weigh in on their thoughts.
Professional subscribers can read more here.
– Xavier Ong
one hour ago
CNBC Pro: Goldman Sachs Adds 3 Stocks to Conviction Buy List, Giving Up 100%
Friday, March 3, 2023, 4:06 PM EST
The major averages close higher
Stocks closed higher on Friday, pushing the major averages into a winning week.
The Dow Jones Industrial Average rose 387.40 points, or 1.17%, to 33,390.97 points. The S&P 500 rose 1.61% to 4,045.64, and the Nasdaq Composite rose 1.97%, closing at 11,689.01.
For the week, the Dow closed up 1.75%. The S&P rose 1.9% and the Nasdaq jumped 2.58%.
– Tanaya McHale
Thursday, March 2, 2023 6:45 PM EST
David Rosenberg says a weaker job market can lead to risky trading
David Rosenberg, chief economist and strategist at Rosenberg Research, believes the stock market will see a sustained rally when the job market begins to contract in three to four months.
“Right now you have a situation where the stock markets and the credit markets seem to think they have more time to buy before the prosperity really comes down on the economy,” Rosenberg said on CNBC’s “Fast Money” Thursday.
He added, “There is no question that the economy is not strong, but it should weaken rapidly. Unemployment should start to decline… I think that is where you will find the trade risks.”
The employment picture started in 2023 on a surprisingly strong note, with non-farm payrolls posting their biggest gains since July 2022. The Federal Reserve can reverse its tightening policy when the jobs market shows weakness.
– Yun Lee
Friday, March 3, 2023, 10:14 a.m. EST
Brent oil prices drop following reports that the UAE is considering leaving OPEC
A report stated that relations between Saudi Arabia and the United Arab Emirates are becoming increasingly tense By The Wall Street Journal. The report quoted Emirati officials as saying that the UAE was discussing whether it should leave OPEC.
News of the possible rupture of the oil cartel sent chills to Brent Crude prices. At one point in Friday’s trading, prices fell about 3% before recovering. Recently, the global benchmark fell 0.85% to $84.03.
The two oil-producing countries have been vying for influence and disagreeing over the direction of the Yemen war, according to the report.
Oil prices fell nearly 3% before recovering with a report that the UAE may leave OPEC.
—Christina Scheder Burke
“Infuriatingly humble alcohol fanatic. Unapologetic beer practitioner. Analyst.”