An hour ago
CNBC Pro: Wall Street Pros Name Stock Markets Biggest Risk — And Show How To Trade It
Equity markets are largely in the green this year, but there is turmoil about the rally, with several risk factors still plaguing the market.
How should investors trade the market? Wall Street professionals weigh in with their best ideas.
Pro subscribers can read more here.
— Zavier Ong
An hour ago
CNBC Pro: Goldman Sachs Added 3 Stocks to Its Conviction Buy List, Making One 100% Up
Fri, Mar 3, 2023 4:06 PM EST
The major averages close higher
Stocks closed higher on Friday, pushing key averages into a winning week.
The Dow Jones Industrial Average rose 387.40 points, or 1.17%, to 33,390.97. The S&P 500 rose 1.61% to 4,045.64 and the Nasdaq Composite gained 1.97% to close at 11,689.01.
For the week, the Dow ended up 1.75%. The S&P added 1.9% and the Nasdaq rose 2.58%.
— Tanaya Machell
Thu, Mar 2, 2023 6:45 PM EST
A weaker job market can lead to risky trading, says David Rosenberg
David Rosenberg, chief economist and strategist at Rosenberg Research, believes the stock market will experience a sustained rally as the labor 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 boom really hits the economy,” Rosenberg said on CNBC’s “Fast Money” Thursday.
“There’s no question that the economy isn’t strong, but it needs to weaken quickly. Unemployment needs to start coming down…I think that’s where you’ll find the risk of trading,” he added.
The employment picture started 2023 on a stunningly strong note, with nonfarm payrolls posting their biggest gains since July 2022. The Federal Reserve could reverse its tightening policy if the labor market proves weak.
— Yun Li
Fri, Mar 3, 2023 10:14 AM EST
Brent oil prices fall after reports that the UAE is considering a departure from OPEC
Relations between Saudi Arabia and the United Arab Emirates are becoming increasingly tense, according to a report by the Wall Street Journal. Citing Emirati officials, the report said the UAE is debating whether to leave OPEC.
News of the possible rupture of the oil cartel sent chills across Brent oil prices. At one point during Friday’s trading, prices were down nearly 3% before recovering. Recently, the global benchmark fell 0.85% to $84.03.
According to the report, the two oil-producing countries are seeking influence and disagree over the direction of the war in Yemen.
Oil prices fell nearly 3% before recovering after a report that the UAE could leave OPEC.
— Christina Cheddar Berk