32 minutes ago
Biden nominates Fed’s Brainard for top economic advisor Tuesday: Bloomberg
US President Joe Biden will appoint Federal Reserve Vice Chairman Lael Brainard as his chief economic adviser as early as Tuesday, Bloomberg reported, citing people familiar with the matter.
According to the report, Brainard would replace National Economic Council director Brian Deese.
It is understood that Council of Economic Advisers member Jared Bernstein will be appointed chair, replacing outgoing chair Cecilia Rouse.
CNBC previously reported that the appointments are expected to be announced after new White House Chief of Staff Jeff Zients assumes his role.
– Jihye Lee
4 hours ago
All eyes on Tuesday’s CPI data
Investors will be watching for the closely followed CPI data next Tuesday morning.
January data for the index, which measures the pace of inflation by tracking price changes within a broad basket of items, is due at 8:30 am. Here’s what economists polled by Dow Jones expect:
- The CPI will increase by 0.4% compared to the previous month and by 6.2% compared to the same month last year.
- The so-called “core” CPI, which excludes food and energy, is set to rise 0.3%m/m and 5.5% higher than the same month last year.
Based on those expectations, the report could offer some bad news. CNBC Pro subscribers can read more about how some market watchers expect stocks to move based on the latest data.
Beyond the CPI, investors will also be paying attention to recent corporate earnings from consumer-focused names like Coca-Cola and Airbnb. CNBC Pro subscribers can see what’s in store for them all week here.
– Alex Harring
4 hours ago
General Motors wants to outperform Ford, says Steve Grasso
Grasso Global CEO Steve Grasso said he sees more upside potential for General Motors than Ford.
“On the stock front, GM has outperformed Ford. Stocks look similar, but GM definitely broke out of its bearish trendline recently,” Grasso said on CNBC’s Fast Money.
Ford announced Monday it would be collaborating with Contemporary Amperex Technology, known as CATL, on a new $3.5 billion electric vehicle battery plant in Michigan.
However, Grasso believes GM is still the better choice in the EV race — with a company that outperforms both.
“GM’s chart looks better to me — on a yearly basis, the stock has outperformed Ford. I think she will still outperform Ford,” Grasso said. “I like their scale and reach when it comes to their EV partnerships.”
“Tesla is still the king of the hills. There are other companies that are after them,” he added. “But in this hunt I like GM better than Ford.”
— Hakyung Kim
4 hours ago
Stocks make the biggest moves after hours
These are some of the stocks making the biggest moves in extended trading:
- Avis – The car rental company gained 3.5% after beating both top and bottom-line estimates by analysts polled by Refinitiv. The company said it had strong demand, which has continued so far in the current quarter.
- Palantir — Shares rose 18% on quarterly earnings, which beat analysts’ expectations, according to Refinitiv. It’s also the first quarter that Palantir reported positive net income on a GAAP basis.
- Arista Networks — Cloud stock rose less than 1% after reporting earnings and sales that beat consensus estimates from analysts polled by Refinitiv. The company also provided a sales guidance for the current quarter that came in ahead of expectations.
The full list can be found here.
– Alex Harring
5 hours before
Stock futures open almost flat
Stock futures were little changed Monday night.
Futures linked to the Dow, S&P 500 and Nasdaq-100 all opened near their respective zero lines as investors awaited the latest CPI data.
– Alex Harring