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    Netflix stock is trading at all-time-high levels in unprecedented win streak

    Netflix’s stock has traded for 11 straight days without a decline, the company’s longest positive run ever.
    This new streak comes on the heels of Netflix’s most recent earnings beat in which it revealed that revenue grew 13% during the first quarter of 2025.
    Netflix has been one of the top performers during the first 100 days of President Donald Trump’s second term, with shares up more than 30% since mid-January.

    Cheng Xin | Getty Images

    Netflix is on a winning streak.
    The streaming giant’s stock has traded for 11 straight days without a decline, the company’s longest positive run ever. It gained 2% Friday.

    Stock chart icon

    Netflix stock since April 17.

    Its previous record was a nine-day stretch in late 2018 and early 2019 when the stock traded up for four days, was unchanged for a day and then traded positively for another four days.
    The stock is also trading at all-time-high levels since it went public in May 2002.
    This new streak comes on the heels of Netflix’s most recent earnings report on April 17, in which it revealed that revenue grew 13% during the first quarter of 2025 on higher-than-forecast subscription and advertising dollars.
    Netflix has been one of the top-performing stocks during the first 100 days of President Donald Trump’s second term, with shares up more than 30% since mid-January. The company has been largely unaffected by Trump’s tariffs and trade war with China and is a service that consumers are unlikely to cut during a recession.
    Meanwhile, traditional media stocks have been slammed by a tumultuous market prompted by Trump’s trade policy. Warner Bros. Discovery has lost nearly 10% since Trump took office, while Disney is down 13% during that same period.

    Netflix continues to forecast full-year revenue of between $43.5 billion and $44.5 billion.
    “There’s been no material change to our overall business outlook,” the company said in a statement last month.
    As investors worry about the potential effect of tariffs on consumer spending and confidence, Netflix’s co-CEO Greg Peters said on the company’s earnings call, “Based on what we are seeing by actually operating the business right now, there’s nothing really significant to note.”
    “We also take some comfort that entertainment historically has been pretty resilient in tougher economic times,” Peters said. “Netflix, specifically, also, has been generally quite resilient. We haven’t seen any major impacts during those tougher times, albeit over a much shorter history.”
    JPMorgan said Thursday that it sees more upside for shares.
    “NFLX has established itself as the clear leader in global streaming & is on the pathway to becoming global TV … Advertising Upfronts in May should serve as a positive catalyst to shares,” analysts wrote.
    While Netflix has hiked its subscription prices — its standard plan now costs $17.99, its ad-supported plan is $7.99 and premium is $24.99 — it appears to have retained its value proposition for customers. But it is unclear if the subscriber base is growing or shrinking because the company recently stopped sharing details on its membership numbers, instead focusing on revenue growth.

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    Footwear giants Nike, Adidas and others ask Trump for tariff exemption

    A major footwear trade group sent a letter to President Donald Trump this week asking him to exempt shoes from his so-called reciprocal tariffs.
    Brands such as Nike, Adidas and Skechers co-signed the letter.
    The letter claimed the tariffs pose an “existential threat” to footwear businesses and families, and that under the scheme, inventories would soon run low.

    A man shops for shoes at a Nike outlet store in Los Angeles on April 10, 2025.
    Frederic J. Brown | Afp | Getty Images

    America’s largest shoe brands are asking President Donald Trump for a tariff reprieve.
    The Footwear Distributors and Retailers of America trade group sent a letter to the White House this week asking for an exemption to Trump’s so-called reciprocal tariffs, which the association said pose an “existential threat” to the footwear industry. The letter is signed by 76 footwear brands, including Nike, Adidas, Skechers and Under Armour.

    “Many companies making affordable footwear for hardworking lower and middle-income families cannot absorb tariff rates this high, nor can they pass along these costs. Without immediate relief from the reciprocal tariffs they will simply shutter,” reads the letter, which is dated April 29.
    “Many orders have been placed on hold, and footwear inventory for U.S. consumers may soon run low,” the trade group said.
    Trump’s wide-sweeping tariffs, announced on April 2, included levies on several countries that are important sources for footwear suppliers, including China, Vietnam and Cambodia. While the initial tariff rates of more than 45% for Vietnam and Cambodia were lowered to 10% for a 90-day period, the Trump administration has only ratcheted up duties on Chinese imports, which are now subject to an effective tariff rate of 145%.
    Trump’s higher tariffs on dozens of trade partners are set to resume in early July.
    Adidas previously warned this week that tariffs would lead to higher prices for American consumers. In late March, before the specific reciprocal tariff rates were announced, Nike’s finance chief said global levies and economic uncertainty would result in lower current-quarter sales.

    The footwear association’s letter said the industry had already been facing significant duties on products such as children’s shoes before Trump announced his broad tariffs. In total, U.S. footwear companies will face tariffs ranging between 150% and about 220%, the trade group said.
    “This is an emergency that requires immediate action and attention. The American footwear industry does not have months to adjust business models and supply chains while absorbing this unprecedented and unforeseen tariff regime,” the association wrote.
    The group further warned that the tariffs will not result in bringing manufacturing back to the U.S., as Trump has promised, because they erase the certainty that businesses require in order to invest in sourcing changes.
    The White House did not immediately respond to CNBC’s request for comment.

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    Two JPMorgan ETFs that are providing a destination for risk-averse investors

    The money manager behind two of the world’s biggest actively managed exchange-traded funds sees a way for investors to stay defensive without leaving the market.
    Jon Maier’s firm is behind the JPMorgan Equity Premium Income ETF (JEPI) and JPMorgan Ultra-Short Income ETF (JPST). They’re listed as No. 1 and No. 3 in size globally in their category, according to VettaFi.

    The goal: give investors downside protection while generating income.
    “When the VIX [volatility] increases, that offers the opportunity for an increased amount of income to the investor of JEPI,” the J.P. Morgan Asset Management chief ETF strategist told CNBC’s “ETF Edge” this week. “Conversely … when the volatility declines, given that the options are written out of the money, it provides some upside in the underlying portfolio.”
    JEPI fell around 3% in April while volatility gripped the market. As of Thursday’s market close, the ETF is off about 4% for the year while the S&P 500 is down almost 5%.
    JEPI’s top holdings include Mastercard, Visa and Progressive according to JPMorgan’s website as of April 30.
    Meanwhile, the JPMorgan Ultra-Short Income Fund focuses on fixed income instead of U.S. equity. The fund is virtually flat so far this year.

    “It provides a ballast in your portfolio [and] stability for those investors that are looking to protect principle,” Maier said.

    ‘Hiding out to weather the storm’

    ETF Action’s Mike Akins notes these ETFs are satisfying an important investment need in the market.
    “This category is where people are hiding out to weather the storm,” the firm’s founding partner said on the show.
    According to J.P. Morgan Asset Management, the JPMorgan Ultra-Short Income Fund had the second-highest volume among active U.S. fixed income ETFs between April 3 and 10 — which marked the year’s most volatile weekly span on Wall Street.
    Correction: Jon Maier’s firm is behind the JPMorgan Equity Premium Income ETF and JPMorgan Ultra-Short Income ETF. An earlier version misstated his status.

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    American Airlines to debut new suites with sliding doors after delays

    American Airlines is doing away with long-haul first class on many planes in favor of a larger single cabin with new suites.
    The seats, which enter service next month, feature sliding “privacy doors,” a trend in airplane cabin design.
    The carrier is competing with Delta and United for high-paying travelers.

    American Airlines seat for its new Flagship Suite.
    Courtesy: American Airlines

    American Airlines’ new suites with sliding doors are set to start flying on some of its planes in June, a key part of its strategy to compete against more profitable rivals for high-spending customers.
    American first unveiled the new design in September 2022 and expected to start flying the new seats in 2024 but, like other carriers, faced delays from suppliers. First- and business-class airplane seats throughout the industry have become so elaborate that they’ve held up deliveries of new aircraft.

    American’s new suites on the Boeing 787-9 will debut for regularly scheduled service on June 5 between its hub at Chicago O’Hare International Airport and London Heathrow Airport, followed by Philadelphia to London on Aug. 6 and Philadelphia to Zurich on Sept. 3. Another flight, outfitted with the new seats, between Dallas Fort Worth International Airport and Brisbane, Australia, is set to start Oct. 26.

    Read more CNBC airline news

    A roundtrip leaving Aug. 11 and returning Aug. 18 between Philadelphia and London in the “Flagship business class” costs $5,342 on American’s website.
    The 787-9 cabin will feature 51 of the “Flagship Suites,” which will be the new international business class. The carrier’s 787-9s currently have 30 Flagship business-class seats, 21 premium economy, 34 extra-legroom seats and 200 in standard economy.
    American said in 2022 that it plans to get rid of its international first class on many of its planes in favor of the larger single premium cabin at the front of the plane. It’s retrofitting older 777-300ER jets and will have a similar, but smaller, layout on its Airbus A321XLRs.

    JetBlue new Mint suites for their Airbus A321LRs.
    Courtesy: JetBlue

    The craze of offering sliding doors has rippled through the industry. Rivals like JetBlue Airways have upgraded their highest-end cabins to feature the doors, while Santiago, Chile-based Latam Airlines said Thursday that it started operating its new business class with sliding doors on some of its aircraft, part of a $360 million fleet refresh.

    Delta Air Lines’ Delta One suites offer the feature and United Airlines is rumored to soon unveil upgraded premium seating that could feature sliding doors as well. United didn’t immediately comment.
    American is also upgrading other amenities, like offering free Wi-Fi to its loyalty program members, which Delta already does and United is set to provide this year.

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    Two JPMorgan ETFs that are providing a destination for risk-adverse investors

    The money manager behind two of the world’s biggest actively managed exchange-traded funds sees a way for investors to stay defensive without leaving the market.
    Jon Maier helps run the JPMorgan Equity Premium Income ETF (JEPI) and JPMorgan Ultra-Short Income ETF (JPST). They’re listed as No. 1 and No. 3 in size globally in their category, according to VettaFi.

    The goal: give investors downside protection while generating income.
    “When the VIX [volatility] increases, that offers the opportunity for an increased amount of income to the investor of JEPI,” the J.P. Morgan Asset Management chief ETF strategist told CNBC’s “ETF Edge” this week. “Conversely … when the volatility declines, given that the options are written out of the money, it provides some upside in the underlying portfolio.”
    JEPI fell around 3% in April while volatility gripped the market. As of Thursday’s market close, the ETF is off about 4% for the year while the S&P 500 is down almost 5%.
    JEPI’s top holdings include Mastercard, Visa and Progressive according to JPMorgan’s website as of April 30.
    Meanwhile, the JPMorgan Ultra-Short Income Fund focuses on fixed income instead of U.S. equity. The fund is virtually flat so far this year.

    “It provides a ballast in your portfolio [and] stability for those investors that are looking to protect principle,” Maier said.

    ‘Hiding out to weather the storm’

    ETF Action’s Mike Akins notes these ETFs are satisfying an important investment need in the market.
    “This category is where people are hiding out to weather the storm,” the firm’s founding partner said on the show.
    According to J.P. Morgan Asset Management, the JPMorgan Ultra-Short Income Fund had the second-highest volume among active U.S. fixed income ETFs between April 3 and 10 — which marked the year’s most volatile weekly span on Wall Street.

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    Berkshire investors hope for Buffett’s guidance at annual meeting with tariffs shaking markets, economy

    Warren Buffett and Greg Abel during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 4, 2024.

    Warren Buffett has been mum about tariffs and the recent market turmoil, but will finally speak his mind when the 94-year-old investment legend kicks off Berkshire Hathaway’s annual shareholder meeting on Saturday.
    Tens of thousands of rapt shareholders will descend on Omaha, Nebraska this weekend for the annual gathering dubbed “Woodstock for Capitalists.” This year’s meeting marks the 60th anniversary of Buffett leading the company, and is the second without Buffett’s long-time partner Charlie Munger, who died in late 2023.

    The biggest event in the Cornhusker State next to a Nebraska-Oklahoma football game, this year’s meeting comes as markets have turned uncertain after President Donald Trump’s aggressive rollout of the highest tariffs on imports in generations. (Many were suspended for 90 days afterward.) Wall Street economists left and right are sounding the alarms that a recession may be in the offing, as recent data pointed to signs of economic weakening.
    “Because Berkshire owns so many businesses, they’re basically on the front lines of everything in terms of the economy falling off. Is it even worse than what the numbers are already showing?” said Steve Check, founder of Check Capital Management, which counts Berkshire as its largest holding. “I hope, more than anything, that he speaks out against the way tariffs have been done. Everyone is looking for what Warren Buffett has to say.”
    Investors’ north star
    The “Oracle of Omaha” may have already let his actions do the talking. Berkshire has sold more stock than it’s bought for nine straight quarters, dumping more than $134 billion worth in 2024. That was mainly due to reductions in Berkshire’s two largest equity holdings — Apple and Bank of America. As a result of the selling spree, by December Berkshire’s enormous pile of cash had grown to yet another record, at $334.2 billion.
    The world is eager to hear if Buffett, the most famous advocate of value investing, used the April market meltdown to hunt for bargains and lay the groundwork for deals. Although Buffett doesn’t make predictions of short-term market direction, investors will listen closely for any signals of his continued confidence in the U.S. economy — despite the tariff shock.
    “I think the big question on everyone’s mind is what will Warren do with the pile of cash that they are sitting on and, more specifically, when can it be deployed, as he can help investors gauge when the all clear sign is lit,” said David Wagner, a portfolio manager at Aptus Capital Advisors and a Berkshire shareholder. Many investors, he noted, “tend to view Warren as the north star.”

    Buffett will make a few introductory remarks at 9am ET Saturday, followed by an hours-long question-and- answer panel. Buffett’s designated successor, Greg Abel, and Berkshire’s insurance chief, Ajit Jain, will join Buffett on stage in the morning, with Buffett and Abel alone in the afternoon. The Q&A session will be broadcast on CNBC and webcast in English and Mandarin.
    Big Apple question
    Shareholders are also curious for Buffett to explain his motivation in slashing his longtime Apple stake. After a head-turning selling spree for four quarters in a row, Berkshire’s Apple holding has stayed at an even 300 million shares since the end of September, leading many to speculate that Buffett is done selling the stock for the time being.
    At last year’s annual meeting, Buffett suggested that the sale was for tax reasons following sizable gains. He also implied that selling down Apple could be tied to his wanting to avoid a higher tax bill in the future if rates went higher to fund the yawning U.S. fiscal deficit. With a change in government in Washington, shareholders want to hear Buffett’s reasoning today.
    “You can’t use that explanation anymore because it clearly does not apply,” said David Kass, a finance professor at the University of Maryland. “If he sold more, it would indicate that he probably felt it was fully valued, or Warren Buffett being the genius that he is, he was able to see ahead at some of the risks that could face Apple, in case there’s a trade war and tariffs.”
    Berkshire’s first-quarter earnings report, due Saturday morning, will show the conglomerate’s top equity holdings, which could give investors a hint as to whether the Apple stake was adjusted again. More

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    ‘Large number of foreign investors’ skittish about investing in America, longtime investor Rebecca Patterson warns

    Join us for the ultimate, exclusive, in-person, interactive event with Melissa Lee and the traders for “Fast Money” Live at the Nasdaq MarketSite in Times Square on Thursday, June 5.

    Global investors are undergoing a structural rethink of their exposure to U.S. markets, according to economic expert Rebecca Patterson.
    Patterson, who served as Bridgewater’s chief investment strategist, contends they’re gradually reducing exposure to U.S. assets and the impact could be significant. Her prediction comes after having conversations with participants in last week’s World Bank and International Monetary Fund meetings in Washington.

    “There are a large number of foreign investors who are worried not only about tariffs, but just about America’s reliability as a partner,” Patterson said Monday on CNBC’s “Fast Money.”
    Outside of the Trump administration’s tariff policy, she finds foreign investors and policymakers are losing faith in the U.S. on broader fears about the potential weaponizing of capital markets to achieve its economic goals.

    Arrows pointing outwards

    That may put global investors’ U.S. holdings at risk, according to Patterson. Foreigners held more than $31 trillion of U.S. assets as of last June, according to the most recent U.S. Treasury data. That’s an increase of $4.4 trillion from the prior year. The gains came as U.S. markets reached all-time highs, thanks in part to megacap tech and the artificial intelligence trade.
    “They are looking at a huge U.S. allocation that has built up over the last several years and saying, ‘maybe we should have a little bit less, just trim off the tops’ — basically, have a risk premium on U.S. assets because we have so much uncertainty,” she said.
    Even a small reduction in global participation could present a problem for U.S. markets, Patterson warns.

    “Pretend you’re the chief investment officer of a major overseas pension fund or sovereign wealth fund. I’m going to take 2% off my U.S. stocks, 2% off my U.S. bonds, a 4% shift,” she said. “That’s $1.2 trillion that is going to be leaving the U.S. now.”
    A potential $1.2 trillion sell-off represents 2.3% of the S&P 500’s total market capitalization, as of Thursday’s close. Still, Patterson emphasizes the capital flight will not happen overnight.
    “These investment committees will take months to think about things. They’ll have a meeting, they’ll have a board approve it and then it gets implemented. But what this is, is a slow bleed of support out of the U.S. markets, either going back to home markets or into new opportunities, or things like gold,” said Patterson.
    U.S. stocks have broadly underperformed other global equities so far in 2025, with the S&P down 4.7% in that time. Europe’s broad-based STOXX 600 index has gained 3.9% this year, while the MSCI AC Asia Pacific Index has risen 2.8% over the same period, per FactSet.

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    Churchill Downs CEO says interest in the Kentucky Derby is strong despite global uncertainty

    Churchill Downs has paused a $900 million capital improvement project due to global uncertainty.
    CEO Bill Carstanjen said this year’s Kentucky Derby on Saturday is on pace to match last year’s in terms of demand.
    Famed horse trainer Bob Baffert returns to the Kentucky Derby after a three-year ban.

    The 151st running of the Kentucky Derby is set for Saturday amid a backdrop of global economic uncertainty, waning consumer confidence and tariffs that could cause construction costs to rise.
    Churchill Downs has paused a $900 million capital improvement project at its storied race track in Louisville, Kentucky, the site of the world’s most famous horse race.

    CEO Bill Carstanjen blamed tariffs for putting construction on hold.
    “We weren’t sure what things were going to cost. Whenever you build something, you got to be very careful on the cost side, because you need to get a return on your capital,” Carstanjen told CNBC.
    But where demand and fan enthusiasm is concerned, Carstanjen said it’s on pace to match that of last year. International participation at the Derby has never been higher, he said, with the race set to be broadcast in a record 170 territories.
    This year also marks a return for famed horse trainer Bob Baffert, following a three-year-suspension from Churchill Downs properties after his horse Medina Spirit won the Derby in 2021 but failed a drug test.
    This year Baffert’s horses are Rodriguez (12-1) and the juvenile champion, Citizen Bull.

    It’s a new chapter for the two-time Triple Crown-winning trainer and for the Churchill Downs CEO, who oversaw Baffert’s temporary banishment.
    “Bob earned his way into this event. He earned his way into this race,” Carstanjen told CNBC. “He’s welcomed back. This is America. Everybody gets second chances.” More