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This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Trump accuses Taiwan of stealing businessFormer U.S. President Donald Trump accused Taiwan of stealing the country's chip business, he said on "The Joe Rogan Experience" podcast. Bernstein analyst Stacy Rasgon told CNBC the idea of Taiwan stealing the U.S.'s chip industry is "ridiculous." [PRO] Tech might be in trouble, chart showsThe bursting of the 2000 dot-com bubble was one of the worst moments ever for tech stocks.
Persons: Thomas Schäfer, Trump, Donald Trump, Joe Rogan, Bernstein, Stacy Rasgon Organizations: CNBC, Big Tech, Philips, Volkswagen, U.S, New York Stock Exchange, bourse, Intercontinental Exchange, Tech, Wolfe Research Locations: New York City, China, Germany, Taiwan
She saved up for a yearlong adventure in South America, planning to move back to Canada at the end. AdvertisementI often think back to the day I arrived in Cuenca, Ecuador, the Andean city that accidentally became my home. It was 2018, I was 27, and halfway into what was intended to be a yearlong adventure in South America. But as the years passed, the city felt too fast-paced, I was stressed out, and everything was expensive. When I returned home, my life felt limited, and I wanted what she had.
Persons: Sinead Mulhern, , it's, I'm, I've, everyone's, El Mercurio Organizations: Service, UNESCO, North Locations: Toronto, South America, Canada, Cuenca, Ecuador, Colombia, Quito, Yunguilla
Justin Lubell, Citadel's Global Equities head, said shorting has been a big driver of returns. There's less competition in the space compared to going long on stocks, he said. Anthony Bozza, the founder of Lakewood Capital, called those who know who to short stocks a "dying breed." AdvertisementWhile some big bets against specific stocks have blown up in hedge funds' faces in recent years, there's still a focus on shorting at Citadel's longest-running equities unit. Related storiesEven investors known for bold short bets have moved away from the practice.
Persons: Justin Lubell, shorting, Anthony Bozza, , there's, Ken Griffin's, Lubell, Robin, Gavin Baker, Lee Ainslie, Steve Cohen's Point72, Gabe Plotkin's Melvin Capital, Pershing, Bill Ackman, Bozza Organizations: Citadel's Global, Service, Citadel's, Citadel Global, Robin Hood Investors Conference, Business, Management, Lakewood Capital, Maverick Capital, GameStop, Lakewood Locations: Lakewood Capital, New York
The SPDR S & P Regional Banking ETF (KRE) has jumped nearly 5% since the fourth quarter began on Oct. 1, while the S & P 500 is ahead a little more than 1%. In the event of a Trump win but with a divided Congress, the S & P 500 is likely to remain flat in the days following the election, Emanuel wrote. Evercore ISI expects the S & P 500 falling in the 10 days after the election, to roughly 5,700, as markets re-price their expectations. 3Fourteen Research co-founder Pies expects a Harris win would translate into a drop in cyclical and small-cap stocks, and spur investors to turn to high-quality tech names. However, a Harris win, with a split Congress, is an outcome that could spur a drop in the S & P 500 immediately after the election, down to about 5,525, according to Evercore ISI.
Persons: Stocks, Donald Trump, Kamala Harris, Mike Mullaney, Trump, Harris, Julian Emanuel, Warren, CNBC's, Emanuel, Evercore, Jeff Schulze, Evercore ISI's Emanuel Organizations: U.S, Nasdaq, NBC, Boston Partners, Treasury, Trump, Republican, Regional Banking, Evercore ISI, 3Fourteen Research, Democratic, ClearBridge Investments, ISI
The Commerce Department is expected to report Wednesday that gross domestic product grew at a hardy 3.1% annualized pace in the third quarter, adjusted for seasonality and inflation, according to the Dow Jones consensus forecast. Along with that, the release is expected to show that inflation moved closer or perhaps even below the Federal Reserve's 2% target. The Fed uses the personal consumption expenditures price index, included in the GDP estimate, as its primary inflation gauge. The report, then, should indicate a solid economy and easing inflation , the latter at least on a relative basis from how things looked a year ago. "Overall, another quarter of above-trend growth and a benign inflation reading will be welcomed by the Fed."
Persons: Dow, Oliver Allen, Allen, nudging, Alice Zheng Organizations: Commerce Department, Fed, Pantheon, stoke, Citigroup, Citi Locations: U.S
Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Big Tech earnings start today, with roughly $12 trillion in market cap reporting over three days. Mark Zuckerberg hasn't shied away from saying his company will keep spending big on AI, and the market hasn't minded. Judging by Meta Connect 2024 and its CTO's comments , the tech giant wants to own the market for AI-powered wearables.
Persons: , We'll, Insider's Kelly Cloonan, We're, Mark Zuckerberg hasn't, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Business, Service, Traders, Big Tech, Google, Nvidia, Meta, Microsoft, AWS, Apple, Apple Intelligence Locations: China, New York, London
Futures tied to the broad market index added nearly 0.2%, while Nasdaq 100 futures inched up by 0.1%. Alphabet kicked off a major week for megacap tech earnings. The Google parent exceeded analysts' expectations as the company saw strong quarterly revenue growth from its cloud business, leading shares up 5% after market close. In anticipation of the Big Tech earnings releases, investors drove the Nasdaq Composite to a fresh record during Tuesday's trading session. "We are closely monitoring tech earnings releases to ensure businesses investment in artificial intelligence and other productivity enhancing tools remains robust to support strong future earnings growth."
Persons: Dow, It's, Rob Haworth, Haworth Organizations: New York Stock Exchange, Nasdaq, Dow, Google, AMD, Tech, Meta, Microsoft, Apple, Big Tech, NASDAQ, U.S, Bank Asset Management
ET, the yield on the 10-year Treasury was up by over 2 basis points at 4.304%. The 2-year Treasury yield was last up by less than 1 basis point at 4.146%. U.S. Treasury yields were higher on Tuesday, with the 10-year Treasury yield continuing to trade at multi-month highs as investors looked to upcoming economic data. On Tuesday investors will be watching out for fresh consumer confidence insights and home price data as well as the latest JOLTS job openings figures. Those are the first of a series of labor market related data releases slated for the week.
Organizations: Treasury, U.S, Federal, Traders, Fed
But some countries make motorists more nervous than others. A survey published in October shows drivers are most concerned about getting behind the wheel in India. With a score of 7.15 out of 10, India had the average highest score out of 49 countries in the survey. The survey is not based on statistical information, such as roadway safety or fatalities, but perceptions of drivability among non-locals. The top 10 list is a mix of countries across Asia, Africa and South America.
Locations: India, United Kingdom, United States, Canada, Australia, New Zealand, South Africa, Germany, France, Italy, Spain, Bengaluru, Mumbai, Pune, Asia, Africa, South America
Tech stocks could be in for a reckoning, this chart shows
  + stars: | 2024-10-28 | by ( Fred Imbert | ) www.cnbc.com   time to read: +2 min
Since then, the XLK is down 6% relative to the broad market index. "The level it peaked at almost exactly coincides with where the Tech ETF peaked on a relative basis in 2000. Not exactly what you want to see if you're an investor putting new money to work within Tech," he wrote. The SMH closed Friday at $252.96, and the strategist expects the $233 level to be tested near term. "We still exercise some degree of caution when we view Technology stocks, as short term trends and near-term momentum appear to be stalling," O'Hara wrote.
Persons: Wolfe, Rob Ginsberg, Ginsberg, Roth MKM, JC O'Hara, O'Hara, Wells Organizations: Wolfe Research, Tech ETF, VanEck Semiconductor, Nasdaq, Dow Jones, Microsoft, Apple Locations: Wells Fargo
European markets are expected to start the week on a lackluster note Monday as investors review the geopolitical situation in the Middle East. The U.K.'s FTSE 100 index is expected to open 8 points lower at 8,243, Germany's DAX up 30 points at 19,747, France's CAC up 12 points at 7,508 and Italy's FTSE MIB up 108 points at 34,648, according to data from IG. Market participants will be digesting a cooling geopolitical situation in the Middle East Monday after weekend airstrikes by Israel against Iran did not target oil or nuclear facilities as feared. Oil prices slid more than 4% Monday, although Citi analysts discounted the chance of an escalation that disrupts oil supplies. U.S. equity futures jumped as investors looked ahead to a batch of mega-cap technology earnings to keep driving the Nasdaq Composite to new heights this week.
Persons: Germany's DAX Organizations: France's CAC, IG, Citi, Nikkei, Nasdaq Locations: Israel, Iran, Asia, Pacific
CNN —The world’s trees are in critical danger, with a staggering number of tree species teetering on the brink of extinction, according to a new global analysis released Monday. The decade-long project found that more than one in three tree species are threatened with extinction, underscoring the scale of the crisis facing our planet’s ecosystems. Kadir van Lohuizen/NOOR/Redux/FILEThe highest portion of threatened trees is found on islands like Fiji, Cuba and Madagascar. The Red List is considered the most comprehensive global source for threatened species and extinction information. Being listed as a threatened species means that the species faces the risk of extinction, sending a serious warning sign that calls on governments and organizations to take urgent conservation efforts to prevent a species’ extinction.
Persons: ” Grethel Aguilar, ” Aguilar, Kadir van Lohuizen, Aguilar Organizations: CNN, International Union for Conservation, IUCN Locations: Cali , Colombia, Colombia, Fiji, Cuba, Madagascar, South America
Brendan McDermid | ReutersThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayThe bottom lineThe Nasdaq Composite managed to log a seventh consecutive winning week. Investors also looked ahead to Big Tech earnings coming out this week: shares of Meta , Amazon and Microsoft added as much as 1%. Even though almost three-quarters of S&P companies have beaten expectations, according to FactSet data, the rate of profit growth has not met expectations, disappointing investors.
Persons: Brendan McDermid, CNBC's Pia Singh, James Quincey, — CNBC's Brian Evans, Pia Singh, Alex Harring Organizations: New York Stock Exchange, Reuters, CNBC, Nasdaq, Dow Jones, Investors, Big Tech, Meta, Microsoft, Dow
China's industrial profits in September dropped at its fastest pace since the pandemic, data from the National Bureau of Statistics showed, as the country tussles with an economy plagued by slow growth, lack of demand and a property crisis. After a 17.8% fall in August, industrial profits declined 27.1% in September from a year ago, marking the steepest plunge since March 2020, when it dropped by 34.9%, according to data kept by Wind Information. In the first nine months, industrial profits fell by 3.5% from a year ago. NBS statistician Yu Weining said "insufficient demand and a sharp decline in producer prices" weighed down the profitability of industrial firms. Gary Ng, senior economist at Natixis, said in an email to CNBC that "the weakness of industrial profits indicates China's greater need for demand-side policies."
Persons: Goldman Sachs, Hui Shan, Yu Weining, Gary Ng Organizations: National Bureau, Statistics, Information, People's, CNBC, Reuters, PMI Locations: Jiangxi Province, Shanghai, China, Beijing
The S & P 500 typically advances about 7% from November to April, compared to the index's average 2% rise from May to October, according to CFRA Research chief investment strategist Sam Stovall. This year's market strength follows a standout 20% gain for the S & P 500 in 2023's "best six months" period, he noted. "This double-dose of double-digit returns has caused investors to wonder if the market has used up its energy reserves and may be headed for tough times," Stovall wrote. .SPX YTD mountain The S & P 500 has advanced more than 22% in 2024. Stocks were bhigher on both Friday and Monday , with the S & P 500 trading within a hair's breath of this month's all-time high of 5864.67.
Persons: Sam Stovall, Russell, Stocks, Stovall Organizations: Stock Traders, Research, Investors Locations: U.S
The yen touched a three-month low on Monday as Japan's ruling coalition lost its parliamentary majority and investors figured that would likely slow future interest rate hikes, while the dollar headed for a monthly gain on rising U.S. yields. On the dollar, the yen hit its weakest since late July at 153.3 in early-morning trade and it touched the same milestone at 165.36 to the euro . That was down from the 279 seats they held previously and marked the coalition's worst result since it briefly lost power in 2009. The U.S. dollar index has climbed 3.6% during October, its sharpest monthly rise since April 2022. The New Zealand dollar traded near a three-month low of $0.5974, down nearly 6% for the month.
Persons: Shigeru Ishiba's, Komeito, Donald Trump, Sterling Organizations: Shigeru Ishiba's Liberal Democratic Party, NHK, Bank of Japan, Nomura, U.S, gilts, Australian, New Zealand Locations: Japan, U.S, Europe, Australia, China
TOPSHOT - Officials look on as people vote during the general election at a polling station set up at a local school in Tokyo on October 27, 2024. Japan voted on October 27 in its tightest election in years, with new Prime Minister Shigeru Ishiba and his juggernaut Liberal Democratic Party facing potentially their worst result since 2009. (Photo by Richard A. Brooks / AFP) (Photo by RICHARD A. BROOKS/AFP via Getty Images)Futures for Japan's benchmark Nikkei 225 were mixed Monday after the country saw the ruling Liberal Democratic Party lose its majority in Japan's lower house following elections on Sunday. Public broadcaster NHK has projected the ruling bloc would secure 214 seats, with just one of the total 465 seats undeclared. The opposition Constitutional Democratic Party and the Democratic Party for the People have made significant gains in this election.
Persons: Shigeru Ishiba, Richard A, Brooks, RICHARD A, BROOKS Organizations: Liberal Democratic Party, Getty, Nikkei, Sunday, Public, NHK, Constitutional Democratic Party, Democratic Party for Locations: Tokyo, Japan, AFP, Chicago, Osaka
The billionaire has been less prominent in the election than Elon Musk — but still has much at stake. Bezos's Blue Origin is working with NASA and the Pentagon as it plays catch-up with Musk's SpaceX. Executives from Bezos' rocket company Blue Origin, including CEO Dave Limp, spoke with Donald Trump on Friday, The Associated Press reported. Like all private space companies, Blue Origin relies heavily on federal contracts and is competing with SpaceX for government and military projects. Blue Origin did not respond to a request for comment from Business Insider.
Persons: Jeff Bezos's, Elon Musk, , Jeff Bezos, Dave Limp, Donald Trump, Kamala Harris, William Lewis, Bezos, Lewis, Robert Kagan, Michele Norris, Marty Baron, Baron, Elon, Artemis, it's, SpaceX's, Trump Organizations: Washington Post, NASA, Pentagon, Musk's SpaceX, Service, Bezos, Associated Press, New York Times, Trump, SpaceX, Republican, PAC, Business, Bloomberg, White, Twitter, United States Post, United States Postal Service, Web Services, of Defense, Microsoft Locations: Washington, The Texas, Amazon
CNN —Thick, toxic smog has once again enveloped northern India and eastern Pakistan just days before the start of Diwali, a Hindu festival typically celebrated with fireworks that each year sends air quality plummeting. Schoolgirls wearing masks ride a motorcycle as they leave school amid a rise in smog levels in Lahore, Pakistan on October 25, 2024. India’s air pollution has been found to be so bad, that experts have warned smog could take years off the lives of hundreds of millions of people. Delhi had banned the use and sale of firecrackers ahead of Diwali, but the policy has been difficult to implement. Arvind Yadav/Hindustan Times/Getty ImagesSome Indian cities have seen improvements in their air quality, according to government data, but progress has been slow.
Persons: Arif Ali, Sanchit Khanna, Arvind Yadav, ’ ” Jyoti Pande Lavakare Organizations: CNN, Getty, India’s, Hindustan Times, Air Locations: India, Pakistan, Delhi, Pakistani, Lahore, AFP, Punjab, Haryana, New Delhi, New
Vietnam's long wait for emerging market status could soon be over. The Southeast Asian nation is currently classified as a frontier market and has been on the FTSE emerging market watchlist since 2018. An upgrade to emerging market status could see global funds pouring billions into Vietnam's financial market which currently has a market value just north of $200 billion. Speaking to CNBC's "Street Signs Asia" before the confirmation, Maybank Investment Bank Vietnam's Head of Equity Research Thanh Quan Trong said that the FTSE upgrade for Vietnam to emerging market status could come as early as September 2025. "We are seeing good progress in Vietnam fixing the regulatory bottlenecks to get the market upgraded to emerging market status," Trong told CNBC.
Persons: Equity Research Thanh Quan Trong, Pham Minh, Trong Organizations: FTSE, Russell, Maybank Investment, Vietnam's, Equity Research, FTSE Russell, CNBC, World Bank, Vietnam's Institute for Economic, Research Locations: Vietnam
The one big fear that could upend the bull market
  + stars: | 2024-10-28 | by ( Alex Harring | ) www.cnbc.com   time to read: +2 min
A chain reaction sparked by continued inflation could put the bull market to rest, according to Trivariate Research. As the bull market enters its third year, investors are wondering how much more room there is to run before a pullback is due. Now, Fed funds futures are pricing in a more than 95% likelihood of another drop to the borrowing costs at the central bank's November gathering, according to CME's FedWatch tool. In 2021 and 2022, Parker said there was a "strong and statistically significant relationship" between Fed funds futures and the price-to-earnings multiple on growth stocks. Though that connection now looks different, the Morgan Stanley alum said he would be "surprised if multiples did not compress meaningfully" if the expectation for the Fed funds rate rises from 3.5% to 5% or above.
Persons: Adam Parker, Paul Tudor Jones, Stanley Druckenmiller, Parker, Morgan Stanley, Kamala Harris, Donald Trump, Tudor Jones, Dow Jones Organizations: Research, Federal Reserve, CNBC, Dow
Chinese tech company Baidu garnered interest among investors following a 28% year-to-date drop in its share price — but one market watcher is unimpressed. For comparison, the Nasdaq Composite is up around 25.4% year-to-date, while the benchmark S & P 500 index is around 22.5% higher. According to FactSet data, of the 46 analysts covering the stock, 35 give it a "buy" or "overweight" rating, at an average price target is $125.41. BIDU YTD mountain Year-to-date shares in Baidu Among the reasons for Hsu's skepticism, is that Baidu as an internet search engine "is a one trick pony." "Baidu was riding high for a short while but ... the AI story may have sunset on Baidu and it will go back to being a one trick pony."
Persons: that's, Jason Hsu, CNBC's, Ernie Bot, Hong, Hsu —, , Hsu, Baidu Organizations: Baidu, Rayliant Global Advisors, Nasdaq, China Equity ETF Locations: China
Earnings season is in full swing, and some names reporting this week are positioned for major moves. So far, 37% of those in the broad market index have reported this quarter, resulting in what has been a mixed reporting period. According to LSEG, earnings have come in 6.1% above expectations, while revenue is 1.5% higher, as of Monday. Last week, the stock advanced more than 1% on Wednesday due to JMP Securities upgrading it to market outperform from market perform. The financial services provider has jumped around 52% over the past three months and more than 41% over the past month.
Persons: Andrew Boone, Greenlight Capital's David Einhorn, Einhorn, Kamala Harris, Donald Trump Organizations: Dow Jones, Apple, CNBC Pro, Securities, Robin Hood Investors Conference, U.S, Technologies
Gold slips as dollar firms; market eyes crucial U.S. data
  + stars: | 2024-10-28 | by ( ) www.cnbc.com   time to read: +2 min
A one kilogram gold bar sits on top of silver bars. Gold prices fell on Monday as the U.S. dollar held firm, while investors awaited U.S. economic data for fresh insights on the Federal Reserve's monetary policy path. Spot gold fell 0.5% to $2,733.01 per ounce, as of 0232 GMT. A stronger dollar makes gold less appealing for other currency holders. Gold hit a record high of $2,758.37 on Wednesday, driven by safe-haven demand due to geopolitical uncertainties.
Persons: Tim Waterer, CME's, Benjamin Netanyahu, Ali Khamenei, Donald Trump, Kamala Harris Organizations: U.S ., Federal, U.S, KCM, Fed, Iranian Locations: U.S
The acquisition of Crypto Finance Asset Management by Matrixport is taking the crypto financial services hub into new markets. The new acquisition is an entry point to the European crypto asset management marketKeen to maximize what it offers its investors, Matrixport has gone one step further through the 100% equity acquisition of Crypto Finance (Asset Management) AG (CFAM), a licensed Swiss crypto asset manager. Previously part of the Deutsche Börse Group-owned Crypto Finance Group, following the all-cash acquisition, CFAM will be renamed to Matrixport Asset Management (MAM). Through the acquisition, Matrixport gains entry into the European crypto asset management market. With such an array of services available, the acquisition enables clients access to innovative crypto asset management products.
Persons: Matrixport, Keen, CFAM Organizations: Crypto Finance, Management, Asset Management, Deutsche Börse, Matrixport Asset, Swiss Financial Market Supervisory Authority, MAM, US Securities, Exchange, underwriters, APEX Group, Insider Studios Locations: Swiss, Europe, Hong Kong, Matrixport
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