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CNBC Daily Open: Dow's worst day in 2024, Nvidia shares pop
  + stars: | 2024-05-24 | by ( Abid Ali | )   time to read: +3 min
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Dow sinks 600 pointsThe Dow Jones Industrial Average suffered its worst day of the year, dropping over 600 points on Thursday. Nvidia's blockbuster earnings and guidance failed to prop up markets, with more than 400 stocks on the S&P 500 trading lower. Nvidia popsShares of Nvidia soared as much as 11% after the AI chipmaker's earnings that beat Wall Street's estimates. Wall Street analysts are revising their price targets for Nvidia upwards after its blowout earnings and guidance.
Persons: Dow, Musk, Elon Musk, he's, Joe Biden, Tesla, Karen Tso, Brian West, Korea's Kospi Organizations: CNBC, Dow Jones, Boeing, Dow, Nasdaq, Treasury, Nvidia, Nikkei, Bank of Japan, Samsung Electronics, Samsung, CSI, Wall, Microsoft Locations: China, Asia, Pacific, Japan
The factory, which was announced in April last year, aims to begin production in the first quarter of 2025. The battery facility will be close to Tesla’s Shanghai Gigafactory, which is the company’s largest plant outside the United States, producing almost one million cars a year. Rising tensionsWhile most Western companies are face rising barriers to doing business in China, things have been smoother for Tesla. “Tesla competes quite well in the market in China with no tariffs and no deferential support. I’m in favor of no tariffs,” Musk said.
Persons: Hong Kong CNN — Tesla, Elon Musk, Tom Zhu, Tesla, Wu Xiaohua, ” Musk, Li Qiang, Li, Joe Biden, Musk, “ Tesla Organizations: Hong Kong CNN, Lingang Group, Tesla, Reuters, Locations: Hong Kong, Shanghai, China, United States, Beijing, Washington, Tesla’s Gigafactory, Europe, Paris
And this Memorial Day weekend could be a case in point: Travelers are expected to come out in record-setting droves. Three-plus years of high inflation have taken their toll on Americans’ budgets and, especially, their mindsets. Inflation has slowed during the past couple of years, pulling back significantly from its peak of 9.1% in June 2022. Americans, especially lower-income consumers, have pulled back spending at retailers as goods inflation outpaces wage growth. Pandemic-era savings have been spent while sticky inflation and high inflation rates eat into household budgets.
Persons: ” Gus Faucher, Price, ” Faucher, Taylor, it’s, , Ed Bastian, Swift, Delta, Taylor Swift’s, That’s, Kathleen Oberg, , Peter Kern Organizations: New, New York CNN, Transportation Security, TSA, PNC Financial Services, CNN, Consumer, Mickey Consumer, Commerce Department, Disney, Delta Air, ” United Airlines, Mastercard, Institute, Marriott International, Marriott, Expedia Group Locations: New York, United States, Hong Kong, Europe
Brandon Bell | Getty ImagesU.S. health officials are monitoring and preparing to combat bird flu in humans, even as they stress that the risk to the general public remains low. An Australian child was also recently infected with bird flu, the country announced on Tuesday. In rare cases, bird flu viruses spread to humans and can cause mild to severe symptoms that can require hospitalization. The Food and Drug Administration would need to approve bird flu vaccines before they roll out. Potential mRNA shotsU.S. health officials are also in talks with messenger RNA vaccine makers about potential bird flu shots for humans.
Persons: Brandon Bell, Andrew Pekosz, Pekosz, Peter Chin, That's, Hong Organizations: Getty, Disease Control, U.S ., Human Services Department, CNBC, Johns Hopkins Bloomberg School of Public Health, CDC, HHS, NBC News, UCSF Health, Drug Administration, FDA, Pfizer, Moderna Locations: Quemado , Texas, Michigan, Australian, U.S
Luckily, Goldman hadn't filled the role, so I started working for them in November 2018. Working at Goldman Sachs would always be limitingI liked working as a trader at Goldman, but it wasn't fulfilling. I slowly realized that working for Goldman or any company, the end goal is limited to possibly being a partner. At the same time all this was happening, Luna Crypto, followed by the crypto market, crashed. AdvertisementThe crypto industry had been decimated, and I'd lost around two-thirds of my savings in cryptocurrency.
Persons: , Hong, Goldman Sachs, wasn't, Goldman hadn't, There's, I'd, Matthew, Aaron, He'd, Aron, Goldman, Luna Crypto, I, FTX, We're Organizations: Service, Credit Suisse, Business, Amazon, Goldman Locations: Hong Kong, Canada, Barcelona, Singapore, cryptocurrency
JPMorgan is "positive" on China stocks and "constructive" on its real estate sector as the world's second-largest economy strives to prop up its equity and property markets. JPMorgan's view on China stocks is "tilted in the positive direction," said Wendy Liu, the firm's chief Asia and China equity strategist. Liu, who expects the index to hit 3,900 by the end of the year, said that China market was still "among the cheapest" in Asia Pacific. Mainland China's CSI300 was the third worst performing stock market in Asia, losing 11.38% last year. When asked about the Chinese real estate sector, Liu said it was at an "inflection point," and that JPMorgan was "constructive" on the sector.
Persons: Wendy Liu, Liu, they'll, CSI300, Hong, malpractices . Liu, Wu Qing, Wu, JPMorgan Organizations: JPMorgan, JPMorgan Global China, China Securities Regulatory Commission, People's Bank of China Locations: China, Asia, Jegarajah, Asia Pacific
People enjoy food and drink at an izakaya bar near Yurakucho Station on June 05, 2020 in Tokyo, Japan. Hong Kong stocks led losses in Asia Pacific on Friday after Wall Street tumbled overnight on rate worries, while investors also digested inflation data from Japan. Hong Kong's Hang Seng index fell 1.71%, while mainland China's CSI 300 dropped 1.11% to end at 3,601.48. In South Korea, the Kospi ended 1.26% lower at 2,687.60, dragged by heavyweight Samsung Electronics, while the small-cap Kosdaq lost 0.85% to close at 839.41. Heavyweight chipmaker Samsung Electronics shares fell 3.07% after Reuters reported that the South Korean tech giant's latest high bandwidth memory (HBM) chips are not yet ready for use by U.S. chipmaker Nvidia.
Organizations: CSI, Samsung Electronics, Reuters, South, Nvidia Locations: Yurakucho, Tokyo, Japan, Hong Kong, Asia Pacific, Hong, South Korea, South Korean
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBeijing doesn't think Biden and Trump administrations are good for China, professor saysCheng Li, founding director of the Centre on Contemporary China and the World at the University of Hong Kong, discusses why neither administration is good for China from the country's perspective.
Persons: Beijing doesn't, Biden, Trump, Cheng Li Organizations: Beijing, Contemporary, University of Hong Locations: China, Contemporary China, University of Hong Kong
The Shanghai-based company reported Wednesday that net profit soared 246% to 28 billion yuan ($3.9 billion) in the first quarter of 2024, more than double the average analyst estimate of 12.62 billion yuan ($1.7 billion), according to LSEG data. Revenue jumped 131% to 86.81 billion yuan ($12 billion) in the period, also comfortably beating expectations. He is still the company’s biggest shareholder, with a stake of 25% stake, and ranks as China’s second richest man with a fortune of nearly $52 billion, according to the Bloomberg Billionaires Index. Temu, PDD’s international app, was launched in 2022, and as of last November it had acquired nearly 17% of the US online discount store market, according to Earnest Analytics. Last month, South Korean regulators investigated Temu on suspicion of false advertising and unfair ppractices, according to the Yonhap news agency.
Persons: Nomura, PDD, Colin Huang, Pinduoduo, Alibaba’s Taobao, Morgan Stanley, , Lei Chen, Chen Organizations: Hong Kong CNN — PDD Holdings, Revenue, Nasdaq, Bloomberg, Data Locations: Hong Kong, Shanghai, , PDD’s, Alibaba, Hangzhou, Beijing, China, European
AdvertisementI had to look and play a virgin — which I managed to do quite convincingly into my 40s on "Dr. Quinn," by the way. But I've only ever done two TV series, so now it's "Dr. Quinn" or "Harry Wild." AdvertisementAnd by the way, I got the worst reviews ever on "Dr. Quinn" as well. Studio Seven Productions/NM/Sygma via Getty ImagesI was going to bring up "Dr. Quinn" next — did you expect it to turn into such a beloved show when you initially signed on? There's another factoid that when I did "Dr. Quinn," I only washed my hair in English rainwater that was flown in on a 747 every week.
Persons: Roger Moore, Jane Seymour, Bond, Seymour, Harry Wild, she's, She's, Lindsay Lohan's, — she's, Christopher Reeve, Quinn, " Milne, I'd, It's, I'm, I've, Christopher Reeve Jane Seymour, Eddie Sanderson, Dana, Reeve, Chris, , Sir, Shaw, Colin Powell, Dr, Doctor Quinn, Jane, she'll, we've, it's, Owen Wilson, You've, it'd, Owen, I'm Kitty Cat, Steffan, Princess Leia, Spielberg, Richard Chamberlain Organizations: Business, Acorn, Netflix, Hearts Foundation, Medicine, Seven, Getty, CBS, Orange, Raiders Locations: English, Dublin, Calgary, Eden, Hong Kong, New York, Mexico
In Hollywood today, not only are Asian and Asian American narratives more prominent than ever, but they are also being told in increasingly dynamic ways through the artful use of Asian languages. The sequence is emblematic of a significant shift in how Asian languages are featured in American film and TV. Marvel” (2022) and “American Born Chinese” (2023) — that use Asian languages to bring additional depth and nuance to their stories. “The trend has shifted.”It’s a startling evolution from how Asian languages have typically appeared on American screens. The internet’s broad entertainment ecosystem has also diversified the American media palate.
Persons: , , sheepishly, , Robert Downey Jr, Bong Joon, Bong Joon Ho, Sharon Choi, Paul Drinkwater, Pachinko ”, Marvel ”, Minjeong Kim, Don McKellar, ” McKellar, ” “, ” Hopper Stone, ” Kim, Bela Bajaria, Lupin, helming, Lulu Wang, Organizations: Communist, Hollywood Vietnam, Globe, Golden Globe, NBCUniversal, Getty, Center, Asian, Pacific Studies, San Diego State University, HBO, YouTube, Netflix, Spanish Locations: Hollywood, Vietnam, Hong Kong
Hong Kong-listed shares of Alibaba fell over 5% Thursday following a report that the Chinese tech giant is considering selling convertible bonds to raise $5 billion. Shares ended the trading day 5.24% lower, after falling more than 6% earlier following the Bloomberg report. In premarket trading in New York, Alibaba's NYSE-listed shares were down 2.21% at 04:51 a.m. CNBC could not independently confirm the report, and Alibaba did not immediately respond to a request for comment. Earlier this week, Chinese e-commerce rival took a similar step with a $1.75 billion convertible senior note offering due in five years with a 0.25% coupon.
Persons: Alibaba,, — CNBC's Arjun Kharpal Organizations: Bloomberg, Alibaba's NYSE, CNBC Locations: Suqian City, Jiangsu Province, China, Hong Kong, Alibaba, New York, Alibaba's
Read previewMai Vo began her career as a lookalike performer at Disneyland in 2004. I'm doing partner work with another performer, a female who may weigh less than 100 pounds. AdvertisementDisneyland performers often push through pain and work really, really hard. 'Financial independence would be nice'I've seen colleagues work extra hard, doing overtime and working six-day weeks just to survive in Southern California. For many Disneyland performers, this is their dream job.
Persons: , Mai Vo, haven't, Mickey Mouse, Jae C, I've, I'm Organizations: Service, Magic United, Business, Disney Locations: Anaheim, Southern California, Anaheim , California
Hong Kong CNN —Apple is offering unprecedented price cuts in China as big brands and retailers launch promotions for the annual “618” shopping festival in the face of sluggish consumer demand. The Inc. headquarters during a ceremony marking company's 20th anniversary and 618 shopping event in Beijing, China, on Sunday, June 18, 2023. The 618 shopping festival, a key barometer of consumption in the country, has seen growing competition by e-commerce sites and retailing brands to offer discounts. One statement, issued by 10 publishing houses in Beijing, said the boycott was a necessary move to “maintain the stability and prosperity” of the book publishing market. Even major state-owned publishing companies voiced opposition to “chaotic” price wars.
Persons: Apple, Alibaba —, Alibaba, Rihanna, iPads, , Jefferies Organizations: Hong Kong CNN, Apple, Huawei, Vivo,, Inc, Bloomberg, Getty, Counterpoint Research, Xiaomi, Shanghai Century Publishing Locations: Hong Kong, China, Shanghai, Beijing
BEIJING — Chinese electric car company Xpeng saw its shares soar after reporting an improvement in profit margin and an upbeat outlook for second-quarter deliveries. The company's Hong Kong-listed shares rose more than 13% in morning trade Wednesday. Xpeng reported that vehicle margin rose 5.5% in the first three months of the year, from a negative 2.5% in the prior quarter. Vehicle margin is a measure of profitability — the higher the margin, the greater the profit the company is making on its car sales. The company forecast deliveries of 29,000 to 32,000 cars in the second quarter, a year-on-year increase of at least 25%.
Persons: Xpeng Organizations: U.S Locations: Beijing, BEIJING, Hong Kong, U.S
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street reaches new highsThe S&P 500 and the Nasdaq Composite rose to fresh record highs as investors await earnings from AI chipmaker Nvidia after the close on Wednesday. Nvidia's shares rose 0.6% with option traders pricing in swings of as much as 9% up or down in reaction to its earnings. Rate cuts several months awayFederal Reserve Governor Christopher Waller said he does not think further rate increases are necessary, but he will need convincing before backing any rate cuts. [PRO] When Nvidia risesCNBC's Ganesh Rao takes a look at six artificial intelligence-related stocks that have historically reacted positively to Nvidia's quarterly earnings.
Persons: Christopher Waller, Waller, Biden, Jennifer Granholm, Walt Disney, Bob Iger, Ganesh Rao Organizations: New York Stock Exchange, CNBC, Nasdaq, Nvidia, Dow Jones, Federal, Gasoline, East, Pixar, Studios, Disney, Walt Disney Animation, CSI, Nikkei, Reserve Bank of New Locations: New York City, Israel, Asia, Hong Kong, Reserve Bank of New Zealand, United States, Japan
Asia-Pacific markets traded mixed Wednesday. Japan's Nikkei 225 was trading about 0.5% lower in the first hour of trade, while the Kospi slid 0.35%. There was a marginal improvement in business sentiment, with the Reuters Tankan non-manufacturing index coming in at +26. Japan is slated to release its April trade data, as well as machinery orders for the month of March. Futures for Hong Kong's Hang Seng index stood at 19,212 pointing to a slightly weaker start compared with the HSI's close of 19,220.62.
Organizations: Nikkei, Reuters, Reserve Bank of New Zealand Locations: Asia, Pacific, Australia, Japan
“The policymakers recognize the urgency to prevent an outright property crisis,” said Zhaopeng Xing, senior China strategist at ANZ Research. According to Goldman Sachs, the total value of unsold homes, unfinished projects and unused land in China is about 30 trillion yuan ($4.1 trillion). On Friday, Tao Ling, deputy governor of the PBOC, said the relending program could eventually underpin 500 billion yuan ($69 billion) worth of bank loans to support the buying. The Housing Ministry said Friday that local governments can instruct local state-owned enterprises to help purchase some unsold homes from developers. Just the beginningAddressing the oversupply of unsold homes is only the first step, experts say.
Persons: , Zhaopeng Xing, Goldman Sachs, it’s, Tao Ling, Ting Lu, Nomura, Helen Qiao, It’s, Tao, ” Jing Liu, Taylor Wang, Xing, Goldman, Donald Trump, Michelle Lam, Wei Yao, Société Générale Organizations: Hong Kong CNN —, ANZ Research, Goldman, People’s Bank of China, Greater China, Bank of America, Housing Ministry, HSBC, European Union Locations: China, Hong Kong, Hong Kong CNN — Beijing, Beijing, Greater, Société, Japan
London CNN —A man charged by British police for allegedly spying for Hong Kong’s intelligence services, has been found dead in a park outside of London. Trickett had appeared alongside two other suspects at Westminster Magistrates’ Court on May 13, charged with national security offences. “Trickett was on court bail, awaiting court proceedings, which required him to register at a police station regularly,” the police said. Relations between Hong Kong and its former colonial ruler Britain have soured in recent years following mass pro-democracy protests in the Chinese city in 2019 and 2020. The British government has criticized Hong Kong’s Beijing-backed crackdown on almost all opposition in the years following the protests, while Hong Kong authorities have bristled at Britain providing a safe haven for pro-democracy leaders sought by the Hong Kong police.
Persons: Hong, Matthew Trickett, Trickett, “ Trickett, Trickett’s, John Lee, Hong Kong’s, Louisa Cieciora, Lee, Lucas Lilieholm, Chris Lau, Jerome Taylor Organizations: London CNN, British, London . Police, Thames, , The Times, Embassy, Hong, Hong Kong, Police, Hong Kong Economic, Trade Office, Economic, Trade Locations: London, Maidenhead , Berkshire, Sunday, Westminster, Hong Kong, Britain, Hong Kong’s Beijing
A real estate construction site in Wanxiang City, Huai 'an City, East China's Jiangsu province, May 17, 2024. Future Publishing | Future Publishing | Getty ImagesBEIJING — China's sweeping moves on Friday to increase support for real estate will take time to show results, analysts said. Despite the news, S&P is still sticking to its base case from earlier in the month that China's property market is likely still "searching for a bottom," Edward Chan, director, corporate ratings, said during the firm's webinar on Monday. But he pointed out that for real estate to see significant stabilization, homebuyers' demand and confidence will need to improve after a market downturn of nearly three years. "We believe Beijing is headed in the right direction with regard to ending the epic housing crisis," Nomura's Chief China Economist Ting Lu said in a report Monday.
Persons: Huai, Edward Chan, Ting, Nomura, Goldman Sachs, Chief China Economist Hui Shan, Ting Lu, P's Chan Organizations: Future Publishing, Getty, BEIJING, Chief China Economist, China Locations: Wanxiang City, City, East China's Jiangsu, Hong Kong, Beijing, Ting Lu, China
A former British marine charged with spying for Hong Kong’s intelligence service has died, according to a police statement released on Tuesday evening. The man, who was named by the Thames Valley Police as Matthew Trickett, was found dead in a park in Maidenhead, a town west of London, on Sunday. Mr. Trickett was one of three men charged last week under Britain’s National Security Act with assisting the Hong Kong intelligence service, and their case was expected to return to court on Friday. In the wake of the charges last week, Britain summoned the Chinese ambassador for a reprimand. Mr. Trickett, 37, who was a British immigration enforcement officer and a former Royal Marine, was also the director of a private security firm, MTR Consultancy.
Persons: Hong, Matthew Trickett, Trickett Organizations: Thames, Police, Britain’s National, Hong, Royal, MTR Consultancy Locations: British, Maidenhead, London, Hong Kong, China, Beijing
The analysts project that over $100 billion will be channeled toward such "potential investments propel[ling] AI and spur[ring] power demand growth in Asia." Here are three of Morgan Stanley's overweight-rated stock picks with more than 35% upside potential over the next 12 months. Morgan Stanley has a target price of 7.20 Singapore dollars ($5.35) on the Singapore Exchange -listed shares, giving them 36.9% potential upside. GDS Holdings Another Morgan Stanley favorite is Chinese data center developer and operator GDS Holdings . Morgan Stanley has a target price of $13.30 on the Nasdaq-listed stock, which translates to 40% potential upside.
Persons: Morgan Stanley, Morgan Stanley's, Tenaga Nasional Morgan Stanley, — CNBC's Michael Bloom Organizations: Tenaga Nasional, Tenaga, Microsoft, Amazon Web Services, U.S, Global X FTSE, Asia, Malaysian, Industries, Sembcorp, Morgan, Singapore, Sembcorp Industries, GDS, GDS Holdings, ASEAN, Nasdaq Locations: Asia, U.S, Malaysian, Tenaga Nasional, Bursa Malaysia, Malaysia, Singapore, Cambria, China, Japan, Hong Kong, Indonesia
CNN —Auction house Christie’s in New York is set to offer up its most expensive watch ever – a limited-edition Richard Mille – alongside rare timepieces, such as ones that once belonged to a former US president and an Apollo 7 astronaut. The transparent Richard Mille wristwatch, with a complex sapphire case design and sapphire crystal skeletonized tourbillon, is expected to sell for up to $4 million at auction at Christie’s Rockefeller Center on June 10. “We are particularly enthusiastic about offering the Limited-Edition Richard Mille RM56-02 AO Tourbillon Sapphire, a remarkable achievement in both pioneering materials and micro-engineering,” Rebecca Ross, head of sale at Christie’s in New York, said in the release. Another limited-edition Richard Mille watch, with a diamond-set skull, will be the first of its kind to be brought to auction and is expected to fetch up to $1 million, according to Christie’s. The Rolex Daytona watch was reportedly worn by late NASA astronaut Walter Cunningham in space.
Persons: Richard Mille –, Mille, ” Christie’s, Richard Mille RM56, Sapphire, ” Rebecca Ross, Richard Mille, Paul Newman, Walter Cunningham, Cunningham, Philippe, Lyndon B, Johnson, Robert Kerr, , ” Ross Organizations: CNN, Christie’s Rockefeller Center, NASA, Rolex, Tiffany Locations: New York, Hong Kong
Winning in China's electric car market is no longer just about having the cheapest price. Despite new U.S. tariffs , the Chinese electric car industry is already moving into a new phase of competition no longer centered on sticker prices alone, many in the industry say. Hong Kong-listed Fuyao, a major supplier of glass for cars, is one of JPMorgan's top picks to take advantage of China's growing electric car market. The Shenzhen-listed Chinese battery giant, Contemporary Amperex Technology , is one of JPMorgan's top Chinese electric car supply chain plays. Last week, Chinese electric car company Nio released a new car in a lower-priced range of just over 200,000 yuan.
Persons: Stephen Dyer, AlixPartners, BYD, Xiaomi, Tesla, Nio, William Li, — CNBC's Michael Bloom Organizations: JPMorgan, Greater, Greater China Business, Amperex, Li Auto, Tesla Locations: Hong Kong, China, Greater China, Asia, Beijing, Shenzhen
While supporters applaud Tsai for standing up to China, defending Taiwan’s sovereignty, freedom and democracy, critics blame her for straining ties with Beijing, stoking cross-strait tensions. Beijing, which deems the tacit agreement a precondition for dialogue, has cut official contact with Taipei since Tsai took office. Taiwan President Tsai inspects reservists at a training session at a military base in Taoyuan on May 11, 2023. But under Tsai, Taiwan has sought to enhance its asymmetric defense capabilities, developing and procuring cheaper and more mobile weapon systems that could be instrumental in halting a potential Chinese invasion. Taiwanese military experts have increasingly advocated for such an approach, noting that Taiwan can never match China in military might and assets.
Persons: Taipei CNN — Tsai Ing, introvert, ” Tsai, Xi Jinping, Xi, Tsai, stoking, Taiwan’s, Lai Ching, , Alex Chan Tsz Yuk, Wellington Koo, , Vanessa Hope, Ma Ying, Taiwan's, Jose Lopes Amaral, Wen, Amanda Hsiao, Nancy Pelosi, Chien Chih, Nancy Pelosi’s, Huang, Jameson Wu, ” Sung, ” Hsiao, “ Tsai, Sawayasu Tsuji, Sung, ” Tsai’s, , Lai Organizations: Taipei CNN, Democratic Progressive Party, DPP, Kuomintang, KMT, World Health Organization, WHO, Atlantic, Trump, Biden, International Crisis, US, Getty, World Health Assembly, National Chengchi University, Getty Images, Taiwan’s Military Academy, ” Tsai’s DPP Locations: Taipei, Taiwan, China, United States, Beijing, Tsai, Asia, Wellington, Ukraine, Gaza, Japan, Czech Republic, Republic of China, Taoyuan, AFP, Washington, Hong Kong
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