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Asia-Pacific markets were mixed on Tuesday, following gains on Wall Street that saw both the S&P 500 and Nasdaq Composite rebound from their worst week of the year. The S&P 500 gained 1.16%, after posting its worst week since March 2023. The Nasdaq Composite also jumped 1.16% following its worst week in more than two years. China's exports grew 8.7% year-on-year in August and imports grew 0.5%, customs data showed, compared to the forecast of 6.5% and 2%, respectively, in a Reuters poll. Apple just wrapped up an event at its headquarters in Cupertino, California, where it unveiled the iPhone 16 Pro and the iPhone 16 Pro Max, which join the iPhone 16 and iPhone 16 Plus the company announced earlier.

Organizations: Nasdaq, Traders, Apple Locations: Shanghai, China, Asia, Pacific, India, Cupertino , California

☆ K-pop is more popular than ever, but that isn't helping agency stock prices
▼ + stars: | 2024-09-09 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +6 min

Hybe Corporation is the largest and listed on the blue-chip Kospi, while SM Entertainment, JYP Entertainment and YG Entertainment are on the small-cap Kosdaq. Physical sales have historically accounted for the lion's share of a label's revenue, Kim said, and has also been the most profitable segment. High physical sales, she explained, represent the number of fans, which, by extension, quantifies the addressable market for a company. watch nowDeclining physical album sales not only hits earnings, but also raises questions about whether the investment thesis of "continual high growth" has collapsed. "A physical album is useless and even a burden because it occupies space.

Persons: Jimmy Fallon, Hybe, Yoon Suk Yeol, Danielle, Hyein, NewJeans, Gary Miller, Blackpink, Kim Gyuyeon, Lisa, Jennie, Emma McIntyre, Emma Mcintyre, Kim, Simply, Mirae's Kim Organizations: NBC, NBCUniversal, Getty, Hybe, SM Entertainment, JYP Entertainment, YG Entertainment, SM, YG, YouTube, Spotify, CNBC, Park, Filmmagic, Coachella, London's, Big, Mirae Asset Securities, BTS, Valley Music, Arts Festival, JYP, Seoul Economic, South Locations: United States, Southeast Asia, Korean, CHICAGO , ILLINOIS, Chicago , Illinois, South, U.K, INDIO , CALIFORNIA, Indio , California, Seoul

☆ China's property market has 'not found a bottom' yet, Standard Chartered CEO Bill Winters says
▼ + stars: | 2024-09-09 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

watch nowChina's property market has still not found a bottom despite all the turmoil in the past year, according to Standard Chartered CEO Bill Winters. Speaking to CNBC's JP Ong, Winters described the investing environment in China as "difficult," explaining that consumer confidence and international investor confidence was relatively low. "We know that the underlying source of a lot of the confidence questions is the property market, and the property market has not yet completely bottomed out, so it's been a slow grind down," he added. The danger, he said, is that a property market bubble that bursts in other markets has usually portended a financial crisis, and that is normally accompanied with more significant falls in GDP. As such, he thinks that it will be a bit uncomfortable in the short term, but fiscally, "that's going to be a good thing."

Persons: Bill Winters, CNBC's JP Ong, Winters, it's, homebuyers Organizations: Bank of America Locations: China, Beijing

☆ 7-Eleven's parent company rejects $38.6 billion takeover bid, says offer 'grossly undervalues' company
▼ + stars: | 2024-09-06 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +4 min

Photographer: Soichiro Koriyama/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty ImagesSeven & i Holdings has rejected the takeover offer from Canadian convenience store operator Alimentation Couche-Tard , saying the offer "is not in the best interest" of its shareholders and stakeholders. According to LSEG data, the offer price will value Seven & i at $38.55 billion. In April, Seven & i announced a restructuring plan for the company, aimed at growing 7-Eleven's presence globally as well as divesting its underperforming supermarket business. Herrick explained Artisan asked Seven & i to consider the offer because the fund feels that capital allocation overseas has been overlooked. "You have more than 50,000 stores, or about 50,000 stores that are generating about $100 million or just over $100 million of operating profit for for the company.

Persons: Alimentation, Soichiro Koriyama, Tard, Stephen Dacus, Dacus, Alain Bouchard, Ben Herrick, Herrick Organizations: Seven, Holdings Co, Tard Inc, Bloomberg, Getty Images Bloomberg, Getty, Holdings, Tokyo Stock Exchange, litigating, Artisan Partners, Partners, & $ Locations: Kobe, Japan, U.S, Tokyo, United States

☆ Is the Fed 'sleepwalking into a policy mistake?': Abrdn analyst calls for faster easing of rates
▼ + stars: | 2024-09-02 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

He pointed to economic data like non-farm payrolls, saying they were later revised to reflect a weaker economic picture. Akintewe said: "Is the economy already weaker than the headline data suggests and [the Fed] should already be easing?" "And once you've done that amount of easing, it takes six to eight months to transmit that." "The other question no one seems to ask is, why is the policy rate still at 5.5% when inflation is down [to] almost 2.5%? Like, do you need a 300 basis point real policy rate in this kind of environment with all the uncertainty that we're facing?"

Persons: abdrn, Kenneth Akintewe, Akintewe Organizations: U.S . Labor Department, of Labor Statistics, Fed, U.S, CNBC Locations: U.S

☆ TikTok 'finfluencers' accurately called the AI rally, but credibility concerns dog them
▼ + stars: | 2024-08-16 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +5 min

The team then tracked the prices of the recommended stocks from the day the videos were posted up until June 21, 2024. The most profit that an investor could have generated from a single stock would have been Nvidia, which grew 63.08% in the period surveyed. If a person invested $1,000 in every stock recommended in the one video that got the most bets right, the gains would have amounted to $4,860. On the other hand, putting money into all the stocks recommended in the video that got most bets wrong would have led to a loss of $1,517. "Furthermore, a single period coincident result does not translate to a definitive conclusion of predictability in the long run."

Persons: Dado Ruvic, Let's, —, Gerald Wong, Wong, Jeremy Tan, Jiang Zhang, — Zhang, Tan Organizations: Reuters, Nvidia, Qualcomm, Google, Ginkgo, Holdings, CNBC, Tiger Fund Management, Management, Investor Locations: York, Singapore

☆ Reserve Bank of New Zealand cuts cash rate by 25 basis points, lowers rate forecasts
▼ + stars: | 2024-08-14 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

A security guard stands in the main entrance to the Reserve Bank of New Zealand located in central Wellington, New Zealand, July 3, 2017. The Reserve Bank of New Zealand lowered its cash rate by 25 basis points to 5.25% on Wednesday. The move surprised economists polled by Reuters, which were expecting the central bank to hold rates unchanged at 5.5%. This is the first time the central bank has cut the official cash rate since March 2020. In its release, the RBNZ noted that consumer price inflation is returning to its target range of 1% to 3%.

Organizations: Reserve Bank of New, Reuters Locations: Reserve Bank of New Zealand, Wellington , New Zealand, New Zealand

☆ Asia-Pacific markets continue winning run as U.S. producer prices rises less than expected
▼ + stars: | 2024-08-14 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets have extended gains on Wednesday after producer prices in the U.S. came in lower than expected for July. In Japan, business sentiment at manufacturers turned slightly less confident in August compared with the month before, according to the Reuters Tankan survey. The Tankan survey — which tracks the Bank of Japan's quarterly survey of the same name — showed that the sentiment index for manufacturers slipped to +10 in August, while the non manufacturers index fell to +24. The Reserve Bank of New Zealand is also due to announce its latest decision on its official cash rate on Wednesday. Economist expectations are varied, with a Reuters poll forecasting the central bank will maintain rates at 5.5%.

Persons: Dow, — Organizations: Dow Jones, Reuters, Bank of Japan, Reserve Bank of New Locations: Ginza, Tokyo, Japan, Asia, Pacific, U.S, South Korea, China, Reserve Bank of New Zealand

On Thursday, investors in Asia will assess trade data from Japan and interest rate decision from the Reserve Bank of India. Global equities and currencies plunged earlier this week after the Bank of Japan hiked interest rates to their highest levels since 2008, and the U.S. released weaker-than-expected employment numbers. Asia-Pacific markets were mostly down in choppy trading on Thursday after U.S. stock benchmarks fell overnight, while investors assessed trade data from Japan and awaited India's rate decision. "Assuming that the price stability target will be achieved in the second half of fiscal 2025, the Bank should raise the policy interest rate to the level of the neutral interest rate toward that time," the summary read. Japanese technology investor SoftBank Group said in a statement on Wednesday that it would buy back up to 500 billion yen ($3.4 billion) of its shares as part of its efforts to boost shareholder returns.

Persons: Shinichi Uchida, Lasertec, Korea's Kospi Organizations: Reuters, The Reserve Bank of, Reserve Bank of India, Global, Bank of Japan, Dow Jones, Nasdaq, Nvidia, Nikkei, Bank, SoftBank, Semiconductor, Isuzu Motors, China's CSI, Cathay, Hong Kong's, Airbus Locations: The Reserve Bank of India, Asia, Japan, U.S, Pacific, Hong, Cathay Pacific

Asia-Pacific markets extended gains on Wednesday, tracking Wall Street benchmarks that snapped a three-day losing streak overnight. It further sold 3.87 trillion yen worth of dollars on May 1, ministry data showed. Customs data showed on Wednesday that China's imports in July grew faster-than-expected, while export growth missed forecasts. Exports in U.S. dollar terms rose by 7% for the month compared to a year ago, missing economists' expectations for a 9.7% increase. Meanwhile, U.S. dollar-denominated imports rose by 7.2%, far more than the economist's forecast of 3.5%.

Persons: Canon, Shinichi Uchida Organizations: Nikkei, Mitsui, SoftBank, Bank of Japan, Bank, Japan's Ministry of Finance, China's CSI, . Locations: Qingdao Port, Shandong province, Qingdao, China, Asia, Pacific

Japan stocks rebounded sharply on Tuesday after the Nikkei 225 and the Topix dropped over 12% in the previous session. The Bank of Japan raising rates to their highest level since 2008 on July 30 caused the yen to strengthen to a seven-month high, pressurizing stocks. Markets globally were also spooked by fears of a U.S. recession stoked by a weaker-than-expected jobs report. Real wages in Japan also grew 1.1% in June compared with a year ago, the first time that wages have risen in 26 months. Strong wage growth offers more room for the Bank of Japan to tighten its monetary policy.

Persons: Topix, Korea’s Kospi, Hong, Australia’s, Brent, Dow Organizations: Nikkei, Bank of, Softbank Group Corp, U.S ., South Korean, Samsung Electronics, chipmaker SK Hynix, China’s CSI, . West Texas, Bank of Japan, Reserve Bank of Australia, Dow, Nasdaq Locations: Japan, Asia, Pacific, Bank of Japan, U.S

The upscale shopping district of Ginza in Tokyo, Japan, on Saturday, May 4, 2024. Japan stocks rebounded sharply on Tuesday after the Nikkei 225 and the Topix dropped over 12% in the previous session. Other Asia-Pacific markets also opened higher. Japan's Nikkei 225 — which saw its largest loss in the previous session since the 1987 Black Monday crash — and the broad-based Topix gained over 10%. The rebound comes after South Korean markets were halted temporarily on Monday after circuit breakers activated.

Persons: Topix, Korea's Kospi, Australia's, Brent Organizations: Nikkei, U.S ., Softbank Group Corp, South, South Korean, Samsung Electronics, chipmaker SK Hynix, . West Texas Locations: Ginza, Tokyo, Japan, Asia, Pacific

☆ CNBC Daily Open: Dow sheds 1,000 points
▼ + stars: | 2024-08-06 | by ( Abid Ali | Kevin Lim | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street sinksThe Dow Jones Industrial Average and the S&P 500 suffered their sharpest declines in nearly two years, as growing concerns about the U.S. economy rocked global stock markets. The Dow plummeted over 1,000 points, while the S&P 500 and Nasdaq Composite fell 3% and 3.4%, respectively. Wharton finance professor Jeremy Siegel urged the Federal Reserve to make an emergency 75-basis-point cut in the federal funds rate following Friday's disappointing jobs data. [PRO] Don't panicDespite a global stock market rout, several investors and strategists advised against panicking at this point.

Persons: Berkshire Hathaway, Amit Mehta, Wharton, Jeremy Siegel, Siegel, Austan Goolsbee, Goolsbee, CNBC's, cryptocurrencies, Bitcoin, bitcoin, Nexo, Antoni Trenchev, panicking Organizations: CNBC, Dow Jones Industrial, Dow, Nasdaq, Tech, Nvidia, Tesla, Berkshire, Google, Department of Justice, Federal Reserve, Chicago Federal, bitcoin Locations: U.S

☆ CNBC Daily Open: Dow sheds 1,000 points, Japan stocks rebound
▼ + stars: | 2024-08-06 | by ( Abid Ali | Kevin Lim | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Dow plummeted over 1,000 points, while the S&P 500 and Nasdaq Composite fell 3% and 3.4%, respectively. Wharton finance professor Jeremy Siegel urged the Federal Reserve to make an emergency 75-basis-point cut in the federal funds rate following Friday's disappointing jobs data. Siegel believes the current fed funds rate "should be somewhere between 3.5% and 4%," citing the higher-than-expected unemployment rate and declining inflation as reasons for the cuts. "How much have we moved the fed funds rate?

Persons: Berkshire Hathaway, Amit Mehta, Wharton, Jeremy Siegel, Siegel, Austan Goolsbee, Goolsbee, CNBC's, Korea's Kospi, Richard Kaye Organizations: CNBC, Dow Jones Industrial, Dow, Nasdaq, Tech, Nvidia, Tesla, Berkshire, Google, Department of Justice, Federal Reserve, Chicago Federal, Nikkei, Honda, Renesas Electronics, CSI Locations: U.S, Asia, Pacific

☆ Japan stocks plunge as much as 7%, hovering near bear market territory, as Asia shares extend sell-off
▼ + stars: | 2024-08-05 | by ( Lim Hui Jie | ) www.nbcnews.com time to read: +2 min

Japan’s markets led losses in the region as the Nikkei 225 and Topix dropped as much as 7% in volatile trading. At these levels, both the Nikkei and Topix are nearing bear market territory, having fallen almost 20% from their all-time highs on July 11. Monday’s decline follows Friday’s rout when Japan’s Nikkei 225 and Topix fell more than 5% and 6%, respectively. The broader Topix marked its worst day in eight years, while the Nikkei marked its worst day since March 2020. The Nasdaq was the first of the three major benchmarks to enter correction territory, down more than 10% from its record high.

Persons: Topix, “, Australia’s, Kospi Organizations: Nikkei, Mitsubishi, Mitsui, Co, Sumitomo, Topix, Reserve Bank of Australia, Reuters, CSI, Nasdaq, Dow, Dow Jones Locations: Asia, Pacific, China, Taiwan, Australia, India, U.S

☆ Nikkei 225 falls more than 5%, hovering near bear market territory, as Asia-Pacific sell-off continues
▼ + stars: | 2024-08-05 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Japan's markets led losses in the region as the Nikkei 225 and Topix dropped as much as 7% in volatile trading. At these levels, both the Nikkei and Topix are nearing bear market territory, having fallen almost 20% from their all-time highs on July 11. Stock Chart Icon Stock chart iconMonday's decline follows Friday's rout when Japan's Nikkei 225 and Topix fell more than 5% and 6%, respectively. The broader Topix marked its worst day in eight years, while the Nikkei marked its worst day since March 2020. The Reserve Bank of Australia kicks off its two-day monetary policy meeting Monday.

Persons: Topix, Australia's, Kospi Organizations: Bloomberg, Getty, Nikkei, Mitsubishi, Mitsui, Co, Sumitomo, Topix, P, Reserve Bank of Australia, Reuters Locations: Shibuya, Tokyo, Japan, Asia, Pacific, China, Taiwan, Australia, India, Hong Kong

☆ Declaring ‘Crisis,’ South Korean Firms Tell Managers to Work 6 Days a Week
▼ + stars: | 2024-08-05 | by ( Jin Yu Young | ) www.nytimes.com time to read: +1 min

“Back in the day,” said Lim Hyung-kyu, a retired Samsung Electronics executive now in his 70s, “my weeks were Monday, Tuesday, Wednesday, Thursday, Friday, Friday, Friday.”Mr. Lim joined Samsung, South Korea’s largest company, in 1976 and rose through the ranks to chief technology officer. For much of his 30-plus years at Samsung, working on the weekends was normal — and legal under the nation’s labor laws. South Korean labor laws cap working hours to 52 a week: 40 standard hours with up to 12 for overtime. But over the past few months, some influential South Korean companies have told executives to work longer hours, in some cases telling them to come to the office six days a week. Some people in South Korean business are predicting that lower-ranked employees and managers at smaller companies will feel pressure to follow suit.

Persons: ”, Lim Hyung, ” Mr, Lim, Mr Organizations: Samsung Electronics, Samsung, Korea’s Locations: South

☆ UBS says 'going into Japan now is like catching a falling knife,' warns stock sell-off will continue
▼ + stars: | 2024-08-05 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

watch nowGoing into the Japanese market at this moment is akin to catching "a falling knife," Kelvin Tay, regional chief investment officer at UBS Global Wealth Management, told CNBC's "Squawk Box Asia." Stock Chart Icon Stock chart icon"The only reason why the Japanese market is up so strongly in the last two years is because the Japanese yen has been very, very weak. It strengthened sharply after the BOJ raised its benchmark interest rate last week to around 0.25% and decided to trim its purchases of Japanese government bonds. A stronger yen pressurizes Japanese stock markets, which are heavily dominated by trading houses and export-oriented firms by eroding their competitiveness. Ueda also said the 0.5% interest rate level — Japan has not seen that since 2008 — was not a barrier, and rates could go even higher.

Persons: Kelvin Tay, CNBC's, Tay, Kazuo Ueda, Ueda, — Organizations: UBS Global Wealth Management, Nikkei, U.S, Bank of, Reuters Locations: Japan

☆ Our bend-don't-break economy is reaching its limit
▼ + stars: | 2024-08-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, interest-rate cuts are almost certainly coming, but the relief won't be felt immediately . The big storyCrash landingKevin Dietsch/Getty, Tyler Le/BIOur bend-don't-break economy might finally have reached its limit. After a year of resiliency in the face of high interest rates, the cracks are showing in the US economy. But it's not a silver bullet, and the rate cut's effect will take time to make its way through the economy.

Persons: —, Kevin Dietsch, Tyler Le, it's, Chelsea Jia Feng, Claudia Sahm, Madison Hoff, McDonald's, Jared Siskin, Bobby, Jordan Grumet, Justin Best, Brian Stauffer, Michal Kosinski, Rob Price, sompong, Seng kui Lim, Getty, Joe Biden's, Elon, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, Relief, Getty, Fed, Amazon, Big Tech, Madison, Park Conservancy, Citadel, FIRE, Union Square Advisors, Nvidia, America Locations: resiliency, Central, Switzerland, Canada, Park, Paris, New York, London

☆ CNBC Daily Open: Markets fall with Japan stocks in bear territory; Berkshire's cash hoard at record high
▼ + stars: | 2024-08-05 | by ( Kevin Lim | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Jobs shock hits stocksU.S. stocks plummeted on Friday after a weaker-than-expected jobs report added to fears of a recession. The Nasdaq Composite dropped 2.43% and is now in correction territory, having declined more than 10% from its recent high. Asian stocks plungeAsian stocks continued to sell-off on Monday, with the Japanese market confirming a bear market. The stocks had to pass several criteria, including receiving five or more earnings upgrades in the past three months.

Persons: Topix, Taiwan's Taiex, Warren Buffett Organizations: New York Stock Exchange, CNBC, Dow Jones Industrial, Nasdaq, Treasury, Federal, Nikkei, CSI, Berkshire Hathaway's, Apple . Berkshire, Exxon, Chevron, CNBC Pro Locations: New York City, China, Apple ., Berkshire, Guyana, U.S, San Ramon , California, Houston , Texas

☆ CNBC Daily Open: Nasdaq in correction territory; Berkshire's cash holdings reach record high
▼ + stars: | 2024-08-05 | by ( Kevin Lim | ) www.cnbc.com time to read: +2 min

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. The Nasdaq Composite dropped 2.43% and is now in correction territory, having declined more than 10% from its recent high. The unemployment rate rose to 4.3%, the highest since October 2021 when the global economy was still reeling from the Covid-19 pandemic. The stocks had to pass several criteria, including receiving five or more earnings upgrades in the past three months.

Persons: Warren Buffett Organizations: New York Stock Exchange, CNBC, Dow Jones Industrial, Nasdaq, Treasury, Federal, Berkshire Hathaway's, Apple . Berkshire, Exxon, Chevron, CNBC Pro Locations: New York City, Apple ., Berkshire, Guyana, U.S, San Ramon , California, Houston , Texas

☆ Japan stock sell-off shows a 'fundamental shift' is underway, Goldman Sachs' equity strategist says
▼ + stars: | 2024-08-02 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

A pedestrian looks at an electronic stock board outside a securities firm in Tokyo, Japan, on Tuesday, Dec. 25, 2018. Japan's stock markets have hit a six-month low, declining for two straight days, after the Bank of Japan raised benchmark interest rates to their highest level since 2008. Speaking to CNBC's "Squawk Box Asia," Bruce Kirk, chief Japan equity strategist at Goldman Sachs said that the Japanese market rally had reached a "transitional phase." Yes, there's a fundamental shift taking place in the market, but it's not unusual," Kirk said. "I think people are now looking for areas that are more domestic demand focused, and that's really putting the interest back on Japan's small [and] mid-caps."

Persons: Bruce Kirk, Goldman Sachs, Kirk Organizations: Bank of Japan, Nikkei, CNBC Locations: Tokyo, Japan

☆ Japan stocks plunge 5% with Asia markets broadly lower after Wall Street sell-off
▼ + stars: | 2024-08-02 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

An electronic stock board displayed inside the Kabuto One building in Tokyo, Japan, on Thursday, June 27, 2024. Japan's Nikkei 225 nosedived almost 5% on Friday, with most Asia-Pacific markets lower after a sell-off on Wall Street overnight. The Nikkei extended its 2.62% slide on Thursday to lead losses in the region and reach its lowest level since February. Japanese government bond yields fell, with the yield on the benchmark 10-year JGB falling below the 1% mark and hitting it lowest level since June 20. Hong Kong's Hang Seng index futures were at 17,047, lower than the HSI's last close of 17,304.96.

Persons: Marubeni, Hybe, Australia's, Hong Organizations: Japan's Nikkei, Wall, Nikkei, Softbank, Mitsui, Reuters Locations: Tokyo, Japan, Asia, Pacific

☆ Daily Open: Stocks fall; 10-year Treasury yield drops; Apple beats Street while Amazon disappoints
▼ + stars: | 2024-08-02 | by ( Kevin Lim | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. U.S. stocks retreatU.S. stocks fell sharply on Thursday as weaker-than-expected jobs and manufacturing data sparked concerns about a rapid economic slowdown. Treasurys gainThe benchmark 10-year Treasury yield fell below 4% for the first time since February as investors digested weak job numbers and braced for a September rate cut by the U.S. Federal Reserve. The 10-year yield last traded at 3.981%, down 12.3 basis points, while the two-year yield eased to 4.156%. Asian stocks tumbleJapanese stocks dropped 5.8% on Friday as Asia-Pacific markets reacted negatively to the sell-off on Wall Street.

Persons: Russell, Tim Cook, CNBC's Steve Kovach, Brian Olsavsky Organizations: CNBC, Dow Jones Industrial, Nasdaq, Labor Department, Institute for Supply, Treasury, U.S . Federal Reserve, Nikkei, SoftBank, Mitsui, Marubeni, CSI, Services, Apple, Apple Intelligence, Olympics, Tech, CNBC Pro Locations: U.S, Asia, Pacific

☆ Daily Open: U.S. stocks fall; 10-year Treasury yield drops below 4%; Apple beats Street while Amazon falters
▼ + stars: | 2024-08-02 | by ( Kevin Lim | ) www.cnbc.com time to read: +2 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Stocks retreatU.S. stocks fell sharply on Thursday as weaker-than-expected jobs and manufacturing data sparked concerns about a rapid economic slowdown. The 10-year yield last traded at 3.981%, down 12.3 basis points, while the two-year yield eased to 4.156%. Looking ahead, Apple expects services to grow by about 14%. Apple CEO Tim Cook told CNBC's Steve Kovach the company has increased spending on Apple Intelligence to get it ready by fall.

Persons: Russell, Tim Cook, CNBC's Steve Kovach Organizations: New York Stock Exchange, Wall, CNBC, Dow Jones Industrial, Nasdaq, Labor Department, Institute for Supply, Treasury, U.S . Federal Reserve, Apple, Apple Intelligence, Tech, CNBC Pro Locations: New York City, Stocks

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