New York Stock Exchange floor.
Source: New York Stock Exchange
This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see? You can subscribe here.
What you need to know today
Markets end the week lower
US market Friday’s plunge and ended the week lower. this S&P 500 Index Down 1.32% Dow Jones Industrial Average down 0.7%, Nasdaq Index down 2.24%. Asia Pacific stocks Mostly higher on Monday. South Korea’s Composite Stock Index rose about 1.7% after Samsung Electronics’ share price rose. Japanese Nikkei 225 Index It is an outlier, down 1%.
Samsung unexpectedly buys back shares
Samsung Electronics shares listed in South Korea An increase of up to 7% On Monday, the company unexpectedly announced a stock buyback plan of about 10 trillion won ($7.19 billion) over the next 12 months. Monday’s gains were the icing on the cake after Samsung’s shares rose 7.2% on Friday.
WeChat’s influence on cloud customers
Tencent is attracting cloud customers through its WeChat super app. A “super app” is an application platform, usually developed using cloud infrastructure, that integrates different functions. Customers can build their own applications About WeChat EcosystemTang Daosheng, CEO of Tencent Cloud, said that this differentiates the company from other cloud vendors.
Biden and Xi Jinping’s last official meeting
U.S. President Joe Biden met with Chinese President Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation summit on Saturday. Biden reflects on his decades-long relationship with Xi Jinping while Xi Jinping seems more concerned about Trump’s presidencyWarned the United States to “make wise choices” for the sake of bilateral relations.
(PRO) Nvidia sets the tone for the week
It’s been a wild few weeks for markets as investors digested the results of the U.S. presidential election, rate cuts from the Federal Reserve, inflation data and hawkish comments from Fed Chairman Powell. This week, all eyes will be on one key event: Nvidia’s profitscomes out Wednesday.
bottom line
Trump’s decisive victory in the presidential election and his so-called market-friendly policies have driven markets to new highs.
Last Monday, the S&P closed above 6,000 points, and the Dow closed above 44,000 points for the first time that day. The so-called “Trump trade“Bank stocks, small-cap stocks and energy stocks, for example, are behind much of the index’s gains.
However, anyone who’s ever eaten too much at a party knows that at some point, satisfaction turns to satiety, to overstuffing.
It was just the beginning of the week, but little did we know we were already off the peak.
At Friday’s close, the S&P was down 2.1% for the week and the Dow was down 1.2% for the week, both ending the week below their milestone levels. The Nasdaq fell 3.2% on the week.
Plunging pharmaceutical stocks dragged the S&P and Dow Jones indexes lower. The incident was triggered by Trump’s announcement of plans to nominate Robert F. Kennedy Jr., who has expressed unorthodox beliefs on health issues, to lead the U.S. Department of Health and Human Services.
This illustrates how skillfully investors must navigate Trump’s policies, which often appear to be double-edged swords.
For example, Trump’s proposed tariffs and tax cuts would boost small stocks and expand corporate profits, but they could also keep inflation and interest rates high. Those concerns weighed on markets last week, sending the S&P back to mid-October levels. famous CNBC’s Michael Santoli.
“In the short term, we expect some minor moves, especially with potential policy shifts under the new administration,” said Kristy Akullian, head of Americas investment strategy at iShares. BlackRock.
Still, Akulian added that BlackRock does “expect U.S. stocks to continue higher, but not in a straight line.”
After eating comes digestion, then hunger. The process begins again.
—CNBC’s Michael Santoli, Brian Evans and Alex Harring contributed to this report.
