On October 23, 2024, professional traders worked in the hall of the New York Stock Exchange (NYSE) in New York City, the United States.
Brendan McDermid | Reuters
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
S&P ends losing streak
The US market is thursday mix. this S&P 500 Index and Nasdaq Index rise, be pushed Tesla,but Dow Jones Industrial Average fell down. Asia Pacific stocks Most rose on Friday. However, Japan’s Nikkei 225 Index As Tokyo’s annual inflation rate fell to 1.8% in October, a six-month low, Japan’s economy fell by about 0.8%.
Tesla shares have best day in 11 years
Tesla Shares soared 21.9%, its best day since 2013. 20% to 30% “vehicle growth” In 2025, it was higher than the 15% forecast by analysts polled by FactSet. But analysts Deutsche Bank and Morgan Stanley doubt this Can this lofty goal be achieved?.
China steel export tariffs
Chinese Steel exports will reach 109 million tons this yearStrategists at Macquarie Capital estimated this was the highest level since 2016. However, countries around the world are imposing tariffs on Chinese steel, which analysts predict will reduce China’s steel exports starting in 2025.
Fewer flights to China
The major airlines are Reduce flights to Chinareduce the size of the aircraft they deploy on China routes, or withdraw from China entirely. Rising costs due to the closure of Russian airspace and falling demand for travel to China are some of the factors behind the move.
(Professional) Shorting Amazon and Apple?
Amazon and apple Financial results will be released on Thursday, October 31st. Short two stocks Previously it was because of lower confidence levels in Amazon and Apple this quarter.
bottom line
Markets are largely irrational creatures. They are driven by untamable “animal spirits,” as John Maynard Keynes put it.
For example, the effect of meridional sunspots on the rising moon could cast a shadow on the S&P and cause it to slide.
Yes, this is a travesty of how markets work. But it illustrates how sometimes there seems to be no concrete chain of cause and effect to their actions.
However, the market did have a point on Thursday.
Tesla’s The company’s shares rose 21.9% as the company’s earnings per share beat Wall Street expectations and Musk predicted higher-than-expected auto sales growth in 2025.
this Standard & Poor’s The index managed to snap out of a three-game losing streak thanks to Tesla’s surge, rising 0.21% to become the top-performing stock on the index. this Nasdaq It rose 0.76%, which was higher than the S&P’s gain due to its heavy weighting in technology companies.
Unlike the other two indices, Dow Chemical As Tesla was not included in the 30 index components, the stock price fell 0.33%. Dow also weighed down by stocks boeing companythen declined Workers extend strikeand International Business Machines Corporationfell below The company’s revenue did not meet the target.
Of course, these are oversimplifications. There were other reasons behind yesterday’s market moves. But the fact that we can even draw a line connecting cause and effect, however vague, suggests investors are paying close attention to earnings and news during a period of uncertainty caused by the U.S. election.
The good news is that after the election, some of the uncertainty will leave the market and be “replaced with some certainty on the path forward,” said Andy Seager, Citi’s global head of wealth. And “what is most likely to happen is a relief rebound.”
The bad news is that markets may again be more strongly influenced by sentiment – as the word “relief” suggests.
—CNBC’s Sarah Min, Pia Singh and Lisa Kailai Han contributed to this report.
