An Apple Store in the Jiefangbei business district is decorated with golden apples and snakes to celebrate the Chinese Year of the Snake, in Chongqing, China, on January 14, 2025.
Cheng Xin | Getty Images News | Getty Images
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 500 ends three-day winning streak
US market Thursday’s decline,and S&P 500 Index Ending a three-day winning streak. Treasury bond yield further retreat Inflation concerns subsided. Pan-European Stoxx 600 Index Add 0.98%. Richemont Group Shares jump 16% after better-than-expected report Sales increased 10% in fiscal third quarterpushing up other stocks in the luxury sector.
apple falls
apple Shares fell 4% on Thursday, a huge loss Up nearly 12% from the stock’s recent peak December. Market research firm Canalys reported on Thursday that the iPhone maker has fallen to third place in terms of smartphones sold in China in 2024, behind local manufacturers Vivo and Huawei.
Potential U.S. Treasury secretary testifies
U.S. President-elect Trump’s pick for Treasury Secretary Scott Bessant Testifying before the Senate Finance Committee on Thursday. During the meeting, hedge fund manager Bessant said Trump’s proposed policies Will not cause inflationdescribing U.S. spending as “out of control,” and poured cold water on the possibility of US digital currency.
UK economy grows tired
this UK economy grew 0.1% in NovemberData released by the National Bureau of Statistics on Thursday. The increase was lower than the 0.2% month-on-month expansion expected in a Reuters poll. Disappointing gross domestic product data fueled expectations that the Bank of England will cut interest rates at its next meeting on February 6.
(PRO) UBS says S&P should hit 6,600
Stocks appear poised for further gains in 2025 based on lull in two inflation reports UBS. The bank expects the S&P 500 to hit 6,600 in December, which would represent an 11% gain from current levels. Solita Marcelli, Chief Investment Officer Americas, UBS Global Wealth Management UBS’s optimism explained.
bottom line
Apple shares fell on Thursday, snapping a three-day winning streak for the S&P.
Reports of declining iPhone sales in China weighed on Apple’s stock price, leading to its worst day since August 5. Tesla fell 3.4%, NVIDIA loss of nearly 2%, and letter down about 1.4%.
Apple is the worst-performing stock among the Big Seven so far in 2025.
Push with all the ‘Magnificent 7’ stocks More than half of S&P 500 gains in 2024 – Ending in the red, the broad-based index was unable to sustain its gains from Wednesday.
this Standard & Poor’s Down 0.21% Dow Jones Industrial Average Technology stocks fell 0.16% Nasdaq Indexe fell 0.89%.
That’s despite a strong start to earnings season. FactSet data shows that 77% of companies that reported beat estimates.
Bank of America and Morgan Stanley report Exceeded expectations benefit. But they were ultimately not enough to lift the index, showing that stock market performance still depends on technology stocks.
“Bank earnings certainly started out positive, but it seems like there’s more to it than that, and that’s what’s happening today,” said Keith Buchanan, senior portfolio manager at Globalt Investments.
That said, if inflation is brought under control later this year, tech stocks and the market could rise.
Fed Governor Christopher Waller told CNBC In an interview on Thursday, he “certainly would see a rate cut happening sooner than the market is pricing in” if the inflation data is good.
On a more optimistic note, Waller even said there could be “four cuts, three cuts, depending on what the data tells you this year.”
If that happens, Apple’s stock price, along with other rate-sensitive tech stocks, could defy gravity and soar again.
—CNBC’s Jeff Cox, Hakyung Kim and Sarah Min contributed to this report.
