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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
Hit another record high
Major U.S. stock indexes rose Thursday S&P 500 hits new closing high. Micron Shares rose 14.73% on better-than-expected guidance. European Stoxx 600 rose 1.25% Luxury goods stocks rallied sharply, recouping losses from earlier in the week. at the same time, Swiss National Bank cuts interest rates A quarter of a percentage point to 1%.
Why are Treasury yields rising?
Treasury bond yields tend to move in tandem with interest rates. Broadly speaking, both indicate the cost of borrowing money. When the Federal Reserve cut interest rates last week, it was not unreasonable to expect Treasury yields to fall. Instead, they kept climbing. Jeff Cox, CNBC Break down what’s going on.
Ultraman Equity “currently has no plans”
During Thursday’s all-hands meeting, OpenAI CEO Sam Altman denies he received He holds a “significant stake” in the company, according to an unnamed source who said he has “no current plans” to acquire a “significant stake” in the company. Nonetheless, OpenAI chairman Bret Taylor told CNBC that the board “has had discussions about compensating Altman with equity.”
Finance chief predicts Harris win
Vice President of the United States Kamala Harris expected to win presidential electionAccording to a CNBC survey, 55% of CFOs said. About a third think Donald Trump will win, while the rest are unsure. But 55% of respondents think Trump will be better for the economy and inflation.
(PRO) Economically independent
Earlier this week, China announced measures to stimulate the economy, including reducing bank holdings and lowering household interest rates. here are some Chinese stocks that could do well Regardless of the effectiveness of these measures.
bottom line
Semantic saturation is the phenomenon in which a word or phrase is repeated so frequently that it loses its meaning to those who listen or read it.
There is a saying that runs throughout this year: “History high.”
Thursday, Standard & Poor’s It closed at a record high of 5,745.37 after rising 0.4%. this Dow Jones Industrial Average up 0.62% Nasdaq Index Add 0.6%.
Financial firm Oppenheimer noted that the broad index has hit new levels on more than 20% of trading days so far this year.
If the narrative driving the market — the promise of artificial intelligence and a soft landing for the U.S. economy amid rate cuts — continues, the S&P is expected to end 2024 up more than 20%.
Judging from the economic data released yesterday, things are going well.
The number of initial jobless claims for the week ended September 21 fell by 4,000 from the previous week, exceeding expectations and indicating that there were no layoffs in the job market.
Orders for durable goods, which include durable goods such as aircraft and appliances, were little changed in August, exceeding expectations for a 3% decline.
On top of that, the Bureau of Economic Analysts’ third forecast for second-quarter GDP maintains the annualized growth rate at 3%, while sharply raising real gross domestic income in the first half from 1.3% quarterly to 3.2%.
CNBC’s Jeff Cox noted that all of these data points “reinforce the notion that the U.S. macro situation is stable.”
The story of artificial intelligence is still worth reading.
Micron Technology’s stock price soared 14.73% after it issued revenue guidance that was higher than Wall Street expectations. That was in a Semiconductors surge Thursdaywhen the stocks of SK Hynix and Samsung Electronics, Tokyo Electronics and STMicroelectronics rising in tandem.
As long as Friday’s PCE report is in line with or better than expected, investors are likely to hear more examples of “all-time highs.” But it certainly hasn’t lost its delicious significance.
–CNBC’s Jeff Cox, Alex Harring, Brian Evans and Lisa Kailai Han contributed to this article.
