New York Stock Exchange.
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
A winning week at the market
Major U.S. stock indexes rose to End the week on a green notedespite huge stocks NVIDIA and letter decline. Asia Pacific market Mostly higher on Monday. Mainland China CSI 300 and Hong Kong Hang Seng Index But there are exceptions, with the former falling by about 0.7%.
Trump nominates Treasury Secretary
U.S. President-elect Trump plans to Nominated Scott BessantFounder of hedge fund Key Square Group and serves as Finance Minister. Like Trump, Bessant favors the gradual imposition of tariffs and deregulation to support domestic businesses and address trade imbalances. Bessant defeated former Fed governor Kevin Warsh and private equity executive Mark Rowan.
China’s central bank keeps lending rates unchanged
The People’s Bank of China continues to Medium-term loan interest rates remain unchanged According to the bank, the interest rate is 2.0% statement on Monday. The rate affects about 900 billion yuan ($124.26 billion) worth of one-year loans from some financial institutions. Economists expected this and predicted that the MLF would fall to 1.2% by the end of 2025.
COP29 climate agreement
At the COP29 climate conference in Azerbaijan, developed countries promised Provide $300 billion per year to poorer countries to combat climate change. The deal replaces a previous commitment of $100 billion per year. Meanwhile, Virgin Group founder and billionaire Sir Richard Branson explain If “everyone works together” “we can overcome climate change”.
(PRO) Interest rates back in focus
This week, the personal consumption expenditures price index for October released on Wednesday will be dominate attention. “This may be one of the last important data releases before the Fed’s December meeting,” a fund manager said. The minutes of the Federal Open Market Committee’s November meeting, released the day before, will give investors more insight into the pace of future rate cuts.
bottom line
Prominent technology and chip stocks fell last week.
although Revenue nearly doubled in third quartercompared with a year ago, NVIDIA The stock fell 3.2% on Friday, capping a bumpy week that saw the stock swing between red and green.
Google-Parents letterMeanwhile, the company ended the week down nearly 5% after the U.S. Department of Justice recommended the company Strip Chrome Browser as a remedy for its antitrust case. and AmazonIts large technology peers fell 3.4% for the week.
Still, the major averages managed to reverse last week’s losses. this Dow Jones Industrial Average Up 2% this week, S&P 500 Index and Nasdaq Index Both were up about 1.7%.
While the other seven stocks did contribute to this, the active market was mostly for lesser-focused companies, such as Super Micro Corporation,grateful.
Likewise, small-cap stocks, which have lagged behind large-cap stocks for years, appear to be making a comeback as interest rates fall and Trump prepares to re-enter the White House. this Russell 2000 It closed up 4.5% this week, outperforming the three major indexes mentioned above.
“Investors are moving away from the previous highs in large-cap communications services and technology and into other cyclical sectors like consumer discretionary, industrials and financials, as well as small and mid-cap stocks,” said Chief Investment Officer Sam Stovall. CFRA Research Strategist.
and BitcoinOnce dismissed by most mainstream investors and institutions as an esoteric plaything that seemed to have no intrinsic value, it is now close to breaking the $100,000 cap.
That said, this reversal is unlikely to last. “We maintain a positive view on the AI ​​computing industry, and NVIDIA in particular, on the back of strong revenue growth expected in 2025,” UBS analyst Sundeep Gantori wrote in a report Thursday.
Despite the temporary dip, artificial intelligence is likely to remain a theme in markets next year.
—CNBC’s Pia Singh, Alex Harring and Jesse Pound contributed to this report.
