A pedestrian passes by the Bull statue in the Wall Street area of New York City.
Doug Kanter | AFP | 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
Oil price slump boosts market
all Major U.S. stock indexes rose on Monday exist Soft oil prices Investors, on the other hand, are awaiting earnings reports from major technology companies. Pan-European Stoke 600 The index rose 0.41% Large fluctuations during trading days. Dutch health care products giant Philips lowered its full-year forecast due to weak demand in China, and its stock price fell 16.9%.
Volkswagen curbs spending
Volkswagen Considering Pay cuts, layoffs and factory closures The company’s works council said on Monday it was part of a plan to reform its operations in Germany. Volkswagen Passenger Cars Chief Executive Thomas Schaefer said Volkswagen was not generating enough revenue from car sales and faced increasing competition from Chinese electric vehicles.
Trump accuses Taiwan of stealing business
Former U.S. President Trump said on the “The Joe Rogan Experience” podcast that he accused Taiwan of stealing the country’s chip business. Trump also said he would Implement tariffs on Taiwan If he is elected president. Bernstein analyst Stacy Rasgon told CNBC that the idea of Taiwan stealing the U.S. chip industry is “ridiculous.”
Trading 22 hours a day?
The New York Stock Exchange currently allows electronic trading 16 hours a day. The exchange is owned by intercontinental exchangehoping to extend it to 22 hours a day. Market participants have Disagreement over whether relocation is necessary Even sensible. Regardless, the proposal likely won’t move forward – it hasn’t yet received regulatory approval.
(PRO) Charts show tech could be in trouble
The bursting of the dot-com bubble in 2000 was one of the worst moments ever for technology stocks. According to sell-side research firm Wolfe Research, charts tracking the performance of technology stocks show the following signs: history may repeat itself.
bottom line
November is one of my favorite months of the year. The weather is starting to turn cold as the wet, windy monsoon brings cold November rains across Southeast Asia.
The market also loves November, albeit for completely different reasons. They love the heat, and November brings that heat.
Over the past decade, even in election years, November has been, on average, the best month for deals S&P 500 Indexaccording to Carson Group data. The last time the S&P fell more than 1% in November was during the 2008 global financial crisis.
This observation was confirmed Goldman SachsThe report noted that Oct. 28 marked “the start of the best fourth-quarter trading period for U.S. equities, with data dating back to 1928,” wrote Scott Rubner, the bank’s managing director of global markets.
The market did go up yesterday. this Standard & Poor’s Added 0.27%, Dow Jones Industrial Average up 0.65% Nasdaq Index up 0.26%. That brings the S&P’s year-to-date gain to 22.1%.
Strong performance earlier in the year further enhanced seasonal effects in November, it said Bank of America’s Chief Equity Technical Strategist Stephen Suttmeier.
“When the SPX has been rising year-to-date (which is likely in 2024), the index has gained an average of 79% between November and December,” Suttmeier wrote in a note on Monday.
However, before getting too excited, keep in mind that analysts are optimistic about the stock over the next two months. The year ahead is long: Nothing lasts forever, not even the stock market’s November dominance.
—CNBC’s Alex Harring, Pia Singh, Scott Schnipper, Hakyung Kim and Tanaya Macheel contributed to this report.
