Nathan Ring, Knife River Chief Financial Officer, rings the NYSE bell on June 1, 2023 in New York City.
Spencer Pratt | Getty Images News | Getty Images
The report comes from today’s CNBC Daily Open, our new international markets newsletter. The CNBC Daily Open gives investors a quick overview of everything they need to know, no matter where they are. Do you like what you see?you can subscribe here.
what you need to know today
- The World Bank estimates advanced economies will grow just 0.7% in 2023, down from 2.6% last year. On the bright side, the agency expects emerging and developing economies to grow 4%, up 0.6% from its January forecast.
- Sequoia Capital, one of the world’s largest venture capital firms, has announced that it will split into three separate divisions due to “increasingly complex” dynamics. One will focus on the US and Europe; another on China; and a final one on Southeast Asia and India.
- Professional Edition Jeffrey Gundlach, The CEO of DoubleLine Capital says the U.S. appears destined for recession. In this case, the traditional 60-40 portfolio doesn’t work — which Gundlach prefers.
the bottom line
While some big-name stocks stumbled yesterday, the market managed to climb higher as the uncertainty of previous weeks dissipated.
apple Shares fell 0.2% as investors digested information about the tech giant’s new mixed reality headset. While it was a small loss in the grand scheme of things, it was the first time since 2016 that the tech giant’s shares fell the day after its WWDC, reflecting the appeal of the $3,499 Vision Pro. Uncertainty.
However, analysts from companies like Goldman Sachs and JPMorgan Continue to be optimistic about Apple. “Given the high price point of Vision Pro, while Vision Pro may not generate a lot of sales, it could be a potential catalyst for the AR/VR market,” JPMorgan analyst Samik Chatterjee said.
elsewhere, Boeing Shares of the airline edged down 0.7 percent, while Coinbase tumbled by double digits, after the company said it would delay deliveries of its 787 Dreamliner due to a new defect.
Still, investors aren’t worried.this Cboe Volatility Indexoften seen as Wall Street’s fear gauge, fell to 13.96 yesterday, the first time since February 2020 — just before the pandemic hit everyone — that it closed below 14.
The major indexes also had a positive day.this S&P 500 Index It rose 0.24 percent to its highest close since August – with BMO Capital Markets reckoning the broad index could surge further and breach the 4,500 mark.this Nasdaq Composite Index It rose 0.36%, a new high for the year.this Dow Jones Industrial Average is flat.
However, it should be noted that yesterday’s trading volume was below average. Investors are taking a breather from last week’s frantic tech rally — not a bad idea, given next week’s upcoming Federal Reserve meeting threatens to upend interest rate expectations yet again.