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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 The S&P 500 hit a new closing high. Asia-Pacific stocks were mostly higher on Friday. China's CSI 300 index is expected to rise nearly 15% on a weekly basis, its highest level since November 2008, while Hong Kong stocks Hang Seng Index Shares are expected to rise 12.85% this week, the highest gain since February 1998, according to FactSet data. Despite this, China's industrial profits still appear tight, down 17.8% from the same period last year.
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. CNBC's Jeff Cox breaks down what's happening.
Ultraman Equity “currently has no plans”
OpenAI CEO Sam Altman denied during Thursday's all-hands meeting that he had taken a “significant stake” in the company, according to a person who attended the meeting. Nonetheless, chairman Bret Taylor told CNBC that the board “has had discussions about compensating Altman with equity.” Meanwhile, Chief Financial Officer Sarah Friar assured investors that OpenAI remains in a strong position, with its $6.5 billion funding round underway.
Ishiba to become Prime Minister of Japan
Former Japanese Defense Minister Shigeru Ishiba won the election for the new leader of the Liberal Democratic Party and became the presumptive candidate for Japan's next prime minister. Shiba, who has Support the Bank of Japan to raise interest ratesdefeated Economic and Security Minister Takaichi Sanae in the runoff.
(PRO) Central bank stimulus benefits European stocks
The People's Bank of China this week announced a series of interest rate cuts aimed at reviving the country's economy. European companies most exposed to the market may also benefit from stimulus measures from China's central bank. barclays bank Pick your favorite European stocks, including one with a potential upside of over 100%.
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. This comes against the backdrop of a surge in semiconductor prices on Thursday, when SK Hynix, 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.