A Tesla Cybertruck at a Tesla store in San Jose, California, U.S., on Tuesday, Nov. 28, 2023.
David Paul Morris | Bloomberg | Getty Images
This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. As you see? You can subscribe. Here.
What you need to know today.
Individual stocks influence the index.
On Monday, the S&P 500 increased by 0.4 percent and Nadaq Jame Added 0.6%, mostly encouraged by Tesla. Shares of Goldman Sachs And Sales force Fell, which caused Dow Jones Industrial Average Falling 0.1 percent. Asia-Pacific markets traded higher on Tuesday. Mainland China’s CSI 300 rose 0.42 percent as investors awaited China’s prime debt rate announcement on Wednesday.
Autonomous vehicles on the agenda
Tesla Shares rose 5.6 percent After it was reported that the incoming administration of President-elect Donald Trump plans to develop a federal framework that would regulate self-driving vehicles. The regulatory framework will make the adoption of self-driving cars much easier. CNBC could not independently verify the report.
Super Micro aims to be Nasdaq compliant.
Super Microcomputer The company said it has hired BDO as a new auditor and submitted a plan to Nasdaq to ensure the exchange’s compliance. A statement. Shares closed 16% higher and were up more than 39% in after-hours trading. SuperMicro’s market capitalization fell from about $70 billion to $12.6 billion as of Monday after investors learned of the company’s compliance woes.
Challenges in Hong Kong and China
China will elevate Hong Kong’s status as an “international financial hub,” according to a CNBC translation of Chinese Vice Premier He Lifeng’s speech at a financial summit in Hong Kong. The capital flight has made the Hang Seng index the worst-performing major index in the past year. But China itself faces a “Herculean challenge” in meeting its growth targets, said veteran investor Howard Marks.
[PRO] Goldman goes to sleep.
Goldman Sachs is bullish on gold. The Wall Street bank expects gold to reach $3,000 an ounce by December 2025, encouraging investors to “go for gold,” as it wrote in a Nov. 17 note. However, other banks such as JPMorgan and UBS are not so confident. About precious metal prospects.
The bottom line
Investors await Nvidia’s earnings report on Wednesday.
“This week’s star is our friend Nvidia,” said Kim Forrest, chief investment officer at Bokeh Capital Partners, highlighting its recent inclusion in the Dow and its importance to all major indexes. “Unless some information comes out before then, the market will wait and see what happens with Nvidia.”
Nvidia shares fell 1.3% on a report by The Information that the company’s new Blackwell chips overheat when connected to custom servers. Nvidia’s drop had the biggest negative impact on the S&P and Nasdaq, dragging the former down 0.52 points and the latter down 23 points.
However, Tesla — which has seen big gains mostly since Trump won the election — managed to more than offset Nvidia’s losses. Tesla shares rose 5.6 percent, leading the S&P 0.62 point and the Nasdaq 47 points higher.
It helped the S&P get its first winning day in three, and the Nasdaq snapped its four-day losing streak.
“The market is pretty set for equities, and investors are not going to see the pullback they want,” said Andrew Salmon, head of Morgan Stanley Investment Management’s applied equity advisors team.
For now, despite the market’s losses last week, “a strong economy, continued Fed rate cuts, and strong Q3 earnings” should provide support for stocks, Solomon said.
After Wednesday, investors will know if there are other pillars that will sustain the markets for the foreseeable future.
— CNBC’s Samantha Sabin and Piya Singh contributed to this report.
