Traders work on the trading floor of the New York Stock Exchange on June 14, 2023.
Spencer Pratt | 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
French far-right march blocked
French left-wing New Popular Front alliance Unexpectedly halting the advance of the far right In the parliamentary runoff, it won the most seats but fell short of an absolute majority. Results showed the alliance could gain 182 seats Published by Ministry of Interior, President Macron’s Ensemble party and its allies are expected to gain 168 seats, with the far-right National League party on 143. French Prime Minister Gabriel Attal says he will Submit your resignation on Monday. No party secured the 289 seats needed for a majority, suggesting the possibility of a hung parliament in Europe’s third-largest economy. This is What a hung parliament means for markets.
Boeing pleads guilty
boeing company approved Pleaded guilty to criminal fraud charges A near-disaster in January involving 737 Max crashes led the Justice Department to reconsider a previous settlement that shielded Boeing from prosecution. The plea agreement, which is subject to court approval, requires Boeing to pay a $243.6 million fine, equal to the amount paid in the 2021 settlement. The development marks a major legal and financial setback for the aerospace giant as it continues to grapple with the fallout from the fatal crash.
Skydance merges with Paramount
Sky Dance Media and Paramount Worldwide have Agree to merge, ending the Redstone family’s control of the iconic Hollywood studio. The deal combines Paramount Legend’s library of films with Skydance’s recent blockbuster success, such as “Top Gun: Maverick.” Skydance founder David Ellison will become Hollywood’s new powerhouse, inheriting a media giant that faces challenges in the streaming media era.
record high
this S&P 500 Index reach its The closing record was set for the 34th time this year. technology-centric Nasdaq Index Joining the broader S&P, it set record intraday highs and closes. All three major stock indexes rose this week, with the Nasdaq rising 3.5% and the S&P rising nearly 2%. Dow Jones Industrial Average Lagging, an increase of 0.7%. The S&P 500 and Nasdaq are up 16.7% and 22.3% so far this year, respectively. 10-Year Treasury Bond Yield Ministry of Finance fall down After an unexpected rise in unemployment. US oil prices reserved It rose for the fourth consecutive week.
Asia falls, euro slides
Asia Pacific Markets mostly lowerThe CSI 300 Index fell 0.43%, falling for the fifth consecutive trading day. Hong Kong’s Hang Seng Index Also down 1.34%. Japan exports heavy Nikkei 225 Index remained relatively flat, while the Topix fell 0.2% Real wages fall For the 26th consecutive month. Korean Cospi Hovering near breakeven point, Australia S&P/ASX 200 Index Refused. this EUR The greenback weakened against the greenback as the left was expected to win France’s snap election.
(PRO) Neutral Nvidia
NvidiaThe company’s shares have soared 154% this year, fueled by the artificial intelligence craze, attracting investor enthusiasm. However, recent profit taking and valuation concerns have led to pullbacks and Rare downgrade From Wall Street analysts.
bottom line
Your performance is only as good as your last performance. Marko Kolanovic may have accurately predicted the stock market’s rebound during the Covid-19 pandemic; however, he remains bearish on the S&P 500 despite its nearly 17% surge this year.
Kolanovic now Leaving JPMorgan Chase During his tenure as chief global strategist, he firmly predicted that the S&P 500 would end the year at 4,200. It is currently at 5,567.19, hitting its 34th closing high of the year.
Kolanovich isn’t the only Wall Street strategist to get caught up in the bull market, but rival banks have gradually increased their forecasts. Lori Calvasina, head of global equity strategy at RBC Capital Markets, raised her S&P 500 target to 5,700 points from 5,300 points. Calvasina called it “Nervous salary increase”.
“We’ve recently described ourselves as ‘tired bulls’ and ‘neutral.’ Today, we’re going to switch things up a bit and describe ourselves as ‘nervous and nervous bulls,'” Calvasina said in a study released on Tuesday the report reads.
Who will hinder a bull or bear market? as Tesla made up for the annual loss, Up 27% for the week, closing Friday at $251.52, RBC analyst Tom Narayan joins “Squawk on the Street” to explain his $227 call options.
“I doubt many of the investors driving this trend have done as rigorous a calculation as I have,” Narayan said. The entire conversation is worth listening to Narayan explained in detail how he reached his price target.
The situation has been compounded by the influx of retail investors since the outbreak. These investors are increasingly looking outside Wall Street for investment advice, turning to characters like Roaring Kitten, a popular meme stock trader.
Tastytrade CEO Tom Sosnoff believes the influence of “Roaring Kitty” is a sign of A major shift in retail investment. He believes this disruption should be respected and studied because it represents a new era for financial markets.
“Is this any different than Bill Ackman telling you what he’s going to buy? Is it any different than Warren Buffett telling you what he’s going to buy?” Sosnoff said. “Disruption has many different faces.”
— CNBC’s Pia Singh, Alex Harring, Holly Ellyatt, Ruxandra Iordache, Ryan Browne, Samantha Subin, Lim Hui Jie and Leslie Josephs contributed to this report.
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