On November 14, 2024, a Tesla Cybertruck was parked outside a dealership in Austin, Texas.
Brandon Bell | 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
individual stock impact index
on Monday, S&P 500 Index up 0.4%, Nadak Composite Index rose 0.6%, mainly driven by the following Tesla. shares Goldman Sachs and salesperson fall, cause Dow Jones Industrial Average In Europe, the Stoxx 600 index recovered losses and closed flat, down 0.1%.
Self-driving cars are on the agenda
Tesla Share price rose 5.6% President-elect Donald Trump’s incoming administration reportedly plans to develop a federal framework for regulating self-driving cars. The regulatory framework will make the adoption of autonomous vehicles easier. CNBC could not independently verify the report.
Supermicro Committed to Nasdaq Compliance
super microcomputer The company said it hired BDO as a new auditor and submitted a plan to Nasdaq to ensure compliance with the exchange’s regulations. a statement. Shares closed up 16% and were up more than 38% in after-hours trading. The company’s market capitalization has plummeted to $12.6 billion as of Monday from a peak of around $70 billion after investors learned of the company’s compliance issues.
“Europe first” approach
Tech CEOs told CNBC that European countries should adopt a “Europe-first” approach to technology, especially in response to Trump’s protectionist tendencies. Andy Yen, chief executive of VPN developer Proton, said US and Chinese companies “have been competing extremely unfairly for the past 20 years”, while Europe believed it needed to be “fair to everyone”.
(PRO) S&P offers big upside
wall street bank Morgan Stanley The S&P 500 is expected to hit 6,500 next year on the back of more interest rate cuts and positive corporate sentiment spurred by the election results. This is about 10% That’s up from Monday’s close. But Mike Wilson, the bank’s chief U.S. equity strategist, warned that investors should still be wary of certain headwinds.
bottom line
Investors are waiting with bated breath for Nvidia’s earnings report on Wednesday.
“The star of the week is our friend Nvidia,” said Kim Forrest, chief investment officer at Bokeh Capital Partners, highlighting the company’s recent inclusion in the Dow Jones and its importance to all key indexes. “Unless there is some information released before then, the market will wait and see what happens with Nvidia.”
The Information reported that Nvidia’s new Blackwell chips tend to overheat when connected to custom servers, sending the company’s shares down 1.3%. Nvidia’s decline 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 mostly seen sharp gains since Trump won the election, has managed to offset Nvidia’s losses. Tesla’s share price rose 5.6%, driving the S&P index up 0.62 points, and the Nasdaq index rose 47 points.
That helped the S&P post its first gain in three days, while the Nasdaq broke a four-day losing streak.
“The market conditions for equities are good and investors are not going to see the pullback they want,” said Andrew Slimmon, head of the applied equity advisory team at Morgan Stanley Investment Management.
For now, Slimmon said, despite the market’s decline last week, “a strong economy, continued interest rate cuts from the Federal Reserve, and strong third-quarter earnings” will provide support for stocks.
—CNBC’s Samantha Subin and Pia Singh contributed to this report.
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