A Tesla Cybertruck is seen inside a Tesla store in San Jose, California, on Tuesday, November 28, 2023.
David Paul Morris | David Paul Morris Bloomberg | 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 down 0.1%. Asia-Pacific markets were higher on Tuesday. Mainland China’s CSI 300 index rose 0.42% as investors awaited Wednesday’s announcement of China’s preferential lending rates.
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 39% 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.
Challenges facing Hong Kong and Mainland China
According to Chinese Vice Premier He Lifeng’s speech at the Hong Kong Financial Summit, translated by CNBC, China will enhance Hong Kong’s “international financial status.” Capital flight caused the Hang Seng Index to be the worst-performing major index last year. But veteran investor Howard Marks said China itself faced “difficult challenges” in achieving its growth goals.
(PRO) Goldman Sachs goes after gold
Goldman Sachs is bullish on gold. The Wall Street bank expects gold prices to reach $3,000 an ounce by December 2025 and encouraged investors to “buy gold” in a Nov. 17 report. So confident about the outlook for precious metals.
bottom line
Investors are awaiting 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.
After Wednesday, investors will find out if there is another pillar that could support the market in the near future.
—CNBC’s Samantha Subin and Pia Singh contributed to this report.
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