41 minutes ago
NetEase and Microsoft bring gaming back to China
Chinese internet technology giant NetEase has partnered with Microsoft to bring back Blizzard Entertainment’s games to the world’s second-largest economy.
The move comes after Blizzard ended the partnership between the two companies in 2023, citing disagreements over intellectual property management.
The press release says: The new publishing deal will include games that Chinese players had access to under the previous deal, such as World of Warcraft and Overwatch.
Separately, Microsoft and NetEase also signed an agreement to explore bringing new NetEase titles to Xbox consoles and other platforms.
35 minutes ago
Gold prices hit new record on Tuesday
Spot gold prices hit a new high on Tuesday at $2,352.57 per ounce, with an intraday high of $2,365.09.
According to LSEG data, gold prices hit new highs for the third consecutive day.
The rally has been driven by central bank purchases and geopolitical tensions, with China’s central bank in particular adding 160,000 troy ounces to its gold reserves in March, according to Reuters.
— Lim Huijie
2 hours ago
Japan’s corporate inflation rate rose to 0.8% in March as expected
Japanese corporate price index The 0.8% rise in March compared with the same month last year accelerated from February’s revised 0.7% rise and was in line with economists’ forecasts polled by Reuters.
Corporate inflation also rose for the third consecutive month.
Month-on-month, the CGPI rose 0.2%, slightly below the 0.3% rise expected by Reuters.
CGPI measures the price changes of products traded within the corporate sector.
— Lim Huijie
2 hours ago
CNBC Pro: Here are 3 dividend stocks with the potential to generate passive income, says fund manager
In a market where reliable sources of passive income are hard to find, two fund managers shared their insights on dividend stocks that offer attractive yields and growth potential.
Matt Burdett, Portfolio Manager at Thornburg Investments, looks for companies with the ability and desire to pay dividends, with a focus on cash generation and resilient business models.
Meanwhile, Keeley Teton portfolio manager Brian Leonard told CNBC Pro that he looks for high-quality companies that pay dividends and trade at a discount to their “intrinsic value.” He also mentioned the spin-off situation as an investment opportunity.
CNBC Pro subscribers can read more about stock picks here.
— Ganesh Rao
2 hours ago
CNBC Pro: These global stocks are the most overbought and could fall back
After a bullish outlook for 2023, the market may have been up for much of this year, but stocks fell back last week.
However, overall, markets including global stocks remain in significantly positive territory.
The relative strength index (RSI), which measures the magnitude and speed of price movements, can be used by investors to determine whether a stock is overbought.
A stock with a 14-day RSI above 70 may be overbought and could be due for a pullback.
CNBC Pro screened the S&P 500 and Vanguard FTSE All World Ex-US ETF as the most overbought stocks using a 14-day RSI above 70.
CNBC Pro subscribers can read more here.
— Tan Weizhen
8 hours ago
Markets experiencing “collective concern”
Yunyou Ma, chief investment officer at BMO Wealth Management, said Tuesday’s drop in stocks shows the market is questioning whether the bull market has gone too far and moved too fast.
Nvidia in particular has had an eventful month, Ma said. Shares fell nearly 3% on Tuesday.
“I think a common concern that markets are experiencing today is that some of these growth prospects may not materialize as quickly or as strongly as they were priced in over the very short term.” said Mr. Ma.
In addition to Nvidia, several AI infrastructure and data center stocks were struggling on Tuesday, he added.
“There are stocks that are going to be driving some of the AI revolution in earnest, but there are also stocks that are struggling on the day. So I think the question is why did we move on too quickly?” added Ma.
— Ha-Kyung Kim
7 hours ago
12 S&P 500 stocks hit new highs, including Alphabet and Freeport-McMoRan
In this illustrated photo, the Amazon logo is displayed on the smartphone screen and a graph is displayed in the background.
Image of Igor Golovnivsopa | Light Rocket | Getty Images
Twelve S&P 500 stocks hit new highs on Tuesday. Among the names is Google’s parent company Alphabet, which announced an Arm-based chip at the Cloud Next conference in Las Vegas on Tuesday. U.S. mining company Freeport-McMoRan rose 2% after Bank of America called it a “high-quality copper-exposed” stock.
Here are some other names.
- Alphabet C stock has been trading at all-time highs dating back to the special distribution on April 2, 2014 (when the non-voting stock was created and began trading on April 3, 2014).
- Alphabet A shares hit new high since IPO on August 19, 2004
- Amazon.com transactions are at levels not seen since November 2021
- EOG resources trade at levels not seen since January 2023
- Emerson Electric, which dates back to 1890, is trading at an all-time high
- Freeport-McMoRan trade is at the highest level since August 2011
- Packaging Corp. of America is trading at its highest price since its 2000 IPO
— Sarah Min, Chris Hayes
9 hours ago
Boeing and Norfolk Southern Airlines were Tuesday’s biggest movers.
Exterior view of Boeing’s headquarters in Arlington, Virginia, on March 25, 2024.
Kevin Dietch | Getty Images
Here are the biggest stock moves during midday trading:
- Boeing — The aircraft maker is down more than 2% due to the recession. New York Times coverage Regulators said they were investigating a whistleblower complaint about defects in the company’s 787 Dreamliner.
- Norfolk Southern — Railroad stocks rose 1%. Announced by Norfolk Southern. $600 million settlement reached Related to the derailment in East Palestine. The company also announced preliminary profits for the first quarter.
See the complete list of companies in transition here.
— Samantha Subin