Chef Oscar Padilla cooks at Gaucho Parrilla, a new restaurant in Albada, Colorado, on Thursday, February 23, 2023.
Jang Hyun | Denver Post | Getty Images
This report is from today’s CNBC Daily Open, our new international market newsletter. The CNBC Daily Open gives investors everything they need to know, wherever they are. like what you see?can subscribe here.
inventory sold
U.S. stocks plummeted, with major indices closing in the red across the board. Meanwhile, U.S. Treasury yields rose for a second day in a row. The pan-European Stoxx 600 fell 0.57%, with most sectors and all major exchanges in negative territory. Relatedly, preliminary data from Destatis showed that new manufacturing orders in Germany fell 11.7% month-on-month in July, down sharply from a 7.6% increase in June.
In the chaos of the Magic Kingdom
What do private bathrooms, oogie boogie and hippos have to do with the behind-the-scenes chaos between Bob Iger and Bob Chapek at Disney? We spoke with more than 25 people who worked closely with Iger and Chapek over the course of 2022, revealing the inner workings of their failed CEO succession plan.
Agreement between Apple and Arm
Apple has signed a deal with Arm that “extends beyond 2040,” Arm said in an article. Submissions to the U.S. Securities and Exchange Commission. This suggests that Apple has secured access to the Arm architecture, the instruction set that outlines how the chip’s central processor works, for the time being. This only adds to the excitement about Arm’s upcoming IPO, which is worth as much as $52 billion.
EU designated “gatekeeper”
The European Commission has designated Alphabet, Amazon, Apple, ByteDance, Meta and Microsoft as “gatekeepers” under the new Digital Markets Act. In other words, in the EU’s view, they are seen as large Internet platforms that restrict access to services such as search and advertising. Six tech giants have six months to make their platform services compliant with the EU’s DMA.
[PRO] Newest addition to Goldman’s conviction list
Goldman Sachs has updated its conviction list of companies the bank’s global investment research arm considers good buys. New companies that Goldman Sachs believes will grow 27% in revenue in 2023 are on the list, but others were removed after their stocks fell 42% this year.
The blazing flames of 9.1% inflation last June have been extinguished, but the final embers have proven difficult to extinguish entirely.
Oil prices are still rising following news of supply cuts by Saudi Arabia and Russia yesterday, adding to inflationary pressures.
And today, the ISM Services Index and corresponding manufacturing price components show that the services and manufacturing sectors of the US economy paid higher prices for inputs in August. moreover, report The services sector expanded at a faster-than-expected pace for the eighth straight month, marking its highest since February.
This sounds like good news to those worried about the recession. But market attention has shifted from a recession to stubborn inflation and the threat of rising interest rates.
“The market seems to be adopting the ‘bad news is good news’ view, rebounding on weak growth data and selling on strong data. Too strong data,” said Chris Hussey of Goldman Sachs. amid concerns that the Fed raises the risk of another rate hike.” he wrote in a note Wednesday.
In fact, as U.S. Treasury yields soared, the 2-year Treasury yield broke through the 5% level again, Betting on a November Rate Hike Rising, the stock price was squeezed. Interest-rate-sensitive tech stocks were particularly affected, with Nvidia and Apple each dropping more than 3%. As a result, the tech-heavy Nasdaq Composite Index fell 1.06%, its third straight day of decline. The S&P 500 fell 0.7% and the Dow Jones Industrial Average fell 0.57%.
A blazing fire is dangerous. But often it’s the smoldering embers in the bush that cause the most damage, reigniting wildfires.
