Stock Market Today: Live Updates

The electric car market is expected to hit a milestone next year, according to HSBC.

Its global penetration rate could hit the “important 20% threshold” next year – “maintaining access to the mass market” for the first time, it said.

“This has major implications for battery manufacturers,” the bank wrote in a Nov. 1 note.

It named buy-rated battery stocks.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Electric car batteries determine how affordable the vehicles are and how far they can go on a single charge.

A Chinese company has captured a significant share of the critical market.

It is the largest stock by market capitalization in the index of largest stocks traded on the Shenzhen Stock Exchange – bigger than even BYD’s local listing.

UBS analysts believe the stock could more than double in price in the coming months.

CNBC Pro subscribers can read more here.

Chinese smartphone and consumer electronics company Xiaomi claimed record cross-platform sales during the Singles Day shopping festival.

From October 23 to the end of the day on November 11, Xiaomi said it sold more than 22.4 billion yuan ($3.11 billion) worth of products on platforms such as Alibaba’s Tmall and Taobao, JD.com, Pinduoduo and Douyin.

Xiaomi shares were trading more than 2% higher on Monday morning in Hong Kong.

Alibaba and JD.com declined to share total figures for the Singles Day shopping festival for the second year in a row.

The tech sector is still feeling the effects of real interest rates below 1%, according to Bank of America’s technology, media and telecommunications team. The firm said the chilling effects of the “zero interest rate policy” era are still ongoing and will continue into 2024.

“Earnings were not a near-term priority at many companies as valuations in Growth Tech were dictated by EV/Sales, overall revenue growth and revenue growth, rather than earnings growth,” the TMT team wrote in a Sunday note.

“As a result, companies were encouraged to pursue low/no margin revenue. … Empty calories were all the rage. This created many distortions,” it added.

This created overconfident management teams and investors alike, it added, stressing that software, internet and e-commerce and streaming companies were the most affected by this trend.

—Hakyung Kim

The US will see GDP growth slow next year, according to Morgan Stanley. The firm also forecasts that the Federal Reserve will hold interest rates steady at 5.375% until June 2024, when it predicts rate cuts will begin.

“Prolonged high interest rates cause a sustained drag, more than offsetting the fiscal stimulus and bringing growth sustainably below 3Q24 potential. We maintain our view that the Fed will achieve a soft landing, but a weakening of growth will keeping recession fears alive. We forecast GDP to decline from an estimated 2.5% 4Q/4Q (2.4%Y) in 2023 to 1.6% (1.9%) in 2024,” wrote US chief economist Ellen Zentner in a Sunday note.

Demand for labor will also slow in 2024, but will not “fall off a cliff,” she added.

—Hakyung Kim

US stock futures ticked down on Sunday evening.

Futures tied to the Dow Jones Industrial Average fell 43 points, or 0.15%. Meanwhile, S&P 500 and Nasdaq 100 futures fell 0.16% and 0.12%, respectively.

—Hakyung Kim