Stock Market Today: Live Updates

4 hours ago

CNBC Pro: The global electricity market is set to hit a milestone in 2024. These battery stocks will stand out, HSBC says

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

5 hours ago

Japan’s October wholesale inflation falls sharply

Japan’s wholesale inflation slowed sharply last month, in a sign that cost pressures were gradually easing, according to data released by the Bank of Japan.

The central bank’s business goods price index rose 0.8% in October from a year earlier, slightly lower than a Reuters poll of a 0.9% rise.

The reading was below 1% for the first time since February 2021 and marked the 10th straight month of cooling wholesale inflation.

— Shreyashi Sanyal

6 hours ago

CNBC Pro: This EV battery stock has potential double-digit gains ahead

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.

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CNBC Pro subscribers can read more here.

2 hours ago

Xiaomi shares rise more than 2% after reporting more than $3 billion in Singles Day sales

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,, Pinduoduo and Douyin.

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

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

6 hours ago

Tech companies are still recovering from an era of low interest rates, Bank of America says

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.

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—Hakyung Kim

6 hours ago

Morgan Stanley sees ‘slow growth, easing policy’ in 2024

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

7 hours ago

Stock futures open slightly lower

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