Before an hour
Japanese trading houses soar after Buffett increases stake
Japanese trading houses jumped Tuesday at the open after Berkshire Hathaway increased its stake in five Japanese trading companies to more than 8.5% on average.
Mitsui gained 4.55%, Marubeni gained 3.44% and Mitsubishi gained nearly 4%, while Itochu and Sumitomo each gained nearly 3%.
Japan’s top five trading houses saw renewed momentum thanks to Warren Buffett, bucking the trend as Japanese stocks continued to fall for the second day.
The company determined that the total value of these holdings exceeds the shares held by Berkshire in any country outside of the United States, the company said.
— Jihye Lee, Elliot Smith, Ruxandra Iordache
Before an hour
China is expected to lower interest rates on loans
The People’s Bank of China is expected to cut interest rates on 1-year and 5-year loans later today.
According to Factset, economists polled by Portal forecast a 10 basis point cut in the policy rate for one-year loans and a 15 basis point cut in the policy rate for five-year loans.
China last lowered its LPRs in August 2022. Investors will be watching today’s decision closely after the central bank cut its medium-term lending facility and seven-day reverse repo rate.
– Jihye Lee
Before an hour
CNBC Pro: Analyst says this automaker could be next in line for a Tesla supercharger deal
A global auto giant could be the next company to sign a deal with Tesla to use its Supercharger stations, according to RBC analyst Tom Narayan.
If the agreement goes through, the deal will come in the wake of similar partnerships Tesla has agreed with Ford and General Motors.
Investors have historically rewarded all contracting parties. The day after the deal, Tesla and Ford shares rose 4.7% and 6.2%, respectively. Both automakers’ stock prices are up more than 25% since then.
CNBC Pro subscribers can read more here.
– Ganesh Rao
Before an hour
CNBC Pro: This seasoned investor’s funds have outperformed since 2006. Here are his top strategies
High-performing portfolio manager Jordan Cvetanovski has spent the last nearly 20 years looking for specific characteristics in the companies he has selected.
And the results have proven consistent throughout the global financial crisis, the era of zero interest rates – and now high interest rates.
A fund managed by Cvetanovski of Pella Funds Management outperformed its benchmark by a whopping 27% in four years.
CNBC Pro subscribers can read more here.
– Wheat Tan
2 hours ago
A strong week – despite the weak end on Friday
The three major averages hit notable milestones with last week’s wins, although Friday ended in the red.
While the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite ended Friday’s session lower, the three indices were up this week.
The S&P 500 was up 2.6% this week, its strongest weekly performance since March and its fifth straight week of gains — a first since an equally long streak ended in November 2021. The tech-heavy Nasdaq was up 3.25 for the review year % on Week, best since March and eighth consecutive positive week for the first time since a 10-week streak ended in March 2019.
The Dow also posted a modest weekly gain, up 1.25%, marking its third consecutive positive week since April this year.
—Darla Mercado, Chris Hayes
3 hours ago