10 hours ago
The Chinese company Xiaomi presents its first electric vehicle and wants to compete with Porsche and Tesla
Chinese consumer electronics company Xiaomi unveiled its long-awaited electric car on Thursday, December 28, 2023, but refused to reveal its price or a specific release date.
CNBC | Evelyn Cheng
China's consumer electronics company Xiaomi on Thursday laid out detailed plans to enter the country's saturated electric vehicle market, competing with automotive giants Tesla and Porsche with a car model that the company said it spent more than 10 billion yuan ($1.4 billion) to develop US dollars).
The model, known as Xiaomi SU7, “is in test production and will hit the domestic market in a few months,” CEO Lei Jun said in a Tuesday post on the social media platform X, formerly known as Twitter. “The price has not yet been determined.”
The Xiaomi SU7, pronounced “Sue Qi” in Mandarin, outperforms Porsche's Taycan and Tesla's Model S in acceleration and other metrics, Lei said during a three-hour presentation on Thursday.
Read the whole story here.
—Evelyn Cheng
10 hours ago
A new high for the S&P 500 could be a sign of a successful year, the story goes
According to Ryan Detrick, chief market strategist at Carson Group, new record highs have been a pretty good omen for the S&P 500 in the past.
The strategist said that since 1950, when the S&P 500 hit a record high for the first time in over a year, 13 out of 14 positive returns have occurred in the next 12 months. The S&P 500 is just 14 points away from its record close of 4,796.56 on January 3, 2022.
“To wrap things up, new highs are bullish if you can go without them for a while. It could still be a pretty good market for investors next year,” Detrick said on “Closing Bell.”
–Jesse Pound
11 hours ago
Open futures trading has changed little
Stock futures opened flat Thursday evening, with futures for the S&P 500, Dow and Nasdaq 100 all hovering less than 0.1%.
–Jesse Pound
11 hours ago
Market Stats: Nasdaq on track for best year since 2003, small caps rise in December
Here is the state of the major indices with one trading day left in 2023.
The S&P 500 is:
- up 24.58% year-to-date, on track for its fourth positive year in 5.
- increased 11.55% in the fourth quarter
- up 4.72% in December
The Nasdaq Composite is:
- is up 44.22% year-to-date, on track for its best annual performance since 2003, when it gained 50.01%.
- increased 14.19% in the fourth quarter
- up 6.11% in December
The Dow Jones Industrial Average is:
- up 13.77% since the beginning of the year
- rose 12.54% in the fourth quarter, on track for its fourth positive quarter in five.
- up 4.89% in December
The Russell 2000 is:
- up 16.87% since the beginning of the year
- increased 15.31% in the fourth quarter
- rose 13.78% in December, achieving its best monthly performance since November 2020.
—Jesse Pound, Christopher Hayes