3 hours ago
Japan's Nikkei 225 breaks 40,000 for the first time as its record-breaking rally continues
The Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Friday, February 16, 2024. Kosuke Okahara/Bloomberg via Getty Images
Bloomberg | Bloomberg | Getty Images
Japan's Nikkei 225 hit another record high on Monday, crossing the 40,000 mark. The index recently rose by 0.8%.
The benchmark index is on a record rally and has hit an all-time high for the first time in 34 years.
Both the Nikkei and the broader Topix were among the top performers among major Asia-Pacific equity markets. The Nikkei is up over 20% so far this year, while the Topix has gained almost 15%.
Strong profits and investor-friendly measures from the Japanese government have led to a rapid rally in stocks this year.
The broad-based Topix edged up 0.1% on Monday after breaching 2,700 last Friday and hitting a record high.
—Shreyashi Sanyal
3 hours ago
CNBC Pro: Experienced Investor Picks Global 'Glorious 10' Stocks With 30% Annual Gains Over Last 5 Years
Last year, U.S. Big Tech companies performed particularly well as investors poured into the so-called “Magnificent Seven” stocks: Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia and Tesla.
These stocks — taken together — were responsible for much of the gains that pushed the benchmark S&P 500 index up about 25% in 2023.
However, veteran investor and trader Adam Reynolds looks beyond US tech to ten lesser-known gems in Europe, Japan and Australia.
This Stocks have a market capitalization of over $50 billion and have experienced a compound annual growth rate of at least 30% over the past five years.
CNBC Pro subscribers can read more here.
—Amala Balakrishner
3 hours ago
South Korea's factory output falls for the second straight day, retail sales rise in January
South Korea's industrial production fell for the second straight month in January, while retail sales rose over the month, according to data.
Industrial production growth fell 1.3% in January, from a revised 0.5% in the previous month. A Portal poll forecast was for a 1% rise.
South Korea's retail sales rose 0.8% in January after declining 0.8% the previous month.
—Shreyashi Sanyal
3 hours ago
CNBC Pro: Dan Niles reveals why he prefers the “Fantastic Four” and when the “AI bubble” might burst
Fri, March 1, 2024, 3:26 pm EST
Tech leads weekly sector gains
The NetApp, Inc. logo is displayed on the smartphone.
Igor Golovniov | Light rocket | Getty Images
The technology sector rose about 2.4% this week and was the best-performing sector in the S&P 500. NetApp rose 20.2%, leading the sector gains.
Consumer discretionary was the second best performing sector, up 2.1%.
Meanwhile, healthcare was the worst underperforming week so far, down 1.1%.
– Hakyung Kim
Fri, March 1, 2024, 3:01 pm EST
According to Citi, there is still potential for a stock rally
With all three major stock indexes posting their fourth straight month of gains, the question is whether the stock rally has run too hot and too fast.
But all in all, the bubble has not grown to enormous proportions, Citi said.
“The current stock bubble is not (yet) overly large in terms of price appreciation, duration, valuation or sentiment. Some argue whether it is even a bubble given expectations of strong earnings growth,” said Citi’s Dirk Willer. “We therefore assume that the market probably has further scope.”
He added that he remains bullish on U.S. stocks, particularly technology stocks.
—Lisa Kailai Han
Fri, March 1, 2024, 12:28 pm EST
US crude oil exceeds $80 for the first time since November, ahead of the OPEC+ decision
Oil rigs, also known as thirst birds, extract crude oil from the Wilmington Field oil storage area near Long Beach, California, on July 30, 2013.
David Mcnew | Portal
U.S. crude oil futures topped $80 a barrel for the first time in nearly four months as signs point to market tightening ahead of an OPEC+ decision on production cuts.
The April West Texas Intermediate contract rose more than 2%, or $1.78, to $80.04 a barrel, while May Brent futures rose 2.15%, or $1.76, to $83.67 a barrel barrels increased.
U.S. crude oil and the global benchmark posted a second straight monthly rise in February as near-month contracts traded at a premium to later months, typically a sign of a tighter oil market.
OPEC+ is considering continuing its production cuts through the second quarter and possibly the end of the year, three sources at the organization told Portal this week. Sources told Portal that the cartel and its allies are expected to make a decision on the cuts in the first week of March.
–Spencer Kimball