An hour ago
The dollar index hits its highest level in more than two weeks
The US dollar index hit a high not seen in more than two weeks on Thursday morning.
The index, which weights the dollar against a basket of major currencies, traded as high as 106.883. That’s the highest since October 6, when the index was at 106.974.
— Alex Harring, Gina Francolla
An hour ago
The US economy grew faster than expected in the third quarter
U.S. GDP grew 4.9% annualized in the third quarter, beating the Dow Jones forecast of 4.7% growth. This expansion rate is also up from 2.1% in the second quarter. It’s the latest sign of economic resilience despite Federal Reserve moves to tighten monetary policy to curb inflation.
—Fred Imbert, Jeff Cox
An hour ago
We see “less turbulence” in China because we operate in the premium market, says Volvo’s CEO
Volvo CEO Jim Rowan discusses the company’s third quarter results.
3 hours ago
Standard Chartered’s CFO says commercial real estate in China has been “clearly problematic.”
Andy Halford, CFO of Standard Chartered, says the bank remains committed to China even though losses in the country hit its third-quarter profits.
7 hours ago
Europe stocks are expected to open lower
European stocks are poised for a negative open on Thursday, according to IG data.
The German DAX is expected to fall by 153 points to 14,748. The FTSE 100 is expected to open 54 points lower at 7,365, with France’s CAC 40 down 69 points at 6,848 and Italy’s MIB down 207 points at 27,181.
– Jenni Reid
7 hours ago
CNBC Pro: TSMC, Alibaba and More: Goldman Reveals AI Stocks in Its ‘Conviction List’ – Up 105%
Investor sentiment towards artificial intelligence has soured due to the US government’s recent export restrictions on AI chips – but Goldman Sachs is still bullish.
“While investor sentiment around AI has weakened recently, particularly due to new US regulations, we believe global competition could make AI adoption in key industries a key focus,” the investment bank’s analysts said wrote in an Oct. 23 note to investors.
CNBC Pro takes a look at some of the stocks on Goldman’s conviction list. They fall into two categories: those that enable AI and those that are empowered by AI.
Subscribers can read more here.
—Amala Balakrishner
11 hours ago
Japanese and South Korean stocks fall over 2%
Stock indexes in Japan and South Korea fell over 2% on Thursday as investors took cues from Wall Street overnight.
Japan’s Nikkei 225 fell 2.13%. South Korea’s Kospi index fell 2.20% to its lowest level since early January.
South Korea’s Kosdaq index fell over 3%. Shares of South Korean technology stocks also came under pressure as chipmaker SK Hynix fell 3.63% after reporting its quarterly results.
Investors also assessed data from South Korea that showed the economy grew slightly faster than expected in the third quarter.
—Shreyashi Sanyal
7 hours ago
CNBC Pro: Want to invest in Nvidia for the long term? Here’s how to play the stock, according to one growth investor
US chipmaker Nvidia has received a lot of support from market observers this year – and growth investor Nick Griffin is no exception.
The founding partner and chief investment officer of Australia-based Munro Partners says he has “always liked” Nvidia, even though the stock could be described as “very difficult to own.”
“Nvidia” is represented in around 700 ETFs [exchange-traded funds] and it spreads throughout the store. I think I said at the start of 2022 that I believed Nvidia would be the largest company in the world – and the company fell 60% that year and has risen another 300% since then,” Griffin said during the CNBC’s Pro Talks.
Shares of the chipmaker have risen nearly 200% since the start of the year, although the company suffered a decline last week after the U.S. government restricted exports of artificial intelligence chips to China over concerns they could be used for military development purposes be used . This will restrict the export of chipmaker Nvidia’s A800 and H800 chips, authorities said.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
23 hours ago
Alphabet plunges into the cloud out of disappointment
Shares of Alphabet fell more than 8%, their biggest decline in about a year, a day after Google Cloud reported third-quarter revenue that fell short of Wall Street expectations.
Alphabet’s disappointment coincided with Microsoft’s results showing accelerated Azure growth.
Despite beating revenue and profit expectations, the search giant’s Google Cloud revenue came in at $8.41 billion, falling short of analysts polled by StreetAccount’s expectations of $8.64 billion.
—Samantha Subin
20 hours ago
The S&P 500 is trading below the key level
Wednesday’s selloff pushed the S&P 500 below 4,200 – a closely watched technical level on Wall Street. It would be the index’s first close below that level since May 31, when it closed at 4,179.83.
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SPX could close below the key level