NEW YORK, NEW YORK – MARCH 05: A view of the skyline with The Trump Tower and Federal Hall on Wall Street in Downtown Manhattan on March 05, 2021 in New York City. (Photo by Roy Rochlin/Getty Images)
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This report is from right this moment’s CNBC Daily Open, our new, worldwide markets publication. CNBC Daily Open brings traders on top of things on the whole lot they should know, irrespective of the place they’re. Like what you see? You can subscribe here.
What you’ll want to know right this moment
Big streak
The Nasdaq Composite recorded its longest winning streak since January, closing out Monday with good points of 0.3%. Stocks within the U.S. constructed on the constructive momentum from final week, with the S&P 500 gaining 0.18% and the Dow Jones Industrial Average closing 0.1% increased. The tech-heavy index rose for seven straight days, whereas the Dow and S&P 500 rose for six straight days for the primary time since July and June, respectively. European markets closed decrease on Monday, with the Stoxx 600 index down 0.2%.
Deep job cuts
Citigroup‘s 240,000 staff had been on edge as fears develop round CEO Jane Fraser‘s huge corporate overhaul to chop prices that may lead to an undisclosed variety of layoffs. “We’ll be saying goodbye to some very proficient and hard-working colleagues,” she stated in a memo in September. Now, the reorganization, which is referred internally by its code identify, “Project Bora Bora,” may see job cuts of at the very least 10% in a number of main companies, in accordance with folks with data of the method.
AI arms race heats up
During its first in-person occasion on Monday, Microsoft-backed OpenAI announced its newest and strongest GPT-4 Turbo synthetic intelligence mannequin but. It additionally unveiled a brand new choice that can enable customers make customized variations of its viral ChatGPT chatbot and is reducing costs on the charges that firms and builders pay to run the software program.
Intensive diplomacy
The U.S. Treasury Department announced Monday that Treasury Secretary Janet Yellen will host her Chinese counterpart, Vice Premier He Lifeng, simply forward of the Asia Pacific Economic Cooperation discussion board subsequent week, for “intensive diplomacy.” The meetings will be held in San Francisco on Nov. 9-10 and is a part of a broader push between American and Chinese officers to make progress on particular points. This arrives forward of an anticipated assembly between President Joe Biden and Chinese President Xi Jinping on the sidelines of APEC.
[PRO] Leaders of the market comeback
Stocks have kicked off November on a constructive notice, with the foremost averages coming off their greatest weeks of the 12 months. Now, CNBC Pro deep dives into which winning names traders ought to have a look at that could possibly be poised to guide any rally within the coming week. These embrace shares within the S&P 500 which might be up 10% or extra off of their 52-week lows and have gained 10% or extra previously month.
The backside line
Markets began the week on a excessive notice as main averages closed out Monday’s session with some massive winning streaks.
The Nasdaq rose for the seventh straight day, its longest winning streak since January, whereas the Dow and S&P 500 gained for six straight days for the primary time since July and June, respectively.
Wall Street indexes had robust momentum following their greatest week of 2023, propelled by a soft monthly jobs report that drove bond yields decrease, boosting equities.
“The inventory market has had a robust begin to November, and the transfer appears deserved in mild of what we’re seeing in most, although admittedly not all, of our sentiment indicators,” wrote Lori Calvasina, head of U.S. fairness technique at RBC Capital Markets.
“Generally, our view during the last month or so has been that if the surge in yields stopped quickly, US equities may escape with out incurring an excessive amount of extra harm,” she added.
Shifting focus to the fast-paced AI arms race, viral ChatGPT chatbot proprietor OpenAI introduced its strongest GPT-4 Turbo synthetic intelligence mannequin but to remain forward of rivals like Anthropic, Google and Meta.
GPT-4 Turbo now gives solutions with context as much as April 2023, accepts extra enter and helps text-to-speech. Which means you possibly can narrate and summarize a whole ebook, with out having to elevate a finger.