3 Hours Ago
China services activity rebound slightly in October: Caixin survey
China’s service sector expanded at a slightly faster pace in October, according to the Caixin services survey.
The purchasing managers index came in at 50.4, just above September’s reading of 50.2. Caixin wrote that this pointed to a sustained rise in service sector business activity, but the reading meant only a marginal rate of growth overall.
China’s services sector has remained in expansionary territory for 10 straight months, according to Caixin.
— Lim Hui Jie
5 Hours Ago
CNBC Pro: Bonds or stocks? Wall Street shares its preference — and how to invest
Should an investor go for bonds or stocks in the near to medium term?
Both markets have been volatile recently, which could make it a difficult choice for traders.
Stocks rallied after the U.S. Federal Reserve’s decision to keep interest rates steady, but Fed Chair Jerome Powell stressed that the central bank hasn’t begun considering a rate cut, and won’t until inflation is under control.
CNBC Pro takes a look at what Wall Street pros are saying.
Subscribers can read more here.
— Weizhen Tan
4 Hours Ago
Hong Kong business activity contracts in October to near one-year low
Hong Kong’s private sector activity contracted further in October as new business, including that from mainland China continues to fall, according to a survey by S&P Global.
The seasonally adjusted S&P Global Hong Kong Purchasing Manager’s Index fell to 48.9 in October from 49.6 in September. It was its lowest reading since November 2022 and marked the fourth straight month of contraction.
A PMI reading below 50 is viewed as a contraction.
S&P Global said hiring activity also decreased in Hong Kong, while input cost inflation climbed further above that of selling prices.
— Shreyashi Sanyal
8 Hours Ago
How extensive and broad was Thursday’s stock market rally? Very.
Ninety percent of the entire volume of shares that changed hands on the New York Stock Exchange on Thursday advanced in price. Less than 10% declined. On the Nasdaq Stock Market, some 82% of volume was higher while less than 18% was lower in price.
Advancing stocks outnumbered declining issues by travel almost 9-1 on the New York Stock Exchange versus about 7-2 on the Nasdaq. Total volume of shares traded on both markets was about 15% above the past month’s daily average.
Seven of the main 11 stock sectors climbed more than the S&P 500’s 1.89% gain, led by energy and real estate (both up 3.1%), and financials (ahead 2.4%). Laggards were led by communication services (up 0.9%), consumer staples (up 1.3%) and health care (higher by 1.6%).
In addition to the boost to stocks that stemmed from retreating Treasury yields, prices were also lifted by a weaker dollar. The DXY dollar index fell 0.66% Thursday.
— Scott Schnipper
8 Hours Ago
Stock futures open lower
Stock futures opened lower Thursday as Apple slipped in extended trading after reporting fiscal fourth-quarter results.
Futures tied to the Nasdaq 100 fell 0.3%, while S&P 500 futures declined 0.1%. Dow Jones Industrial Average futures pulled back 8 points, or 0.02%.
— Brian Evans
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