The bulls are back on Wall Street

Snow covers the Charging Bull sculpture in the Financial District of Manhattan, New York City, New York, U.S., December 17, 2020.

Jeenah Moon | Reuters

This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

Hot markets
U.S. markets continued their winning streak Tuesday. The Dow Jones Industrial Average scaled a new peak, while the S&P 500’s just 0.6% away from surpassing its record close in January 2022. Asia-Pacific stocks rose Wednesday. But mainland China’s Shanghai Composite fell 0.46% as the country’s central bank left its one- and five-year loan prime rates unchanged for the fourth straight month.

More Alibaba shakeup
Alibaba Group CEO Eddie Wu will be assuming the role of CEO of the company’s Taobao and Tmall e-commerce business, the company announced Wednesday. Wu will be replacing Trudy Dai, who’s one of the 18 cofounders of Alibaba and will be helping to establish an asset management company, according to an internal letter seen by CNBC.

Failed delivery
FedEx shares sank more than 9% in extended trading after the company said it expects its revenue for the fiscal year to decline by a low single digit. That’s below FedEx’s initial forecast for sales to remain flat year over year, and likely worse than analysts’ expectation of less than a 1% drop in revenue. The company’s adjusted earnings per share for the current quarter also disappointed.

VC funding’s returning
This year has been rather barren in terms of venture capital funding in Asia-Pacific, according to a report by Google, Temasek and Bain & Company. Funding in the region dropped to $20.3 billion in the third quarter, the lowest since the first quarter of 2017. But venture capital firms expect fundraising to pick up next year — for tech firms that demonstrate “clear” paths to profitability, the report said.

[PRO] Energy boost
Energy stocks are the only sector left out of November’s stock market rally. And the International Energy Agency expects oil demand to slow down in 2024, suggesting that the outlook for the energy sector isn’t that bright. But one portfolio strategist’s bucking the trend, and is bullish on energy stocks’ long-term prospects.

The bottom line

You can almost hear the bulls charging in. In June, the S&P 500 rose 20% from its lows, causing many to claim the start of a new bull market. But the ostensible bull market then was still missing a crucial ingredient: Setting a new high.

Six months later, that’s where the markets are headed. The S&P rose 0.59% Tuesday to close at 4,768.37, putting it just 0.6% away from its record close in January 2022.

Investors appear to be anticipating all-time highs. Or perhaps “anticipating” is too mild a word — they seem to be clamoring to be part of that historical event. The SPDR S&P 500 Trust, an ETF that tracks the broad-based…

Read More: The bulls are back on Wall Street

Leave a comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.