Quotations on Asian markets are falling due to the decision of the Japanese BOJ and inflation in South Korea this week

An hour ago

CNBC Pro: Artificial intelligence is ‘Game of Thrones,’ but these Chinese tech giants offer ‘great value,’ says tech veteran

According to veteran analyst Dan Ives, China’s tech giants may be struggling with regulatory restrictions, but they still have “great value.”

The managing director and senior equity research analyst at Wedbush Securities has a favorable view of several stocks. Several analysts share the same view, giving one of the names a 68% edge.

CNBC Pro subscribers can read more here.

Amala Balakrishner

Friday, October 27, 2023 4:22 PM EDT

Dow closes declines, S&P 500 enters correction area

The Dow Jones Industrial Average fell more than 350 points on Friday, ending a bad week that also saw the S&P 500 enter correction territory.

The 30-stock Dow fell 366.71 points, or 1.1%, to close at 32,417.59. The S&P 500 fell 0.48% to end the session at 4,117.37, while the Nasdaq Composite held on to rise 0.38% to 12,643.01.

Brian Evans

Friday, October 27, 2023 8:39 am EDT

The Fed’s preferred measure of inflation is in line with expectations

An hour ago

CNBC Pro: Did you miss Nvidia? The fund manager says these hidden network assets are designed to enhance artificial intelligence

Technology companies, especially those using artificial intelligence, have gained popularity this year, with investors flocking to companies like Nvidia, Baidu and Alibaba.

However, Sanjay Ayer, portfolio manager at US-based WCM Investments, singles out one lesser-known tech player.

The networking company counts industry veterans Cisco and Juniper as competitors, and more than 40% of its revenue now comes from Microsoft and Meta.

CNBC Pro subscribers can read more here.

Amala Balakrishner

Friday, October 27, 2023 12:02 PM EDT

According to the study, inflation expectations will increase in October

Inflation expectations swing wildly in the final revision of the University of Michigan’s consumer sentiment survey for October, released Friday.

Respondents now believe the rate will be 4.2% next year, up a full percentage point from the September forecast. The survey also increased by 0.4 percentage points from its previous release two weeks ago.

The broader index was slightly more positive, however, at 63.8, up 0.8 percentage points from the last reading, although below September’s level of 67.9.

Jeff Cox

Friday, October 27, 2023 3:35 PM EDT

Bitcoin is heading for its best week since June, but could be tested at the FOMC meeting

Bitcoin is on track to post its best week since June, after a major rally earlier this week pushed it out of the tight range it has been stuck in for most of this year.

According to Coin Metrics, the coin is on track to end the week up 14% at $33,000. At around $1,770, ether is headed for a 10% weekly gain. Coin Metrics measures the week in cryptocurrencies that are traded 24 hours a day, from the market close at 4:00 pm EST on one Friday to the next.

Investors are closely watching whether bitcoin can find a new low at current levels. It will have its first testing ground next week with a meeting of the Federal Reserve’s Open Market Committee, which begins on Tuesday. Callie Cox, an analyst at investment firm eToro, noted that bitcoin has outperformed stocks on Fed days, outperforming the S&P 500 in 10 of the last 13.

“Next week could be a real test for cryptocurrencies,” she said. “The industry news is exciting, but I worry that investors are forgetting that we live in an aggressively high interest rate environment. The Fed is also likely to confirm higher interest rates in its comments next week. That might be a hard pill to swallow.”

“I wouldn’t be shocked if Powell considered the idea of ​​lower interest rates,” she added. “Inflation has made great progress, and lately his language has been more balanced than usual. Powell may be tough, but any semblance of flexibility could encourage people back into risky investments like cryptocurrencies.”

Tanaya Macheel

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