U.S. President Joe Biden speaks with employees of CS Wind America Inc. in Pueblo, Colorado, on November 29, 2023.
Helen H. Richardson | The Denver Post | Getty Images
This report comes from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open tells investors everything they need to know, no matter where they are. Do you like what you see? Here you can sign up.
Mixed mood on Wall Street
U.S. stocks ended mixed on Tuesday as investors prepared for the release of key inflation data later this week. The S&P 500 and Nasdaq Composite closed with slight gains of 0.17% and 0.37%, respectively. The 30-stock Dow fell for the second straight day, falling 0.25%. Bitcoin also extended its gains and rose to over $57,000.
Apple scraps plans for electric vehicles
According to Bloomberg, Apple has canceled its plan to build electric cars. This signals an end to the company's secretive efforts to compete with rival Tesla in the electric vehicle space. Reports of Apple's ambitions first emerged in 2014 after the company recruited automotive engineers and other talent from car companies.
Will South Korean measures work?
South Korea's Japanese-style measures to strengthen corporate governance may not help boost undervalued stock markets and address the so-called “Korea discount.” In its latest attempt, the Financial Services Commission has unveiled a “corporate value-up program” aimed at supporting shareholder returns through incentives including tax benefits.
Honor's foray into flip phones
Chinese tech company Honor will launch a foldable flip phone this year, the company's CEO George Zhao told CNBC. It will be the company's first entry into the vertically foldable smartphone style as it looks to move into the premium end of the market, challenging tech giants like Samsung and Apple.
[Pro] Alibaba's compelling appeal
Despite the recent slump in Alibaba shares, the Chinese e-commerce giant remains on fund managers' radars. “Alibaba is our third largest stock [position] Now. Why? “The valuation is absolutely compelling,” said Andrew Lapping, Ranmore’s chief investment officer.
Americans' attitudes toward the economy have deteriorated.
Consumer confidence fell to 106.7 in February, the Conference Board said, from a revised reading of 110.9 in January. This occurs after a three-month period of improved mood.
The index, which measures near-term expectations for income, business and the labor market, fell to 79.8 from 81.5 in January. A reading below 80 often indicates an impending recession.
While Americans became less worried about food and gasoline prices, there were increasing concerns about jobs and the upcoming presidential election.
“The decline in consumer confidence in February interrupted a three-month rise and reflected ongoing uncertainty about the U.S. economy,” said Dana Peterson, chief economist at the Conference Board.
“While overall inflation remains consumers' main concern, they are now slightly less worried about food and gasoline prices, which have fallen in recent months. Instead, they are more concerned about the labor market situation and the political environment in the US.”
The decline in consumer confidence was broad-based, affecting most income groups as well as people under 35 and people 55 and older, according to Peterson.
The survey results show that public perception of the economy is proving challenging ahead of this year's key elections, although data shows a strong labor market and a surprisingly resilient economy.
That signals worrying signs for President Joe Biden, who is trying to tout his administration's economic successes ahead of a likely rematch against Republican nominee Donald Trump in November.
Comments are closed.