6 months ago
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Tokyo, Japan
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Asia-Pacific markets are set to open higher, tracking gains on Wall Street as investors looked toward a slate of megacap technology earnings to keep propelling the Nasdaq Composite to new heights this week.
Japan's Nikkei 225 futures pointed to a slightly stronger open for the market, with the futures contract in Chicago at 38,715 and its counterpart in Osaka at 38,630 compared to the previous close of 38,605.53. This comes after the ruling Liberal Democratic Party lost its parliamentary majority after voters cast their ballots on Sunday to determine the control of the lower house, marking the first time since 2009 that Japan's ruling coalition lost its majority.
Australia's S&P/ASX 200 was 0.44% higher in its first hour of trade.
Hong Kong's Hang Seng index futures were at 20,733, higher than the HSI's last close of 20,599.36.
Traders in Asia will also monitor Singapore and Japan's unemployment data.
Overnight in the U.S., stocks jumped. The S&P 500 gained 0.27% to close at 5,823.52. The Dow Jones Industrial Average advanced 273.17 points, or 0.65%, to end at 42,387.57. The Nasdaq rose 0.26%, closing at 18,567.19.
This week marks the busiest in the third-quarter earnings reporting season, and is the final week leading up to the U.S. presidential election on Nov. 5 and the Federal Reserve's policy decision on Nov. 7.
Five of the Magnificent Seven companies — Alphabet, Microsoft, Meta Platforms, Amazon, and Apple — are set to announce their latest financial results this week. Traders will also be eyeing the October jobs report due Friday.
—CNBC's Hakyung Kim and Tanaya Macheel contributed to this report.
CNBC Pro: Alibaba and more: Fund manager gets bullish on 3 China tech stocks — expecting one to double
Shares of e-commerce giants in China look attractive as Beijing attempts to stimulate domestic consumption, according to investor Jason Hsu.
Hsu, founder and chairman of Rayliant Global Advisors, revealed three of his top picks and one he is more cautious about due to company-specific factors.
Hsu said if signs of consumption growth return to China, one of the stocks could double from current levels.
CNBC Pro subscribers can read more here.
— Ganesh Rao
CNBC Pro: Investing in Japan after the elections? The pros share their take
Japan's stock market rallied on Monday as the Yen plummeted to a three-month low following news that Prime Minister Shigeru Ishiba's ruling coalition had lost a majority in the nation's parliamentary election.
Such a phenomenon raises uncertainties as "we may not know how this new government is going to look like, who the potential coalition partners (are and what the) coalition agreements are going to be," Izumi Devalier, chief Japan economist at Bank of America..
The pros lay out areas of concern - and opportunities they see - in Japan going forward.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
U.S. oil posts biggest loss in two years after Israel spares Iranian crude facilities
Oil pumpjacks operate in Los Angeles, California, July 31, 2023.
Mario Tama | Getty Images
U.S. crude oil sold off more than 6% on Monday, for its worst day in more than two years after Iranian energy facilities were not damaged during Israeli strikes over the weekend.
U.S. West Texas Intermediate futures dropped 6.13% to close at $67.38 per barrel for its biggest daily loss since July 12, 2022, when the benchmark shed 7.93%. Futures for global crude benchmark Brent slid 6.09% to settle at $71.42 per barrel.
For weeks, markets had braced themselves for an Israeli retaliation following Iran's ballistic missile attack on Oct. 1. Israel on Saturday attacked Iranian military installations in three provinces
— Spencer Kimball
Historical data bodes well for November
There's many ways to slice the data and be optimistic about November.
November has been the best trading month of the year, on average, for the S&P 500 over the last decade and when looking at every year going back to 1950, according to Carson Group data. It's also been the strongest month historically in election years.
It has also been higher in 11 of the past 12 years.
November's trading month begins on Friday. The S&P 500 is currently slated to finish October with a gain of more than 1%.
— Alex Harring
Crypto stocks jump as bitcoin climbs toward $70,000
Dominika Zarzycka | Lightrocket | Getty Images
Stocks tied to the price of bitcoin jumped on Monday as the flagship cryptocurrency moved above $69,000, after briefly touching the level a week ago.
Crypto exchange operator Coinbase added 4%. Bitcoin price proxy MicroStrategy advanced more than 5%. Both companies are scheduled to report their quarterly earnings on Wednesday. Bitcoin miners Mara Holdings rose 6% and Riot Platforms gained 5%.
Bitcoin has been trying to reclaim the $70,000 level since hitting its record in March above $73,000. Earlier attempts this year have led to brief forays above $70,000, but it has not touched the level since June. Some say that could soon change with the U.S. presidential election drawing nearer.
— Tanaya Macheel
English (US)