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CNBC Daily Open: Fear is the stock killer

Published

5 months ago

October 8, 2024

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Traders work on the floor of the New York Stock Exchange during afternoon trading on October 03, 2024 in New York City.

Michael M. Santiago | Getty Images

This report is from today’s CNBC Daily Open, our 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

Stocks slumped on persistent fears
Major U.S. indexes retreated on Monday. The S&P 500 lost 0.96%, the Dow Jones Industrial Average dropped 0.94% and the Nasdaq Composite slumped 1.18%. But Super Micro shares were a bright spot, jumping 15.8%. Europe’s regional Stoxx 600 index added 0.18%. Household goods led gains, closing 0.97% higher, while tech shares fell 0.65%.

No more jumbo cuts
After last week’s expectation-busting jobs report for September, there’s virtually zero chance the U.S. Federal Reserve will reduce interest rates by half a percentage point at its next meeting, strategists told CNBC. Traders agree. A week ago, they bet on a 34.7% chance of another jumbo cut by the Fed; today, it’s 0%, according to the CME FedWatch Tool.

AI demand is still high
The artificial intelligence boom “still has some time to go,” Foxconn Chief Executive and Chairman of Foxconn Young Liu told CNBC. Foxconn, which reported better-than-expected earnings for the third quarter, manufactures electronics for technology giants like Apple and Nvidia. Demand for Nvidia’s latest chip Blackwell is “much better than we thought,” said Liu.

Tensions push oil prices higher
Oil prices jumped around 3.7% on Monday on worries Israel will attack Iran’s oil production facilities. If Israel hits Kharg Island, it could disrupt the transport of 90% of Iran’s crude exports, said an analyst. Last week was the best for West Texas Intermediate and Brent oil prices in more than one-and-a-half years. They surged 9.1% and 8.4% respectively.

[PRO] Goldman’s getting more bullish
The S&P 500 is in the red in October so far. But Goldman Sachs raised its 2024 target for the S&P to 6,000 from 5,600, making it the second-highest forecast on Wall Street, according to the CNBC Market Strategist Survey. Goldman also increased its 12-month S&P target to 6,300 from 6,000. Here’s why the bank is so bullish on stocks.

The bottom line

September’s blockbuster jobs report, released Friday, lifted sentiment and stocks enough that major indexes reversed their losses and ended last week in the green, but just barely.

That halo has now faded away. Markets are back to contending with rising oil prices, inflation possibly reaccelerating, fewer-than-expected rate cuts and potentially even a distant recession.

Oil prices spiked yesterday after having their best week in over a year. And September’s blockbuster jobs report, the futures market is pricing in a 13.7% chance the Fed will not cut rates at all at its November meeting. That’s a drastic change from a week ago when traders thought there was a 34.7% chance of a 50-basis-point cut.

But a recession?

Admittedly, that’s speculation on my part. But it bears pointing out that the yield curve between the 10- and 2-year Treasurys is “getting close to flipping back into danger territory,” as CNBC’s Jeff Cox noted.

Simply put, when the 10-year yield is lower than that of the 2-year, the yield curve is inverted – which has almost always preceded a recession since the mid-1970s. The yield curve inverted in early July 2022 and normalized in early September.

After Monday, however, the gap between the 10- and 2-year yields is now just 3.5 basis points. It’s not inconceivable, then, for investors who take stock in what the yield curve signals to panic a little.

That said, strategists think a recession is a far-fetched idea, considering the health of the U.S. economy.

As David Roche, founder and strategist at Quantum Strategy, put it, “the economy is fine, thank you very much.”

So much so that “the probability of the American economy going into recession, at least in the fourth quarter of this year, and probably in the first quarter of next year, is close to zero,” said Bob Parker, senior advisor at the International Capital Markets Association.

Concrete numbers are driving market movement. But there’s an undercurrent of fear that can perhaps run contrary to what some of those numbers are saying.

– CNBC’s, Jeff Cox, Lisa Kailai Han and Jesse Pound contributed to this story.

Environment

Dive into spring with Beatbot’s marvelous AquaSense 2 robotic pool cleaners

Published

1 hour ago

March 17, 2025

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Dive into spring with Beatbot's marvelous AquaSense 2 robotic pool cleaners

Spring is here, and that means it’s pool season prep time! There’s no better way to kickstart your spring cleaning than with the Beatbot AquaSense 2 Series—the ultimate robotic cleaner designed to effortlessly prepare your pool for sunny days ahead.

Beatbot is inviting pool owners everywhere to “Spring Forward, Clean to Perfection” with up to 20% off the AquaSense 2 Series – Ultra, Pro, and Standard. The limited-time offer is available from March 17 through March 31 on Beatbot’s official website and Amazon store. Read on to find out how Beatbot can keep your pool in prime condition, and don’t miss out on this fantastic discount.

Beatbot AquaSense 2 Ultra

Headlining Beatbot AquaSense 2 Series is the premium AquaSense 2 Ultra, a pool-cleaning powerhouse that sets a new standard in smart cleaning technology. It’s packed with cutting-edge features designed to make your pool maintenance not only easier but smarter and more thorough than ever before.

At the heart of the AquaSense 2 Ultra is the revolutionary HybridSense AI Pool Mapping technology. This isn’t your average robotic cleaner – it uses an AI camera alongside ultrasonic and infrared sensors to create a precise map of your pool. No matter your pool’s shape or layout, the Ultra intelligently plots the most efficient cleaning path, ensuring every inch – from floor to walls, waterline, and even the water’s surface – is spotless. Plus, with the Beatbot app, you can easily track cleaning progress and view detailed cleaning maps in real time.

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Say goodbye to juggling multiple pool-cleaning devices—the AquaSense 2 Ultra delivers unmatched convenience with its unique 5-in-1 cleaning system. This robotic marvel tackles everything: water surface, waterline, floor, walls, and even a ClearWater Clarification System. Powered by an industry-first 11-motor submarine propulsion system, it transitions effortlessly between floating and diving, guaranteeing complete and comprehensive coverage every time.

Never worry about overlooked debris again. The Ultra’s Advanced AI Cruise Debris Detection system scans your pool after the initial clean, intelligently identifying and removing any stragglers like leaves. Its AI-driven camera and sensors continually learn and improve, recognizing different leaf types such as oak, maple, palm, and more. The result is an impressively thorough clean that traditional robots simply can’t match.

And when it comes to effortless pool management, the AquaSense 2 Ultra truly shines. With dual side brushes designed to sweep debris directly into the cleaner’s path, even pool corners and edges get pristine cleaning. Plus, the Beatbot app’s advanced navigation control lets you manually steer the AquaSense 2 Ultra across the water’s surface, making spot cleaning both precise and fun.

Finally, retrieval is easier than ever with Beatbot’s exclusive Smart Water Surface Parking technology. When cleaning finishes, or battery life falls below 15%, the AquaSense 2 Ultra autonomously returns to the pool edge, floats to the surface, and automatically releases water to make retrieval lighter and effortless. If it drifts, simply use the app’s one-touch retrieval button to bring it back to you.

The Beatbot AquaSense 2 Ultra is normally priced at $3,450 and is 15% off until March 31.

The AquaSense 2 Pro

The Beatbot AquaSense 2 Pro takes pool cleaning convenience to the next level with the 5-in-1 cleaning system. Featuring Beatbot’s exclusive ClearWater Clarification System and Smart Water Surface Parking, the AquaSense 2 Pro ensures every inch of your pool stays spotless with minimal effort on your part. Powered by nine precision-engineered motors, including dual floating chamber motors and surface propeller motors, it delivers exceptional maneuverability and efficiency.

Plus, the AquaSense 2 Pro offers smart app-based control for targeted surface cleaning, backed by a robust 13,400 mAh battery capable of up to 11 hours of surface cleaning or five hours of cleaning floors, walls, and waterlines. With AquaSense 2 Pro, maintaining a pristine pool has never been simpler.

The Beatbot AquaSense 2 Pro is usually priced at $2,499 and is 15% off until March 31.

Beatbot AquaSense 2

The Beatbot AquaSense 2 delivers powerful, reliable cleaning performance, combining advanced technology with user-friendly convenience. Equipped with a robust 200W brushless main pump motor, this 3-in-1 robotic cleaner effortlessly tackles floors, walls, and waterlines, providing full coverage with optimized path navigation and impressive 5500 GPH suction power.

Its innovative double-pass waterline scrubbing system thoroughly removes grime, leaving your pool spotless after every cycle. Ideal for pools of all sizes, including larger ones, the AquaSense 2 features a high-capacity battery that powers up to four hours of continuous floor cleaning.

Plus, its intuitive navigation and powerful suction provides stable, efficient cleaning on vertical surfaces and hard-to-reach areas. With AquaSense 2, a pristine pool is easy to achieve, so you can spend more time swimming and less time maintaining it.

The Beatbot AquaSense 2 is typically priced at $1,499 and is 20% off until March 31.

Spring forward into sparkling perfection – grab the AquaSense 2 model that best fits your needs today for up to 20% off and experience the ultimate pool-cleaning upgrade.

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Environment

Toyota the EV battery supplier? Honda will use them to power up its 400,000 hybrids in the US

Published

4 hours ago

March 17, 2025

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Toyota the EV battery supplier? Honda will use them to power up its 400,000 hybrids in the US

Toyota is now a battery supplier? That’s the plan. Honda will use Toyota’s batteries to power up its around 400,000 hybrids sold in the US.

Toyota will supply batteries for Honda hybrids in the US

Toyota’s $14 billion battery plant in North Carolina is ready for business. The facility will begin shipping out batteries next month, and it looks like Toyota already has its first customer.

According to a new Nikkei report, starting in fiscal 2025, Toyota will supply batteries for the roughly 400,000 Honda hybrids sold in the US.

Honda currently uses batteries from China and Japan for vehicles sold in the US, but the company is (like most) preparing for changes under Trump.

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Honda’s electrified vehicles, including EVs and hybrids, accounted for over a quarter of US sales last year. The company sold over 308,500 hybrids and 40,400 electric vehicles in the US in 2024. The batteries will likely be used in the CR-V and other Honda hybrid vehicles.

Honda-Toyota-EV-batteries — Honda Prologue Elite (Source: Honda)

Earlier this month, an extra 10% tariff on imports from China took effect. And that’s on top of the 10% imposed in February.

With more expected, including a 25% increase in vehicles imported from Japan, automakers are tightening up their supply chains.

Toyota-new-bZ4X — Toyota’s new bZ4X AWD model introduced in Europe (Source: Toyota)

A 25% tariff on Japanese vehicles, up from 2.5% currently, is estimated to cost the six major Japanese automakers about $20 billion in the US.

Tariffs on imports from Mexico and Canada could cost Honda roughly $4.7 billion alone. Teaming up with Toyota to use its batteries for its hybrids is part of Japan’s broader global plans to ween off dependence on China and others for batteries and other emerging tech.

Toyota-Honda-EV-batteries — (Source: Toyota)

The new US plant, Toyota Battery Manufacturing North Carolina (TBMC), is over seven million square feet, or about the size of 121 football fields.

As Toyota’s first in-house battery factory outside of Japan, the plant could be a game changer as Trump’s tariffs take effect. Securing Honda as a buyer will already help Toyota cut costs as it ramps up output.

Toyota plans to ramp up electrified vehicle (EV, PHEV, and hybrid) sales in North America from around 40% last year to 80% by 2030.

Electrek’s Take

Trump’s tariffs are already causing havoc, with nearly every automaker warning that they put the US further behind. Overseas automakers are not the only ones feeling the heat, either.

The “Big Three,” GM, Ford, and Jeep maker Stellantis all build vehicles in Canada and Mexico. GM cut output at its plant in Mexico in January, where the electric Chevy Equinox, Blazer, and Honda Prologue are made. Stellantis halted operations at its Brampton Assembly Plant in Canada last month, where it was expected to launch the Jeep Compass EV production. What’s next?

For Toyota, it looks like its $14 billion bet to build batteries in the US is already paying off. Now, we just need it to introduce more EVs.

After unveiling three new electric SUVs in Europe last week, including the updated bZ4X, Toyota hinted more is on the way for the US. Check back soon for updates.

What do you think? Do you want to see more Toyota EVs in the US, like the new C-HR+? Let us know your thoughts in the comments.

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Environment

Oil rises as Trump says Iran will be held responsible for any future Houthi attacks

Published

6 hours ago

March 17, 2025

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Oil rises as Trump says Iran will be held responsible for any future Houthi attacks

U.S. President Donald Trump looks on as military strikes are launched against Yemen’s Iran-aligned Houthis over the group’s attacks against Red Sea shipping, at an unspecified location in this handout image released March 15, 2025.

White House | Via Reuters

Oil prices rose on Monday after President Donald Trump said the U.S. would hold Iran responsible for any future attack by the Houthis, a militant group in Yemen that has launched missile strikes on commercial shipping in the Red Sea and on Israel.

U.S. crude oil futures rose 40 cents, or 0.6%, to $67.58 per barrel. Global benchmark Brent traded higher by 44 cents, or 0.62%, at $71.02 per barrel.

“Every shot fired by the Houthis will be looked upon, from this point forward, as being a shot fired from the weapons and leadership of IRAN,” Trump said in a post on social media platform Truth Social. “IRAN will be held responsible, and suffer the consequences, and those consequences will be dire!”

Trump’s threat comes after the U.S. launched a new wave of airstrikes against the Houthis over the weekend. Defense Secretary Pete Hegseth said Sunday the U.S. campaign will continue until the militant group halts its attacks.

“This campaign is about freedom of navigation and restoring deterrence,” Hegseth told Fox News’ “Sunday Morning Futures.” “The minute the Houthis say we’ll stop shooting at your ships, we’ll stop shooting at your drones, this campaign will end. But until then, it will be unrelenting.”

The Houthis began targeting commercial shipping traversing the Red Sea in late 2023 in support of Hamas, after the Palestinian militant group launched a surprise attack on southern Israel and Israel responded with a ground and air campaign in Gaza. The Houthis and Hamas are both allied with Iran.

The Houthi missile strikes have forced international shipping companies to reroute container ships that would normally pass through the Red Sea and the Suez Canal.

Trump has reimposed a “maximum pressure” campaign against Iran with the goal of driving down the Islamic Republic’s oil exports. Treasury Secretary Scott Bessent recently said the Trump administration’s goal is to collapse Iran’s economy.

The White House believes Iran is pursuing a nuclear weapon, an allegation the Islamic Republic denies. Trump’s national security advisor, Mike Waltz, said Sunday that “all options are on the table” to ensure Iran does not acquire a nuclear bomb.

“We cannot have a situation that would result in an arms race across the Middle East in terms of nuclear proliferation,” Waltz said on ABC’s “This Week.”

Trump has said he wants to negotiate a nuclear deal with Iran. In 2018, the president withdrew the U.S. from the nuclear deal negotiated by President Barack Obama, an agreement called the Joint Comprehensive Plan of Action.