Connect with us

Published

on

Traders work on the floor of the New York Stock Exchange (NYSE) on October 22, 2024 in New York City.

Spencer Platt | 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

New high for Nasdaq
On Friday, the
Nasdaq Composite hit an all-time high, but the S&P 500 and Dow Jones Industrial Average fell and snapped their six-week winning streaks. Asia-Pacific markets traded mixed Monday. Japan’s Nikkei 225 jumped about 1.8% and the yen weakened to a three-month low against the dollar on the back of the country’s election results.

Steepest drop since pandemic
China’s industrial profits in September slumped 27.1% from a year ago, according to the country’s National Bureau of Statistics. That’s the steepest drop since the start of the pandemic in March 2020, based on data from Wind Information – which excludes statistics from most of 2022 when China was under strict zero-Covid policies.

Oil prices dropped on ‘limited damage’
Prices for both Brent and West Texas Intermediate oil futures dropped more than 4% on Monday. This comes after Iranian media described Israel’s strikes over the weekend on its military installations as causing “limited damage.” Citi lowered its forecast for Brent oil prices by $4 to $70 per barrel over the next three months.

Japan’s ruling coalition loses parliamentary majority
Japan’s Liberal Democratic Party and its Komeito partner will lose their parliamentary majority, according to projections from public broadcaster NHK and publication Nikkei Asia, while the opposition camp made significant gains. The Japanese yen fell against the U.S. dollar on the political uncertainty.

[PRO] Very, very busy week for markets
This week is jam-packed with important earnings and economic data. Five of the Magnificent Seven companies report earnings. The personal consumption expenditures index report for September and the key jobs report for October will also be released this week.

The bottom line

The Nasdaq Composite managed to log a seventh consecutive winning week.

After adding 0.56% on Friday, the index closed at an all-time high, ending the week 0.2% higher.

Other major U.S. indexes, however, didn’t do so well. Both the S&P 500 and Dow Jones Industrial Average shattered their six-week positive streak following their falls on Friday.

The tech-heavy Nasdaq was boosted by Tesla’s monster rally. Investors also looked ahead to Big Tech earnings coming out this week: shares of Meta, Amazon and Microsoft added as much as 1%.

Earnings season has been a mixed bag so far. Even though almost three-quarters of S&P companies have beaten expectations, according to FactSet data, the rate of profit growth has not met expectations, disappointing investors.

Tesla had a monster rally over two days last week, which helped it regain all its losses for the year. But more than half of the 20-largest companies saw their stocks fall after they announced their financials last week, notes CNBC’s Pia Singh.

As those companies were mostly from sectors outside tech, their losses dragged down the S&P and the Dow, especially, since a good proportion were constituents of the 30-stock index. In fact, around 90% of Dow members ended the week in the red.

For instance, Coca-Cola surpassed Wall Street’s estimates of its earnings and revenue, but its shares still fell. Investors were perhaps disappointed by news that consumers are buying fewer packs of Coke products, as CEO James Quincey said during the post-earnings conference call, and troubled by the headwinds that the company thinks will hamper its growth in 2025.

With five of the Magnificent Seven companies reporting earnings and crucial economic data coming out this week, investors will hope all the numbers line up for a payout – if not of the jackpot magnitude, then at least one that jolts the S&P and Dow back into the green again.

— CNBC’s Brian Evans, Pia Singh and Alex Harring contributed to this report.   

Continue Reading

Environment

Genesis wants a bigger slice of the US luxury market with new EVs en route

Published

on

By

Genesis wants a bigger slice of the US luxury market with new EVs en route

If you haven’t noticed, Genesis is quickly making a name for itself in the US. The luxury automaker now has 60 sales outlets as it expands into new US states. With new EVs launching, Genesis is eyeing a bigger share of the US luxury market.

Hyundai Motor Group’s Genesis brand is quietly emerging as a powerhouse in the US luxury market. Genesis marked its entry into the luxury segment in 2008 as a Hyundai-branded model.

In 2015, Hyundai announced Genesis would become an independent luxury brand. Since launching its first vehicle in the US, the luxury brand’s sales have surged from 7,000 in 2016 to over 69,000 last year. It even outsold Nissan’s Infiniti.

According to Genesis, this is just the start. The Korean luxury brand wants an even bigger slice of the market as it eyes rivals like Porsche.

A big reason behind the brand’s confidence is its new lineup of stylishly electric models. Genesis sells three EVs in the US: The GV60, Electrified G80, and Electrified GV70.

After introducing the Electrified GV70 just last year, the electric SUV is already Genesis’ top-selling EV in the US. According to Kelley Blue Book, Genesis sold 2,343 electric GV70 models in the US through September.

Genesis-Electrified-GV70-NACS
2026 Genesis Electrified GV70 update (Source: Genesis)

Genesis eyes a bigger share of the US luxury market

Altogether, the luxury brand’s EV sales reached over 4,600 through the first nine months of 2024, topping Porsche (4,291) and Volvo (3,644).

Genesis made a statement at the LA Auto Show, unveiling the updated 2026 Electrified GV70. The luxury electric SUV now includes more range and an NACS port so drivers can charge at Tesla Superchargers. It will go on sale in the first half of 2025.

Genesis-US-luxury-EV-market
Genesis at the 2024 LA Auto Show (Source: Hyundai Motor Group)

Meanwhile, Genesis showcased its new GV60 Magma Concept at the event, its first dedicated high-performance EV. The brand sees its Magma performance brand rivaling that of Geman luxury brands like Mercedes AMG, BMW M, and Audi RS.

The Genesis GV60 Magma EV will launch next year, spearheading the brand’s “expansion into the realm of high-performance vehicles.”

Genesis-US-luxury-EV-market
Genesis GV60 Magma EV concept global debut at Goodwood (Source: Genesis)

Genesis enhanced the battery and motor while fine-tuning the chassis, thermodynamics, and profile for more power and efficiency.

It also features an aggressive new design, sitting much lower and wider than the current GV60 model. Genesis added a Magma-exclusive sound system to give it a sports car-like feel in the cockpit.

Genesis-G80-EV-Magma
Genesis G80 EV Magma Concept (Source: Genesis)

In April, we got our first look at the G80 EV Magma concept, which could be a potential challenger to Tesla’s Model S Plaid and the Porsche Taycan GT Turbo.

The luxury brand is expected to launch its flagship electric three-row SUV next year, the GV90. Genesis previewed the ultra-luxury EV in March after unveiling the Neolun concept.

Genesis now has 60 sales bases in the US, with new stores in Washington, Minnesota, New York, and Florida. It’s also building 30 in Canada as it expands its presence in the North American luxury market.

The luxury brand is opening a new dedicated design center in California. The “Genesis Design California” will open in the first half of 2025 as it builds out its US network.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

No, BYD is not taking over NIO as fake rumors claim

Published

on

By

No, BYD is not taking over NIO as fake rumors claim

A rumor spreading like wildfire on social media claims BYD will be taking over NIO (NYSE: NIO) as the EV giant gobbles up market share in China. The rumor was posted by a suspected BYD employee, but NIO is denying the claim.

BYD acquiring NIO would be a massive move as China’s leading EV maker continues to dominate the market. But that’s not going to happen.

According to CnEVPost, NIO’s assistant vice president for branding and communications, Ma Lin, denied the rumors that BYD is taking over the company on Friday.

Ma posted a screenshot on social media asking BYD’s general manager of branding and PR, Li Yunfei if the person who posted the fake rumor was an employee.

Earlier today, the suspected employee claimed BYD and NIO were setting up a joint venture. In a Weibo post, the suspect said BYD would have majority control of the partnership with a 51% share while NIO would get the remaining 49% ownership.

Ma told Li that if it was, in fact, a BYD employee, he needed to issue an official clarification and apologize. If not, they can get the police involved together. Li also denied the rumors, saying the claim was seriously untrue.

BYD-taking-over-NIO
NIO Onvo L60 electric SUV at the 2024 Guangzhou International Auto Show (Source: NIO Onvo)

NIO denies rumors that BYD is taking over the company

This is not the first time rumors surfaced that BYD will be taking over NIO, but because it is a suspected employee, the post has garnered more attention.

BYD is on a major hiring spree as it ramps up production to meet the higher demand. The EV giant now has over 900,000 employees, making it by far the largest A-share listed company in China.

BYD-taking-over-NIO
BYD Dolphin (left) and Atto 3 (right) Source: BYD

After selling over 500,000 vehicles for the first time in a single month in October, BYD’s surge is heating up as the EV giant expands overseas for growth.

October was BYD’s fifth consecutive record sales month as it closes in on auto leaders like Ford in global deliveries.

BYD-taking-over-NIO
Onvo L60 electric SUV models (Source: NIO Onvo)

NIO is also gaining momentum, with sales topping the 20,000 mark for the sixth straight month in October. With output of its new lower-priced Onvo L60 electric SUV ramping up, NIO expects to continue seeing higher demand.

Ma said on Friday that NIO’s “recent situation is quite good.” The company’s head of PR added, “Cash flow turned positive in the third quarter, gross profit improved in October, earning an extra RMB 100 million, and Onvo (deliveries) will exceed 10,000 in December.”

NIO is launching its third brand, Firefly, with deliveries kicking off in the first half of 2025. The company expects sales to double next year as it works to become profitable by 2026.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Hyundai recalls more than 145,000 EVs

Published

on

By

Hyundai recalls more than 145,000 EVs

Hyundai Motors is recalling 145,235 EVs and other “electrified” vehicles in the US, citing concerns about a loss of driving power, the National Highway Traffic Safety Administration (NHTSA) said on Friday.

The NHTSA announced this morning that the recall affects selected IONIQ 5 and IONIQ 6 EVs, as well as certain luxury Genesis models, including the GV60, GV70, and G80 electrified variants, from the 2022-2025 model years, Reuters reported.

2025-Hyundai-IONIQ-5-prices
2025 Hyundai IONIQ 5 (Source: Hyundai)

It looks like the issue stems from “the integrated charging control units in these vehicles, which may become damaged and fail to charge the 12-volt battery. This malfunction could lead to a complete loss of drive power, posing safety risks for drivers,” the NHTSA stated.

If you’re an owner of one of these Hyundai models dating 2022-2025, stay tuned. Hyundai has not yet provided a timeline as to when affected vehicles will be repaired.

To make that happen, the company’s dealers will inspect and replace the charging unit and its fuse if necessary, NHTSA said. Free of charge, of course.

Importantly, no crashes, injuries, fatalities, or fires due to this issue have been reported in the US, Hyundai reported.


If you’re an electric vehicle owner, charge up your car at home with rooftop solar panels. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing on solar, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending