Modest movesU.S. markets rose Monday, with all three major indexes registering modest gains. Shares of Macy’s surged 19.44% on news the U.S. retailer had received a buyout offer of $5.8 billion. Asia-Pacific stocks rose Tuesday. Japan’s Nikkei 225 added around 0.19% as producer prices rose at a faster-than-expected 0.3% year-on-year. Hong Kong’s Hang Seng index rebounded off a one-year low to gain 0.65%. India overtakes Hong KongIndia surpassed Hong Kong to become the seventh largest stock market in the world. As of November, the total market capitalization of the National Stock Exchange of India was $3.989 trillion compared with Hong Kong’s $3.984 trillion, according to the World Federation of Exchanges. What’s more, India’s Nifty 50 index’s up 16%, while Hong Kong’s Hang Seng index’s has lost 17% so far this year. The Fed will be slowMichael Milken, the investor famed for leverage buyouts, thinks the U.S. Federal Reserve will move slowly on monetary policy. “My view right now is the Fed is probably going to err a little bit on discipline today to see what’s occurred,” he said, adding the central bank cut rates too quickly in the ’70s, which led to a resurge in inflation. Bitcoin volatility After bitcoin broke the $44,000 barrier last week for the first time since April 2022, the cryptocurrency fell around 5% to $41,611.00, hitting a low of $40,300 at one point during Sunday night. Ether, Solana’s SOL and Ripple’s XRP also dropped around 7%. Despite its recent slide, analysts expect bitcoin to have plenty of juice in the tank because a spot bitcoin exchange-traded fund seems to be on its way. [PRO] AI predicts the S&PAfter rallying for much of November, the S&P 500 hit 4,604.37 last week, a new high for 2023. Does this signal continued strength in the broad-based index, or is the 4,600 level a threshold stocks cannot surmount convincingly? HSBC Global Research used artificial intelligence to analyze the language used in recent earnings calls to predict where the S&P’s headed next.
CNBC Daily Open: A New AI Gem – WorldNewsEra
