CNBC Daily Open: The bulls are charging in
FedEx shares dropped over 9% in extended trading after the company announced that it expects its revenue for the fiscal year to decline by a low single digit. This is below FedEx’s initial forecast, and analysts had expected a revenue drop of less than 1%. The company also disappointed with its adjusted earnings per share for the current quarter.
Danish shipping company Maersk confirmed that vessels scheduled to travel through the Red Sea would take the Cape of Good Hope route due to attacks by Houthi militants. Concerns about global supply chains arise as shippers have diverted over $35 billion worth of cargo from the Red Sea.
According to CNBC’s All-America Economic Survey, Americans plan to spend $1,300 this holiday season, a 31% increase from last year. Of those spending more, 32% attribute it to higher incomes. Despite the increased spending, 80% of respondents view the economy as fair or poor, reflecting a mismatch between robust economic data and downbeat economic sentiment.
CNBC Pro conducted a survey of market analysts to identify their top picks for technology stocks in 2024. Some analysts believe that this year’s winners will continue their success, while others predict the rise of underappreciated names.
The S&P 500 is approaching its record close in January 2022, with investors eagerly anticipating the index’s new high. Inflows of over $20 billion were reported for the SPDR S&P 500 Trust on Monday, indicating a strong demand to participate in this historical event. If the S&P reaches a new high, there is potential for further market rally. The Dow Jones Industrial Average and the Nasdaq Composite also experienced positive gains, with the latter closing above the 15,000 level for the first time since January 2022. The bias for buying stocks appears to be taking hold, leading to a potential upward drift in the market.