Traders work on the floor of the New York Stock Exchange during afternoon trading on January 17, 2024 in New York City.
Michael M. Santiago | Getty Images News | Getty Images
This report is from today’s CNBC Daily Open, our new, 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
Dow snaps 3 days of declines
The blue-chip Dow Jones Industrial Average rose Thursday after falling for three straight days, with the other main indexes also ending higher. Wall Street’s indexes were boosted by a 3.3% rise in shares of Apple after Bank of America upgraded the company to a buy rating. European shares closed higher as well, but shares of British luxury watch retailer Watches of Switzerland tumbled 36% as it cut its annual guidance.
Disney new activist target
Activist investor Nelson Peltz has his eyes set on Disney. Peltz’s Trian Fund Management along with former Disney chief financial officer Jay Rasulo plan on launching a proxy fight to gain seats on Disney’s board. Peltz said he and Rasulo will be like “Batman and Robin” in an interview with CNBC, if they get elected.
India makes ripples at Davos
India is turning up the charm and courting investors at the World Economic Forum in Davos, Switzerland. The world’s most populous country touted three key elements – its growth story, digital infrastructure, and burgeoning startup ecosystem. Big Indian technology firms at the forum also showcased their use of artificial intelligence.
Bitcoin at $40,000
Bitcoin hit the $40,000 level Thursday amid a broad sell-off in cryptocurrencies. Analysts labeled the drop as “the correction post-ETF launch” as investors cash in. The world’s most popular cryptocurrency had surged ahead of last week’s regulatory approval to trade highly anticipated bitcoin ETFs.
[PRO] For next week’s earnings
With earnings season on Wall Street in full swing, the pros highlight a few stocks to watch out for. Analysts boosted their estimates for such companies leading up their quarterly reports, with tech stocks as a standout sector for the S&P 500. Still, overall S&P 500 earnings are expected to drop 6% in the fourth quarter.
The bottom line
The week is wrapping up on a brighter note as U.S. markets snap losing streaks, while across the Atlantic headlines from Davos grab attention.
The Dow Jones Industrial Average closed 0.54% higher, ending three-straight days of declines, while the tech-heavy Nasdaq Composite jumped 1.35%. The benchmark S&P 500 ended 0.88% higher and about 0.33% away from its closing record.
Wall Street was boosted by Apple after Bank of America upgraded the stock. Semiconductors gained after the world’s largest chipmaker Taiwan Semiconductor Manufacturing Co. posted better than expected fourth-quarter results. U.S.-listed shares of TSMC jumped 9.8%.
At Davos, India grabbed a few eyeballs as the world’s most populous country touted its growing economic strength.
“India’s presence is certainly sizable — it has some of the most sought-after spots on the main promenade for tech companies,” Ravi Agrawal, editor-in-chief of Foreign Policy and former CNN India bureau chief, told CNBC. “As China’s economy slows down, India’s relatively rapid growth stands out as a clear opportunity for investors in Davos looking for bright spots.”
The subject of Donald Trump also gained traction at Davos. The emerging theme was that top U.S. executives had no problem with the idea of Trump returning for a second term, while foreign chief executives feared such a scenario. Those worries mostly stemmed from Trump’s hardline policies including immigration and increased risk of potential conflicts.
