Asian markets rise as investors further digest China’s modest growth targets
An hour ago
CNBC Pro: Wall Street pros name the biggest risk to the stock markets — and reveal how to trade it
The stock markets are largely in the green this year, but there is uneasiness over the recovery, with several risk factors still affecting the market.
How should investors trade the market? Wall Street pros weigh in with their best ideas.
Pro subscribers can read more here.
— Zavier Ong
An hour ago
CNBC Pro: Goldman Sachs adds 3 stocks to its conviction buy list, giving 100% upside
Fri Mar 3, 2023 4:06 PM EST
The major averages are approaching higher
Stocks closed higher on Friday, pushing the major averages to a winning week.
The Dow Jones Industrial Average rose 387.40 points, or 1.17%, to 33,390.97. The S&P 500 climbed 1.61% to 4,045.64, and the Nasdaq Composite rose 1.97% to close at 11,689.01.
For the week, the Dow ended up 1.75%. The S&P rose 1.9% and the Nasdaq jumped 2.58%.
– Tanaya Machel
Thu Mar 02, 2023 6:45 PM EST
A weaker labor market can lead to risks for trade, says David Rosenberg
David Rosenberg, chief economist and strategist at Rosenberg Research, believes the stock market will see a sustained rally as the labor market begins to contract in three to four months.
“Right now you have a situation where the equity markets and the credit markets seem to think they have more time to buy before the boom really wears off the economy,” Rosenberg said on CNBC’s “Fast Money” Thursday.
“There’s no question the economy is not strong, but it needs to weaken quickly. Unemployment needs to start coming down… I think that’s where you’re going to find the risk on trade,” he added.
The employment picture started 2023 on an incredibly strong note, with non-farm payrolls posting their biggest gain since July 2022. The Federal Reserve may reverse its tightening policy when the labor market shows weakness.
– Yun Li
Fri Mar 03 2023 10:14am EST
Brent oil prices fall on reports that the UAE is considering an OPEC exit
Relations between Saudi Arabia and the United Arab Emirates are becoming more tense, according to a report from the Wall Street Journal. Citing Emirati officials, the report said the UAE is debating whether to leave OPEC.
News of the potential break in the oil cartel put a chill on Brent oil prices. At one point in Friday trading, prices had fallen nearly 3%, before recovering. Recently, the global benchmark fell 0.85% to $84.03.
The two oil-producing nations have been jockeying for influence and disagree on the direction of the Yemen war, according to the report.
See diagram…
Oil prices fell almost 3% before recovering after a report that the UAE may leave OPEC.
—Christina Cheddar Berk
