Plus, the season of strikes set to grow even larger. Today, with more than 75,000 Kaiser Permanente workers possibly walking off the job. And then later, we have a rare downgrade for apple, like key bank says, it is taking a fresh look at the stock. It is wednesday, october 4th, 2023. Youre watching Worldwide Exchange right here on cnbc. Good morning. Welcome to Worldwide Exchange. Im frank holland. Lets get you ready to start your day. We kick off the hour with the checks on u. S. Stock futures. In the red across the board. The dow looks like it would open up 30 points lower right now. This after the dow posted its worst day since march, falling nearly 1. 3 . Similar story for the nasdaq and the s p 500. Both of them closing down. 1. 8 and 1. 3 respectively on the day. We also want to look at the russel 2000, negative for the year and seen as a leading indicator of a possible u. S. Recession. You see the move this is dow transports. Dow transports dipped below the 200 Day Moving Avera
Wrapping up april with a month of losses potentially on the screen. Down more than 2 on the s p for april. The small caps have been absolutely hammered the end of march, the rotation is coming, a big downdraft for the small caps so far this month, snapping five straight months of gains for equities on the s p 500. Bramo, april has been a bumpy ride. Lisa partly because that is the sound of the narrative breaking or maybe the narrative shifting. He basically said higher inflation is fine for stocks and earnings. If yields stay here it will be ok, everything is fine. Yields are high for the right reasons. Are they . That is the angst you are feeling. Jonathan the bond market, breaking up the 10 year. The twoyear, high by 35 basis points. The 10 year up by more than 40. I remember a few conversations we had this month. Just a few. Steve said that this Federal Reserve wants to count Interest Rates. He said that this data is not cooperating. The data this month has not cooperated. Annmarie
Cars in the country. That has been enough to push up shares by 11 in early trade. The Electric Car Giant faces falling sales and increased local competition in china. So this could be a big move. Lets talk about that with michelle, who is standing by in new york. Give us a sense of how significant this could be, just some reports at this stage, but it is what elon musk wanted . ,. , , wanted . You are seeing the response from investors wanted . You are seeing the response from investors with wanted . You are seeing the response from investors with the wanted . You are seeing the response from investors with the share wanted . You are seeing the response from investors with the share price i from investors with the share price pppin9 from investors with the Share Price Popping at the open because of that sort of shot of good news. The reason for that is it comes off the back of a difficult couple of months for the car maker. The electric car Company Released some pretty disappointing qu
Of economic co operation. Mr musk said tesla is looking for more win win results. According to reports, he has won approval from the chinese authorities for the enabling of a self driving feature on tesla cars in the country. The news has sent shares up as high as 13 in early trading in new york. Lets get the details from michelle, who is standing by in new york. That is the issue, one of those Self Driving Features on the car with a sort of holding them back by not being able to deploy it. The news that elon musk once that they can roll that out in china. It is that elon musk once that they can roll that out in china. Roll that out in china. It is all to do with chinese roll that out in china. It is all to do with chinese data roll that out in china. It is all to do with chinese Data Security i do with chinese Data Security requirements. Overthe do with chinese Data Security requirements. Over the weekend, we saw the authority that kind of Grants Permissions when it comes to Data Secu
Market. Feeling some tailwinds out of we did not go into this week with a worstcase scenario. The u. S. Government will remain open. We did avert a shut down. Getting initial reaction. Nasdaq futures pushing close to 1 higher. Rishaad dell futures are down. Yvonne there was no a whole lot of banks leading up to it. The market recruit reprieve may not last too long. Youre still talking about higher rates. Rishaad we had first threemonth quarterly loss for the s and p. You have a lot to be playing. We have the 10 year auction coming up in 10 days time. There is a feeling you could see yields going up. Also got a lot of movement for the yuan. Offshore. While the cat as a way the mice can play. No cny to act. A lot of dollar swings. Yvonne the longest break of the year. Rishaad it is a dollar story anyway. Yvonne you take a look at where people are positioning, are things looking when it comes to hedge funds . David we did see that longs pickup second or straight week on the greenback. The