This is CNBC’s live blog covering the Asia-Pacific market.
Markets in the Asia-Pacific region are expected to be mixed ahead of Japan’s March corporate inflation data and central banks’ interest rate decisions in New Zealand and Thailand.
Markets are closed on Wednesday as South Korea heads to vote in the next parliamentary election.
Japan’s business inflation rate is expected to accelerate to 0.8%, according to a Reuters poll of economists, and investors are bracing for the release of the U.S. consumer price index later on Wednesday.
In Australia, S&P/ASX 200 futures rose for the third day in a row to 7,889, compared with the previous close of 7,824.2. At this level, the futures index is less than 10 points from the index’s all-time closing high of 7,896.9.
However, Japan’s Nikkei Stock Average is expected to fall, with futures in Chicago at 39,705 and futures in Osaka at 39,690, compared to the index’s last closing price of 39,773.13.
Hong Kong’s Hang Seng Index futures stood at 16,937, indicating a strong opening compared to HSI’s closing price of 16,828.07.
Last night in the US, the three major indexes finished mixed ahead of the CPI report, with the Dow Jones Industrial Average closing just below the flat line.
Meanwhile, the S&P 500 rose 0.14% and the Nasdaq Composite rose 0.32%.
—CNBC’s Hakyung Kim and Brian Evans contributed to this report.
CNBC Pro: Here are 3 dividend stocks with the potential to generate passive income, says fund manager
In a market where reliable sources of passive income are hard to find, two fund managers shared their insights on dividend stocks that offer attractive yields and growth potential.
Matt Burdett, Portfolio Manager at Thornburg Investments, looks for companies with the ability and desire to pay dividends, with a focus on cash generation and resilient business models.
Meanwhile, Keely Teton portfolio manager Brian Leonard told CNBC Pro that he looks for high-quality companies that pay dividends and trade at a discount to their “intrinsic value.” He also mentioned the spin-off situation as an investment opportunity.
CNBC Pro subscribers can read more about stock picks here. {=null}
— Ganesh Rao
CNBC Pro: These global stocks are the most overbought and could fall back
After a bullish outlook for 2023, the market may have been up for much of this year, but stocks fell back last week.
However, overall, markets including global stocks remain in significantly positive territory.
The relative strength index (RSI), which measures the magnitude and speed of price movements, can be used by investors to determine whether a stock is overbought.
A stock with a 14-day RSI above 70 may be overbought and could be due for a pullback.
CNBC Pro screened the S&P 500 and Vanguard FTSE All World Ex-US ETF as the most overbought stocks using a 14-day RSI above 70.
CNBC Pro subscribers can read more here.
— Tan Weizhen
Markets experiencing “collective concern”
Yunyou Ma, chief investment officer at BMO Wealth Management, said Tuesday’s drop in stocks shows the market is questioning whether the rally has gone too far and too fast.
In particular, NVIDIA has experienced an eventful month, Ma said. Shares fell nearly 3% on Tuesday.
“I think a common concern that markets are experiencing today is that some of these growth prospects may not materialize as quickly or as strongly as they were priced in over the very short term.” said Ma.
In addition to Nvidia, several AI infrastructure and data center stocks were struggling on Tuesday, he added.
“There are stocks that are going to be driving some of the AI revolution in earnest, but there are also stocks that are struggling on the day. So I think the question is why did we move on too quickly?” added Ma.
— Ha-Kyung Kim
12 S&P 500 stocks hit new highs, including Alphabet and Freeport-McMoRan
In this illustrated photo, the Amazon logo is displayed on the smartphone screen and a graph is displayed in the background.
Twelve S&P 500 stocks hit new highs on Tuesday. Among the names is Google’s parent company Alphabet, which announced an Arm-based chip at the Cloud Next conference in Las Vegas on Tuesday. U.S. mining company Freeport-McMoRan rose 2% after Bank of America called it a “high-quality copper-exposed” stock.
Here are some other names.
- Alphabet C stock has been trading at all-time highs dating back to the special distribution on April 2, 2014 (when the non-voting stock was created and began trading on April 3, 2014).
- Alphabet A shares hit new high since IPO on August 19, 2004
- Amazon.com transactions are at levels not seen since November 2021
- EOG resources trade at levels not seen since January 2023
- Emerson Electric, which traces the company’s history to 1890, trades at an all-time high
- Freeport-McMoRan trade is at the highest level since August 2011
- Packaging Corp. of America is trading at its highest price since its 2000 IPO
— Sarah Min, Chris Hayes
Boeing and Norfolk Southern Airlines were Tuesday’s biggest movers.
Exterior view of Boeing’s headquarters in Arlington, Virginia, on March 25, 2024.
Here are the biggest stock moves during midday trading:
- Boeing — The plane maker fell more than 2% after the New York Times reported that regulators were investigating a whistleblower complaint about defects in the company’s 787 Dreamliner.
- Norfolk Southern — Railroad stocks rose 1%. Norfolk Southern Airlines announced it has reached a $600 million settlement in connection with the East Palestine derailment. The company also announced preliminary results for the first quarter.
See the complete list of companies in transition here.
— Samantha Subin
