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CNBC Daily Open: A Thanksgiving lull

Traders work on the floor of the New York Stock Exchange during afternoon trading in New York City on Sept. 26, 2023.
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

Last burst before a break
U.S. stocks ended Wednesday in positive territory before going on break today for Thanksgiving. Treasurys briefly fell to a two-month low before inching up again. Europe's Stoxx 600 index climbed 0.3%, led by software group Sage's 13% pop in shares. Meanwhile, U.K. Finance Minister Jeremy Hunt announced tax cuts, an increase in the minimum wage and investment in AI.

Altman's back
Sam Altman has returned as the CEO of OpenAI, less than a week after he was ousted by the company's previous board. Helen Toner, Tasha McCauley and co-founder Ilya Sutskever — all of whom were involved in pushing out Altman — were removed as board members. Taking over their seats are: Bret Taylor, former co-CEO of Salesforce and Larry Summers, former U.S. Treasury secretary. Adam D'Angelo is the only member of OpenAI's previous board who remains on it.

Binance outflow
Binance has seen outflows of more than $1 billion in the past 24 hours — and that figure doesn't even include bitcoin — according to data from blockchain analysis firm Nansen. Still, more than $65 billion worth of assets remain on Binance, Nansen noted, and there hasn't been a "mass exodus" of funds. The withdrawals come after founder Changpeng Zhao pleaded guilty to criminal charges Tuesday.

Jack Ma pauses plans
Alibaba founder Jack Ma is pausing his plans to sell Alibaba shares. Last week, regulator filings revealed Ma was looking to sell around $870 million worth of Alibaba shares. The news broke on the same day Alibaba announced it wasn't going to spin off its cloud computing business. Both developments sent shares tumbling around 9%.  

[PRO] Post-Thanksgiving resurgence
Most of the U.S. will shut down come Thursday as people celebrate Thanksgiving. Accordingly, markets typically experience low trading volume during this period. But when trading resumes, there are some stocks that seem to wake from a post-feast slumber and climb vigorously, according to CNBC Pro's screening.

The bottom line

A slow day in U.S. markets as investors turned their thoughts to turkey rather than Treasurys.

To be sure, it was exciting in Treasury land for a while. The 10-year Treasury yield fell to 4.369% during the day, its lowest since Sept. 20. But it rebounded to 4.41%, essentially unchanged from U.S. trading on Tuesday.

The same trajectory of sudden intensity followed by a reversion to the norm seems to have played out across various events this week.

Sam Altman's back as OpenAI's CEO less than a week after his ouster. Oil prices clawed back most of their losses after they slumped around 5% Wednesday on the news that the Organization of Petroleum Exporting Countries delayed their meeting by four days. Jack Ma's holding off his previously announced plans to sell Alibaba shares after they tumbled around 9% last week.

The dust seems to have settled for now — but that doesn't diminish the volatility of those situations. Oil prices could shoot up again following the OPEC+ meeting. New developments could crop up at OpenAI.

Still, investors took a breather yesterday. Trading volume was muted: The SPDR S&P 500, which tracks the broad-based index, traded 59.3 million shares, below its 30-day average of 84.6 million.

Major indexes managed to end the day in positive territory. The S&P 500 added 0.41%, the Dow Jones Industrial Average gained 0.53% and the tech-heavy Nasdaq Composite rose 0.46%, despite Nvidia dropping 2.46% after reporting earnings.

U.S. markets close for Thanksgiving on Thursday, and return for a shortened session the next day. Investors might be thankful for that, too, after a hectic week in markets and business.   

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