CNBC Daily Open: Markets brace for key U.S. inflation gauge
This report is from today's CNBC Daily Open, our 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 .
Wall Street ends mixed
U.S. stocks ended mixed Monday as investors await key inflation data for clues on the Federal Reserve's path on rate cuts. The S&P 500 and tech-heavy Nasdaq closed 0.1% and 0.4% lower, respectively. The Dow was able to eke out a 0.1% gain. Bitcoin, meanwhile, extended gains and rose to another record to start the week.
China's valuations too low
Shaun Rein, founder and managing director of the China Market Research Group, said valuations of Chinese stocks are "way too low." While China's economic struggles have battered its stock markets, the strategist added investors "should be looking long-term at China again, it's definitely investible."
Oracle shares spike
Oracle shares surged 13% as quarterly earnings topped estimates, but revenue came in slightly soft of expectations. CEO Safra Catz said the company was committed to hitting previously stated goals of $65 billion in sales by fiscal 2026. "Some of these goals might prove to be too conservative given our momentum," he said.
Trump on TikTok ban
Presumptive Republican presidential nominee Donald Trump said efforts to ban Chinese-owned social media app TikTok in the U.S. only serves to empower Facebook. "Without TikTok, you can make Facebook bigger, and I consider Facebook to be an enemy of the people," Trump said in a CNBC interview.
[PRO] Barclay's three global picks
Barclays picked three European stocks for investors to consider buying for the next quarter. The bank's strategists noted they have a "high conviction" on the