S&P 500 nudges higher after best week of 2023: Live updates

Stocks opened higher Monday to start the week after the S&P 500 notched its best weekly stretch of the year.

The Dow Jones Industrial Average rose 71 points, or 0.2%. The S&P 500 and Nasdaq Composite gained 0.2% and 0.3%, respectively.

— Samantha Subin

Citigroup is weighing job cuts of at least 10% across several of its major businesses, CNBC reported Monday, citing people familiar with the matter.

Executive positions could see cuts exceeding 10% as CEO Jane Fraser looks to eliminate regional manager and co-head positions.

The talks and overhaul, known internally as “Project Bora Bora” are in early stages, CNBC reported. Shares were marginally higher before the bell.

— Hugh Son, Samantha Subin

Tesla is planning to build a €25,000 ($26,838) electric vehicle from a plant near Berlin, Reuters reported Monday. The move is the latest effort by the EV giant to further slash prices on its vehicles and produce a long awaited affordable model. Musk originally announced plans for a $25,000 EV in 2020 to be produced by 2023.

Shares of the Elon Musk-helmed EV company ticked up roughly 2% on the news. A source cited by Reuters did not provide a timeline as to when production of the vehicle would begin.

— Brian Evans

Don’t expect more Federal Reserve rate hikes from here, according to BCA Research.

“Although the interest-rate outlook is uncertain, we stand by our expectation that the Fed is finished hiking,” wrote Doug Peta, the firm’s chief U.S. investment strategist. “We think a recession is nearly inevitable, however, and our best guess is that it will begin in the first half of next year, so we are preparing to turn defensive.”

“We are already underweight equities and overweight fixed income over a twelve-month timeframe and look forward to aligning our tactical and cyclical recommendations before too long,” Peta said.

— Fred Imbert

Southeast Asia’s largest lender DBS Group reported a 17% jump in third-quarter profit on Monday, benefiting from a high-interest rate environment.

Shares of the lender rose 0.45% in early afternoon trading.

Net profit rose to 2.63 billion Singaporean dollars ($1.94 billion) during the quarter, compared to SG$2.24 billion a year ago.

It was higher that analysts’ estimates compiled by LSEG, which predicted a quarterly profit of SG$2.5 billion for the July to September quarter.

The Singapore bank also declared a dividend of 48 Singapore cents for each ordinary share for the third quarter.

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— Shreyashi Sanyal

South Korean stocks jumped after financial authorities said they will be re-imposing a ban on short-selling until the end of June 2024. Short-selling is when a trader sells borrowed shares to buy back at a lower price and pocket the difference.

The ban will restrict short selling of all Kospi, Kosdaq and Konex listed stocks. The curbs were lifted in May 2021 for trades involving the shares of large-cap companies, mostly included in the Kospi.

“We seek to fundamentally resolve the ’tilted playing field’ between organizations and individuals,” Financial Services Commission Chairman Kim Joo-hyun said in a press release.

The Kospi jumped 3.93%, while the Kosdaq surged 5.88%.

This comes after a report in mid-October said South Korea’s stock market watchdog found two Hong Kong-based investment banks had engaged in naked short-selling, that was expected to have resulted in record fines. Naked short selling is when an investor shorts a stock or other security without borrowing first.

— Shreyashi Sanyal

An upturn in a corner of the semiconductor industry began in the second half of this year, according to Citi.

The jump in September’s monthly semiconductor sales beat Citi’s estimates. It was up 13% month on month to $49.6 billion, higher than the bank’s estimates of $46.9 billion, the bank said.

CNBC takes a look at five of its top stock picks.

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— Weizhen Tan

The “Magnificent Seven” stocks — Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla — have proved popular this year, but one growth investor says he is underweight the group.

“The Magnificent has done well and are poised to continue to do well because they have [a] fortress-like balance sheets and they’re highly profitable. They used the past two years post Covid to get more efficient, but they also have tremendous opportunities ahead in terms of artificial intelligence,” Jonathan Curtis told CNBC’s “” on Friday.

However, he said investors needed to be a “little bit more curious and more cautious” on the tech mega-caps — and revealed his favorite with “tremendous growth potential.”

CNBC Pro subscribers can read more here.

— Amala Balakrishner

On Saturday, Berkshire Hathaway reported a big jump in third-quarter operating earnings and a record cash pile.

Berkshire’s operating earnings totaled $10.761 billion last quarter, 40.6% higher than the number from the same quarter a year ago.

The Omaha-based conglomerate also held a record level of cash at the end of September — $157.2 billion.

— Yun Li, Tanaya Macheel