CNBC Pro: ‘Tremendous opportunity’: Oakmark’s Bill Nygren says it’s a good time to buy these 3 cheaper stocks
It’s a good time to buy cheap stocks in some sectors right now, according to Oakmark Funds’ Bill Nygren.
The top value-focused fund manager said what’s “really unusual today” is how wide the spread is in price-to-earnings multiples.
He names three stocks to consider.
CNBC Pro subscribers can read more here.
— Weizhen Tan
CNBC Pro: Morgan Stanley says these global stocks will soar on the $150 billion generative AI boom
Generative artificial intelligence — or the usage of generative models powered by AI to generate text, images, or other media — is taking the world by storm and it’s not just the U.S. tech giants that are set to benefit, according to Morgan Stanley.
In an Oct. 2 note, the bank’s analysts led by Adam Wood highlighted that the technology enables the automation of several categories of work and “is set to expand global software spending by [around] $150 billion in the next three years.”
So which global stocks are expected to benefit from this trend?
CNBC Pro subscribers can read more here.
— Amala Balakrishner
Natural gas prices are jumping
Natural gas futures jumped 7.3% on Thursday after data from the Energy Information Administration showed domestic gas inventories ended last week above the five-year average for this time of the year.
Federal data released on Wednesday also showed that the U.S. exported more natural gas in the first half of 2023 than it did during the same period of any previous year. Natural gas exports came out to an average of 20.4 billion cubic feet per day.
— Pia Singh
Gold touches lowest level since March
Gold reached a low not seen since March on Thursday.
Prices fell to as low as $1,826.20. The metal last traded at a lower point on March 9, when it hit $1,815.40.
Gold has fallen about 2% so far this week, putting it on pace to post its third straight losing week.
— Alex Harring, Gina Francolla
OPEC could step in if oil slide continues, Helima Croft says
The sharp decline for oil prices that has brought down West Texas Intermediate futures down by more than $10 per barrel could cause a reaction from oil producing countries, according to Helima Croft, global head of commodity strategy at RBC Capital Markets
“I think OPEC is a different OPEC than in 2015. … I would anticipate, if we continue to see selling pressure over the next few days, if this looks like it is going to be a sharp sell-off potentially plunging into the 70s, I think we’ll at least start to hear very clear statements from OPEC about potentially coming back in,” Croft said on “Squawk Box.”
“I think that this market remains stronger than this selling action would have us believe at the moment,” Croft added.
West Texas Intermediate crude futures were down 1.7% in morning trading at $82.78 per barrel.
— Jesse Pound
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