Markets Defy Expectations in September, Challenging Historical Trends

CNBC Daily Open: Markets just had an expectations-defying month

"Not on any preset course" U.S. Federal Reserve Chair Jerome Powell on Monday gave a speech to the National Association for Business Economics, saying the central bank is "not on any preset course" for rate cuts. Powell, in response to a question, also said the Fed is likely to cut rates an additional half a percentage point by the end of 2024 "if the economy performs as expected." Nvidia competitor files for IPO Artificial intelligence chipmaker Cerebras Systems on Monday filed for an initial public offering on the Nasdaq. The startup says on its website that its chips have more cores and memory than Nvidia's H100, which is favored by the industry for running AI models. In a filing, Cerebras reported a net loss of $127.2 million on revenue of $78.7 million for 2023. Markets predict measured response from Iran Israel has escalated fighting with Lebanese militia group Hezbollah, hitting Iran's proxy network across the Middle East. But markets seem to think Iran will show restraint in its response. Oil prices have not reacted much at all this week. [PRO] Going all too well? The S&P 500 has gained 20.8% so far this year. Interest rates in the U.S. are lower after staying elevated for two years, while inflation is cooling down. Beijing announced surprise stimulus measures, which bodes well for the global economy. It all seems to be going well. CNBC Pro's Michael Santoli explores whether this "just-right" scenario can hold up.

CNBC Daily Open: Markets defied expectations last month

Different from 2015's bubble Major Chinese indexes surged on Monday, while trading volume hit a record high, according to Wind Information. While that may remind investors of the 2015 bubble, when the Chinese stock market doubled in value over six months, analysts think things are different this time. For one, the economy is still struggling, which is expected to weigh on spending during the Golden Week holiday this year, according to analysts. "Not on any preset course" U.S. Federal Reserve Chair Jerome Powell on Monday gave a speech to the National Association for Business Economics, saying the central bank is "not on any preset course" for rate cuts. Powell, in response to a question, also said the Fed is likely to cut rates an additional half a percentage point by the end of 2024 "if the economy performs as expected." Nvidia competitor files for IPO Artificial intelligence chipmaker Cerebras Systems on Monday filed for an initial public offering on the Nasdaq. The startup says on its website that its chips have more cores and memory than Nvidia's H100, which is favored by the industry for running AI models. In a filing, Cerebras reported a net loss of $127.2 million on revenue of $78.7 million for 2023. [PRO] Fourth-quarter positioning Stocks finished the third quarter of 2024 on a high note. The S&P 500 closed off the period at a record high, while the Chinese CSI 300 blue-chip index popped on its last trading day of the quarter. Will markets continue performing so well as we enter the fourth quarter? CNBC Pro asks market experts how they're positioning before 2024 wraps up.