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CNBC Daily Open: U.S. consumer spending data looms

·1 min

Asia markets were mixed on Thursday as investors evaluated Japan’s spring wage negotiations. The Nikkei 225 and Topix rose due to expectations of the Bank of Japan tightening policy. Wall Street also ended mixed, with tech stocks weighing down the S&P 500 and Nasdaq Composite. The Dow, however, saw a small gain. The enthusiasm for electric vehicles (EVs) is diminishing as major automakers like Ford, General Motors, and Mercedes-Benz scale back or delay their EV plans. Palantir CEO Alex Karp said his pro-Israel views have caused staff departures. The US House of Representatives passed a bill that could lead to a TikTok ban if its Chinese owner doesn’t sell its stake. Chinese stocks present an appealing investment opportunity, according to chairman and CIO of Rayliant Global Advisors, Jason Hsu. Consumer spending data for February will provide insight into the state of the US economy. Economists anticipate a strong rebound after January’s decline. However, the risks of sticky inflation and a slowdown in consumer spending growth loom. Investors will also analyze February’s producer prices for any impact on the inflation outlook.