CNBC Business News Update - Market Open: Stocks Edge Lower, China Shares Soar, Ford Offers Free Chargers To EV Buyers

Episode Date: September 30, 2024

The latest in business, financial, and market news and how it impacts your money, as reported by CNBC's Peter Schacknow

I'm Peter Schach, now CNBC. about a quarter percent. But barring a major sell-off today, the Dow, S&P 500 and Nasdaq will register their first September gains in five years. China's stocks are coming off their biggest one-day gains in 16 years following the implementation of new economic stimulus measures by the Chinese government. That presents opportunities here in the U.S., according to Stephanie Ling, chief investment officer at Hightower, including the big oil companies who she says will benefit from a demand boost in China. The energy prices are down because a lot of it is because China demand has been very soft. And so you have to keep in mind that with the big major oil companies,

they mint money at $30 oil. So at $70 oil, the free cash flow is substantial. The stimulus announcement is already helping Chinese stocks that trade in the U.S., such as Alibaba, up 5 percent and JD.com, up 7 percent. No major economic reports are on the calendar today, but investors are already looking ahead to later in the week when the government releases the September employment report on Friday morning. Verizon is selling thousands of its mobile phone towers to digital infrastructure firm Vertical Bridge for $3.3 billion. It will then lease the towers back. The deal gives Verizon extra cash to continue bolstering its mobile network. And Ford is taking steps to boost demand for its electric vehicles.

It will offer free home chargers and installation to buyers through the end of this year. Peter Schach now, CNBC.