CNBC Business News Update - Market Open: Stocks Higher, Novovax Shares Double, Chinese EV Maker Zeekr IPO 5/10/24

Episode Date: May 10, 2024

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored and reported by CNBC's Jessica Ettinger.

I'm Jessica Edinger, CNBC. Wall Street's higher out of the gate. The Dow pushing for an eight-day winning streak. The Dow is up 163 points this morning, four-tenths of a percent. The S&P 500 index up 22 points, almost a half percent. The Nasdaq also up almost a half percent. It's up 76 points. Technically, the market's in very good shape

here. We see about over 70 percent of the stocks above their 20-day moving averages. That's a very good sign. And it hasn't been technology. That's what's been interesting. We've seen other sectors start to participate. And you see financials, industrials, materials. It's gotten to be a lot more broad-based. And so that gives me some comfort that this actually can continue. Fund Strats, Mark Newton on CNBC. Novavax shares spiking. They've doubled on a deal with French drugmaker Senefi to commercialize a COVID vaccine and develop combination shots targeting COVID variants and the flu at the same time.

Zeker, a Chinese rival to Tesla, hoping to attract U.S. investors today with an initial public offering, an IPO, even though you can't buy an actual Zeker EV in attract U.S. investors today with an initial public offering, an IPO, even though you can't buy an actual Zeker EV in the U.S. Zeker, just like so many other Chinese car companies, really has no presence or plans to sell at this stage into the U.S., so the impact is limited. However, it does have big plans to sell overseas, especially in Europe, because the competition here in China is just so fierce. So in terms of the IPO, it's going to be trading later today under the ticker symbol ZK. CNBC's Eunice Yun in Beijing. OpenAI plans to announce its artificial intelligence-powered search product on Monday to rival the search king Google. The announcement, a bit of a troll move

coming the day before the start of Google's big I.O. conference. Exxon's CEO getting a thumbs down from a major whale investor, the California pension system. CalPERS, the largest U.S. public pension fund, is considering a vote against ExxonMobil CEO Darren Woods' re-election to the company's board of directors. In comments to the Financial Times, the $463 billion pension plan says it is deeply concerned about Exxon's twin lawsuits challenging shareholder discontent over its greenhouse gas emissions and that Exxon has gone well beyond any other company in terms of suing shareholders. It adds, quote, there doesn't seem to be anything other than an agenda of sending a message of shutting down shareholders' ability to speak their mind. CNBC's Silvana Hanau.

Copper prices back to their highest since April of last year. That impacts input costs for many industries, including the home builders. Marriott holding its annual shareholders meeting today. New in theaters, 20th Century Studios' Kingdom of the Planet of the Apes and Tyler Perry's Not Another Church movie. Jessica Ettinger, CNBC. It's the first ever CNBC Changemakers Summit. Hear how this year's changemakers are reshaping business and redefining leadership. CNBC.