Stocks are navigating choppy waters as the bond market faces recent turbulence, impacting major private credit firms like KKR and Apollo Global. Meanwhile, the shipping industry is gearing up for the holiday season with several stocks hitting new highs. Additionally, Micron Technology is making strides in AI memory technology, with CEO Sanjay Mehrotra highlighting its strategic importance.
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Stocks are under pressure as the bond market experiences turbulence, impacting key sectors and setting the stage for the next trading session. CNBC's producers are closely watching several areas that could dictate market movement.
Private Credit and the Bond Market: Significant drops have been observed in major private equity stocks over the past few days. Ares Management has fallen 2.6%, KKR is down 6.1%, Blue Owl Capital has dipped 6.7%, and Apollo Global has seen a 7.6% decline. CNBC's Leslie Picker will delve into the implications of the recent bond market volatility for these stocks.
The Shipping Market and Holiday Countdown: With 99 days until the post-Thanksgiving shopping frenzy and 127 days until Christmas, the shipping market is in focus. Pippa Stevens will report on the major ocean liner stocks, many of which have hit new highs in August. AP Moller is up 21% for the month, Frontline has gained 10.6%, and the SonicShares Global Shipping ETF (BOAT) is up nearly 10%. Diana Shipping has seen a 9% rise, while Hapag-Lloyd and ZIM are each up around 8%.
Micron's AI Ambitions in Boise: Jim Cramer visited Micron's headquarters in Boise, Idaho, where the company unveiled its new Micron Research Labs. CEO Sanjay Mehrotra emphasized the lab's role in advancing U.S. leadership in semiconductor and memory technology, stating, "Memory is the strategic infrastructure for AI." The stock saw a roughly 4% increase during Cramer's visit. Micron now constitutes 26% of the Roundhill Memory ETF (DRAM), which has more than doubled since its April launch. Further analysis of Micron and memory stocks will be featured on "Morning Call" with Morgan Brennan.
