Labor Day holiday, Fed decision

Technology giant Microsoft announced It will open its first regional data center In thailand.

The company said it will also build new cloud and AI infrastructure in Thailand, as well as provide AI skills opportunities to more than 100,000 people.

Microsoft said the data center region will expand the availability of its large-scale cloud services, “facilitating reliability, performance, and compliance with enterprise-level data residency and privacy standards.”

– Lim Hui Ji

Oil prices fell for the third day in a row as US inventories rose as well as optimism about a ceasefire agreement in the Middle East.

Brent contracts fell 0.88 percent to $85.57 a barrel, while US West Texas Intermediate crude saw a greater loss of 1.03 percent to $81.09 a barrel.

Reuters reported that US crude oil inventories swelled last week by 4.906 million barrels, while gasoline and distillate inventories declined, according to market sources citing American Petroleum Institute figures on Tuesday.

– Lim Hui Ji

Reuters reported, citing financial market data issued by the Bank of Japan, that the sudden rise of the yen on Monday was likely due to the intervention of the Japanese authorities.

Money market data He revealed that the central bank's forecast for money market conditions on Wednesday indicates a net receipt of funds worth 7.56 trillion yen ($47.91 billion).

This compares to estimates ranging from 2.05 billion to 2.30 billion yen from money market brokerages, which rule out intervention, Reuters said, adding that the settlement of currency trades takes two days.

On Monday, the yen fell to a 34-year low against the dollar, reaching 160.03 before rising to around 155 within a few hours.

South Korea recorded a 13.8% increase in exports in April, a sharp increase compared to a 3.1% rise in March, according to preliminary estimates by the country's customs service.

The increase also exceeded the 13.7 percent increase expected by economists polled by Reuters.

Imports into South Korea rose 5.4%, less than the expected 6.2% rise and reversing the 12.3% decline in March.

As such, the country's trade balance shrank to $1.53 billion, down from $4.29 billion recorded in March.

– Lim Hui Ji

The outlook is starting to look bright for biotech stocks, according to some.

With markets now expecting the first rate cut to take place in September rather than June or July, as previously thought, biotech stocks could start to perform well.

Biotechnology encompasses many different areas, but Citi has identified one of them as a $2.9 billion market — which it says is poised for further growth. According to Citi, its market is expected to grow at an average rate over the next five years.

CNBC Pro subscribers can read more here.

-Weezin Tan

Only two European stocks have positively surprised markets each quarter over the past five quarters, according to an analysis by CNBC Pro.

CNBC Pro examined Stoxx 600 stocks that report EPS numbers and have analyst estimates available on FactSet.

One stock stood out after several big jumps in stock prices following quarterly earnings releases. Most recently, the company beat earnings estimates by 6.1% and shares rose more than 8% in the following session. Likewise, the stock rose 12.8% in one session four quarters ago.

CNCB Pro subscribers can read more about the stock here.

-Ganesh Rao

Bitcoin continued its month-long decline to close out April, falling 4% and at one point trading just below the $60,000 level.

The leading cryptocurrency is on track to end the month down 15% and record its first negative month in the past eight. This will be the worst month since November 2022, when FTX collapsed. Still up 43% for 2024.

Stocks whose performance is linked to the price of Bitcoin fell with the cryptocurrency. Cryptocurrency exchange Coinbase fell 6%, while MicroStrategy lost 15%. The self-described software company and Bitcoin developer also reported a loss in the first quarter.

In the mining sector, Marathon Digital fell 10.5%, while Riot Platforms lost 8.5%. IREN and CleanSpark both fell by 7%.

To learn more about what's in store for Bitcoin next month, read our investment forecasts here.

– Tanya Machel

Consumer confidence reached its lowest level since mid-2022 in March as concerns about employment and inflation grew The conference board reported Tuesday.

The board's benchmark index registered a reading of 97, below the slump of 103.1 in March, and missing the Dow Jones estimate of 103.5. This was the index's lowest level since July 2022, although board officials said their measure of current conditions remained at a fairly healthy level and the headline index had been in a “relatively narrow range” for more than two years.

However, there were concerns about the direction things were headed. Dana M. said: Peterson, the board's chief economist, said participants' answers reflected that “high price levels, especially for food and gas, dominated consumer concerns, with politics and global conflicts a close second.”

—Jeff Cox

Total workers' compensation costs rose more than expected in the first quarter, providing another sign that inflation pressures will not go away.

The Employment Cost Index rose 1.2% during the period, faster than 0.9% in the fourth quarter of 2023 and higher than the Dow Jones estimate of 1%. The Ministry of Labor reported Tuesday. Federal Reserve officials are monitoring the index as a sign of underlying inflation.

On an annual basis, the civilian workers index rose by 4.2% after rising by 4.8% for the same period in 2023.

—Jeff Cox