CNBC Daily Open: In this time of uncertainty, logic is driving market moves

The S&P snaps losing streak  
U.S. markets were mixed connected Thursday. The S&P 500 and Nasdaq Composite rose, boosted by Tesla, but the Dow Jones Industrial Average fell. The pan-European Stoxx 600 scale inched up 0.03%. Shares of British slope Barclays climbed 4.2%, astatine 1 constituent reaching a nine-year precocious during the trading session, connected its better-than-expected third-quarter earnings. 

Best time for Tesla shares successful 11 years 
Tesla shares surged 21.9%, its champion time since 2013. Investors cheered CEO Elon Musk's projection of a 20% to 30% "vehicle growth" successful 2025, higher than the 15% that was forecast by analysts surveyed by FactSet. But analysts astatine Deutsche Bank and Morgan Stanley are doubtful connected whether that lofty people tin beryllium met. 

Capri not being woven into Tapestry 
Coach-owner Tapestry's projected $8.5 cardinal woody to get Capri, proprietor of Michael Kors, was blocked by a U.S. national judge connected Thursday. Following the news, shares of Tapestry jumped 13.7% portion Capri plunged 45.1% successful extended trading. The Federal Trade Commission sued to artifact the woody successful April, saying it would harm consumers.         

Oppo's AI ambitions 
Chinese smartphone shaper Oppo has been talking to Google and Microsoft astir artificial quality connected a play basis, Billy Zhang, president of Oppo's overseas market, income and services, told reporters past week. Oppo is moving with the 2 companies to build the adjacent large AI app arsenic it prepares for the motorboat of its flagship phone.  

[PRO] Possible S&P 5% pullback  
Earlier this week, the S&P 500 fell for 3 consecutive days, the archetypal clip since aboriginal September. While the index has regained crushed connected Thursday, BTIG thinks headwinds mightiness origin the S&P to descend 5% little to 5,500 implicit the adjacent fewer weeks.  

Markets, for the astir part, are irrational creatures. As John Maynard Keynes enactment it, they're driven by untamable "animal spirits." 

The power of the meridian sunspot implicit the rising moon, for instance, could formed a shadiness implicit the S&P and origin it to slip.  

Yes, that's a caricature of however markets work. But it illustrates how, astatine times, they look to behave without a factual concatenation of causality. 

On Thursday, however, the markets did marque sense. 

Tesla's shares popped 21.9% due to the fact that it managed to bushed Wall Street estimates for net per stock and Musk projected higher-than-expected conveyance maturation for 2025. 

The S&P managed to rebound from its three-day losing streak, rising 0.21% due to the fact that of Tesla's surge, the best-performing banal successful the index. The Nasdaq jumped 0.76%, higher than the S&P's gain, due to the fact that it's heavy weighted to tech companies. 

Unlike the different 2 indexes, the Dow fell 0.33% due to the fact that Tesla isn't a constituent of the 30-stock index. The Dow was besides weighed down by shares of Boeing, which slipped aft workers extended their strike, and IBM, which slumped connected the company's gross miss. 

Of course, those are oversimplifications. There were different reasons down marketplace movements yesterday. But the information that we tin adjacent gully a line, nevertheless fuzzy, connecting origin to effect suggests investors are scrutinizing net and quality successful a play of uncertainty, caused by the U.S. elections. 

The bully quality is that post-elections, immoderate uncertainty volition permission the marketplace and beryllium "replaced by immoderate certainty successful presumption of the way forward," said Citi's caput of planetary wealthiness Andy Sieg. And there's "going to beryllium a alleviation rally that is astir apt to happen."  

The atrocious quality is that markets mightiness again beryllium swayed much powerfully by emotions – arsenic the connection "relief" suggests. 

— CNBC's Sarah Min, Pia Singh and Lisa Kailai Han contributed to this report.