CNBC Daily Open: In this time of uncertainty, markets seem to rely on logic

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. Asia-Pacific stocks mostly roseate Friday. However, Japan's Nikkei 225 slipped astir 0.8% arsenic Tokyo's ostentation successful October dropped to a six-month debased of 1.8% twelvemonth connected year.

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. 

Tariffs of China's alloy exports
China's steel exports volition deed 109 cardinal tons this year, the highest level since 2016, estimation strategists astatine Macquarie Capital. However, countries astir the satellite are implementing tariffs connected Chinese steel, which analysts foretell volition little the country's alloy exports starting 2025.

Flights to China cut
Major airlines are reducing flights to China, downsizing the jets they deploy connected Chinese routes, oregon pulling retired from the state entirely. Rising costs resulting from the closure of Russian airspace arsenic good arsenic little request for question to China are immoderate factors down this move.

[PRO] Short Amazon and Apple?
Amazon and Apple study net connected Thursday, Oct. 31. Itau BBA, the largest concern slope successful Latin America, recommends investors to short some stocks earlier due to the fact that its condemnation level for Amazon and Apple is debased this quarter.

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.