CNBC Daily Open: Too early to fret about tech pullback?

November is historically the best month for the S&P 500, which gains an average of 1.8% during the period, according to the Stock Trader’s Almanac.

But the first full trading week of the month saw stocks caught in November rains.

The S&P 500 and Dow Jones Industrial Average each lost more than 1%, while the Nasdaq Composite shed around 3% — that’s its largest weekly loss since the tech-heavy index slumped 10% in the week ended April 4.

A few months ago, tariffs were the shadows that stalked stocks. Now, it’s fears that artificial intelligence-related stocks are trading at prices disconnected from what the firms are actually worth.

“You’ve got trillions of dollars tied up in seven stocks, for example. So, it’s inevitable, with that kind of concentration, that there will be a worry about, ‘You know, when will this bubble burst?‘” CEO of DBS, Southeast Asia’s largest bank, Tan Su Shan told CNBC.

Goldman Sachs’ CEO David Solomon also thinks choppy waters might be ahead.

“It’s likely there’ll be a 10 to 20% drawdown in equity markets sometime in the next 12 to 24 months,” Solomon said Tuesday at the Global Financial Leaders’ Investment Summit in Hong Kong.

That said, a pullback isn’t necessarily bad for stocks. It could even present “buying opportunities” for investors, according to Glen Smith, chief investment officer at GDS Wealth Management.

After all, earnings have been “reassuring” despite worries about tech stocks’ high valuations, Kiran Ganesh, multi-asset strategist at UBS, told CNBC. That means the rain might not last and the rally could find a way to run a little longer.

— CNBC’s Lee Ying Shan, Hugh Leask and Lim Hui Jie contributed to this report.

Major U.S. index were mixed Friday stateside. The S&P 500 and Dow Jones Industrial Average inched up more than 0.1%, but the Nasdaq Composite closed 0.21% lower. The pan-European Stoxx 600 lost 0.55%. U.S. futures rose Sunday evening stateside.

China consumer prices pick up in October. The consumer price index, released Sunday, showed a 0.2% growth year on year. It beats analysts’ expectations of zero growth and is the first month since June that prices rose.

U.S. government on track to end shutdown. Enough Democratic senators had agreed to vote for a deal that would fund the U.S. government through the end of January, a person familiar with the deal told CNBC.

Another missed jobs report. The ongoing U.S. government shutdown — which is now the longest ever — means the Bureau of Labor Statistics couldn’t release its monthly employment data. Here’s what economists would have expected the report to show.

[PRO] Stocks that could bounce after sell-off. Using CNBC Pro’s stock screener tool, we found several names that are oversold, according to their 14-day relative strength index. This implies they could be due for a recovery in prices.

A global wealth boom is fueling a rise in family office imposters

Fundraisers and fraudsters are presenting themselves as family office representatives, seeking to dupe gullible investors — and then there are also imposters who are in it just for an “ego boost,” several industry veterans told CNBC.

An information vacuum seems to have encouraged imposters. In many markets, genuine single family offices, or SFOs, are exempt from registering so long as they manage only family money. That privacy norm often makes verification hard, said industry experts.

— Lee Ying Shan