November 22, 2024

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Stock Market Today: Live Updates

Stock Market Today: Live Updates

8 minutes ago

Stock futures extend losses

US stock futures added to losses less than an hour before Tuesday’s opening. Dow Jones Industrial Average futures were last down 322 points, or 0.95%. S&P 500 and Nasdaq 100 futures fell 0.8% and 1.1%, respectively.

– Hakyung Kim

16 minutes ago

Stocks making the biggest pre-market moves

Here are some of the companies that made the biggest moves in the primary market:

  • Vir Biotechnology – The immunology company jumped 13.4% after Goldman Sachs upgraded the stock to Buy from neutral. The Wall Street firm also said the virus could double, citing the company’s release of flu vaccine data next year.
  • AutoNation — The auto dealer fell 1.8% after JPMorgan cut the rating below neutral. The company said AutoNation was starting to look overpriced amid declining consumer demand for cars.
  • HSBC Holdings – The bank gained about 4% after reporting fourth-quarter earnings that beat analyst estimates. HSBC said it had achieved strong revenue growth and lower operating expenses.

To see more stocks moving in pre-market trading, read the full story here.

– Michelle Fox

31 minutes ago

Investors are looking forward to the economic data that will be released this week

Upcoming economic data announcements will give investors greater insight into the state of the US economy, according to Oppenheimer, after a volatile week for stocks and bonds.

“U.S. investors and traders looking back into a brief President’s Day week have a lot to consider as fourth-quarter earnings season approaches with results,” John Stoltzfus, chief investment strategist, wrote in a note on Tuesday.

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He continued: “From a macro perspective, this week’s slice of economic data should provide a source of insights and commentary on the health of the US economy especially with regard to inflation, monetary policy and earnings in the coming months with earnings results and economic data to call out the direction of stocks, bonds and other assets.”

The Fed is scheduled to release the minutes of its January 31 and February 1 meeting on Wednesday. The quarterly GDP growth rate and consumer confidence data for February will be released on Thursday and Friday, respectively.

– Hakyung Kim

one hour ago

Wal-Mart reported better-than-expected earnings, but shares are falling

Wal-Mart shares fell 2.5% even after the retail giant reported better-than-expected results for the previous quarter.

The company earned $1.71 per share on revenue of $164.05 billion in the fiscal fourth quarter. Analysts had expected earnings per share of $1.51 on revenue of $159.72 billion.

However, CFO John David Rennie said: “The consumer is still very hard pressed.”

“And if you look at the economic indicators, balance sheets are thinning and savings rates are lower than in previous periods. That’s why we’re taking a very cautious view of the rest of the year.”

Fred Imbert, Melissa Rybko

2 hours ago

Home Depot is after earnings

see chart…

HD falls after earnings

13 hours ago

Walmart, Home Depot are set to report earnings

Retail giants Walmart and Home Depot are due to report earnings on Tuesday, and they could give investors an insight into how well the consumer is doing. Both companies are scheduled to release their latest quarterly results before the bell.

FactSet data showed that Home Depot’s earnings beat expectations for 10 consecutive quarters. Meanwhile, Wal-Mart has outperformed analyst expectations in eight of the past 10 quarters.

Walmart and Home Depot have lagged behind the broader market to start 2023. Walmart stock is up just 3.3% year-to-date, while Home Depot is up just 0.7%. The S&P 500 is up more than 6% in that time.

14 hours ago

Traders are looking forward to the Fed’s meeting minutes

The Federal Reserve issuance from January 31 to February. The first meeting minutes could be a market-moving event this week, as traders continue to look for clues to the central bank’s next policy moves.

The minutes are scheduled to be issued on Wednesday at 2:00 p.m. At that meeting, the central bank raised interest rates by 25 basis points and indicated it expected “continued” increases.

Last week, St. Louis Fed President James Bullard said a 50 basis point rate hike could not be ruled out at the next meeting. He also said that he had called for such a price increase at the last meeting.

– Fred Imbert

14 hours ago

Goldman Sachs says tech stocks are seeing a lot of shorting

Goldman Sachs said that many traders who lack the technology are unwinding these positions.

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The bank’s strategists note that over the past 12 trading days, buying on US technology names has been primarily driven by short covering “and to a much lesser extent long positions.”

“Cumulatively, short coverage of US technology stocks from January 31 to February 15 is the second largest covering by volume over any 12-day period in the past decade and ranks at 99.5 percent,” Goldman said.

– Fred Imbert, Michael Blum

14 hours ago

Stock futures open lower

US stock futures got off to a rough start Monday night. Dow and S&P 500 futures lost 0.3% and 0.2%, respectively. Nasdaq 100 futures also fell 0.2%.

– Fred Imbert