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Stock market today: Live updates

Stock market today: Live updates
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19 Mins Ago

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PMI indexes for April come in lower than expected

Manufacturing and services activity hit multi-month lows in April, indicating a potential slowdown in U.S. economic growth.

The S&P Global Flash U.S. Composite PMI indexes showed a 49.9 reading for manufacturing, down from 51.9 in February and the lowest reading in four months. On the services side, the index came in at 50.9, compared to 51 the prior month. Economists surveyed by Dow Jones had been looking for 52 readings on both measures.

The diffusion indexes measure the percentage of companies reporting expansion, so anything below 50 points to contraction.

New orders measures dropped for the first time in six months. “Companies responded by scaling back employment for the first time in almost four years, with business confidence also waning to the lowest since last November,” the report stated.

—Jeff Cox

29 Mins Ago

Spotify jumps 13% after earnings beat

Shares of Spotify jumped 13% Tuesday after the streaming music company beat expectations on the top and bottom lines for the first quarter.

See Chart…

Spotify shares rose sharply after the company released first-quarter results.

Spotify reported 0.97 euros of earnings per share on 3.64 billion euros of revenue. Analysts surveyed by LSEG had penciled in 0.65 euros per share and $3.61 billion euros of revenue.

Spotify’s gross margin of 27.6% was up from 25.2% in the same quarter a year ago.

— Jesse Pound

41 Mins Ago

U.S. crude oil falls to lowest level since March, dips below 50-day moving average

U.S. crude oil hit a session low of $80.89 a barrel Tuesday, the lowest level since late March.

The West Texas Intermediate futures contract for June also dipped below the 50-day moving average of $81.22 a barrel for the first time since early February.

WTI was last trading at $81.51 a barrel, down 39 cents, while the June Brent futures contract was last down 36 cents at at $86.64 a barrel.

Traders have have bid down prices after a runup early this month on fears that Iran and Israel were on the brink of war. Those fears have largely dissipated as the bitter enemies have signaled they are not interested in a wider war after trading tit-for-tat strikes this month.

The market was also unconcerned about looming oil sanctions on Iran. The House of Representatives passed legislation over the weekend that would target ports, vessels and refineries that accept Iranian oil. The Senate could take up the legislation this week.

— Spencer Kimball

45 Mins Ago

Stocks open higher

Traders work on the floor of the New York Stock Exchange.

NYSE

Stocks opened higher on Tuesday, with Wall Street focused on a fresh slate of forthcoming tech earnings.

The S&P 500 added 0.4% shortly after the opening bell, while the Nasdaq Composite gained 0.4%. The Dow Jones Industrial Average climbed 124 points, or 0.3%.

— Brian Evans

An Hour Ago

Stocks making the biggest premarket moves

Here are some of the names making moves before the bell:

  • Novartis — Shares rallied 4.7% after the Swiss drugmaker topped expectations for its first quarter and raised its full-year guidance.
  • General Motors — The automaker moved nearly 5% higher after reporting $2.62 per share on revenues of $43.01 billion for the first quarter. Analysts polled by LSEG expected $2.15 per share on revenues of $41.92 billion.
  • Spotify — The stock jumped 8% after the music streaming company reported $3.64 billion in revenues for the first quarter, beating the LSEG consensus estimate of $3.61 billion.

To see more stocks moving in the premarket, read the full story here.

— Michelle Fox

2 Hours Ago

UPS rises on per-share earnings beat

UPS (United Parcel Service) trucks are parked at a UPS customer center on April 1, 2024 in Los Angeles, California. 

Mario Tama | Getty Images

United Parcel Service ticked 0.4% higher in Tuesday premarket trading after earnings per share topped Wall Street expectations.

UPS earned $1.43 per share in the first quarter excluding items, easily exceeding to consensus forecast of $1.29 from analysts polled by LSEG. On the other hand, revenue came in at $21.7 billion, under the $21.86 billion anticipated by analysts.

The Atlanta-based company also reiterated its full-year guidance on revenue, operating margins and capital expenditures.

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— Alex Harring

6 Hours Ago

Europe stocks open higher as FTSE hits record high

European stocks opened higher Tuesday, with the benchmark Stoxx 600 index up 0.5% by 8:40 a.m. London time.

The U.K.’s FTSE 100 climbed 0.5% to hit an all-time intraday high, while France’s CAC 40 was 0.2% higher, and Germany’s DAX up 0.7%.

11 Hours Ago

Chinese bubble tea company Chabaidao tumbles 30% in Hong Kong trading debut

The sign of ChaBaiDao is seen at its shop in Shanghai, China August 10, 2023. 

Aly Song | Reuters

Shares of Chinese bubble tea chain Chabaidao, officially listed as Sichuan Baicha Baidao Industrial, opened 10% lower in early trade on its trading debut in Hong Kong, before plunging more than 30%.

It is currently trading at HK$12.32, far below its IPO offer price of HK$17.50.

The IPO is Hong Kong’s largest listing so far this year. The company announced it had garnered net proceeds of 2.59 billion Hong Kong dollars ($330.5 million) from its IPO, before listing expenses.

Chabaidao offered 90% of its 147.7 million shares in a global offering, while the remainder 10% were offered in a public offer in Hong Kong.

However, the public offer was only 0.5 times subscribed, leading the firm to reallocate the remainder of the shares to the global offer, which was 1.11 times subscribed.

— Lim Hui Jie

13 Hours Ago

Yen hits fresh 34-year low of 154.85 early Tuesday

The Japanese yen weakened to a fresh 34-year low against the U.S. dollar early Tuesday, hitting 154.85 against the greenback.

This is the weakest the currency has been since the mid-1990s, although it has strengthened marginally to 154.74 as of 9:18 a.m. Tokyo time.

The currency will be watched by the Bank of Japan as it meets Friday, although the central bank has not announced a level where it will intervene.

14 Hours Ago

Australia’s business activity expands at fastest pace in 24 month: S&P Global

Australia’s business activity in April expanded at its fastest clip in 24 months, according to flash figures from S&P Global.

The country’s composite purchasing managers index came in at 53.6, compared to 53.3 in March.

Manufacturing PMI climbed to 49.9 from 47.3, just shy of the 50 mark that separates expansion from contraction, while services PMI slipped slightly to 54.2 from 54.4.

— Lim Hui Jie

15 Hours Ago

Stocks making the biggest moves after hours

The Cleveland-Cliffs steel plant in Riverdale on Feb. 17, 2023. 

E. Jason Wambsgans | Chicago Tribune | Tribune News Service | Getty Images

Check out the companies making headlines in after-hours trading.

  • Nucor — Shares slid 6.3% after the steelmaker’s first-quarter results fell short of estimates and it issued a lackluster second-quarter outlook. First-quarter earnings of $3.46 per share fell below the FactSet consensus estimate of $3.67 in earnings per share. Revenue of $8.14 billion was weaker than the estimated $8.26 billion. Nucor expects lower second-quarter earnings, citing “decreased earnings of the steel mills segment, primarily due to lower average selling prices partially offset by modestly increased volumes.”
  • Cleveland-Cliffs — The steel producer lost nearly 3%. Cleveland-Cliffs’ first-quarter results fell short of analysts’ expectations, with adjusted earnings of 18 cents per share on revenue of $5.2 billion. Analysts surveyed by LSEG estimated earnings of 22 cents per share and revenue of $5.35 billion.
  • Cadence Design Systems — Shares dropped 8.9% after the software company issued poor second-quarter guidance. Cadence Design Systems forecast second-quarter earnings per share of $1.20 to $1.24, lower than the $1.43 per share expected by analysts polled by FactSet. Revenue guidance between $1.03 billion and $1.05 billion also missed a FactSet consensus estimate of $1.11 billion.

Read the full list here.

— Sarah Min

16 Hours Ago

March new home sales data set to release Tuesday

New home sales is anticipated to have risen by 1.2% in March, according to economists polled by Dow Jones. That would be a jump from a 0.3% decline in the prior month.

The data is set to release 10 a.m. ET on Tuesday.

— Sarah Min

16 Hours Ago

Stock futures open little changed

Traders work the floor of the New York Stock Exchange.

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NYSE



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