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Nasdaq ticks higher as traders await big tech earnings and Fed meeting decision: Live updates

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19 Mins Ago

Tesla bounces after posting worst week since October

Tesla climbed on Monday, regaining some ground after last week’s post-earnings sell-off.

Shares of the electric vehicle maker added nearly 3% on Monday. That comes after the stock finished last week down more than 13%, its worst weekly performance since October.

See Chart…

Tesla since Jan. 22

Tesla reported weak auto revenue on Wednesday and warned of slowing growth in 2024. The stock has dropped more than 24% in the new year, relinquishing gains after more than doubling its share price in 2023.

— Alex Harring

33 Mins Ago

Oil falls as China property crisis overshadows geopolitical risk

Oil prices tumbled on Monday as worries grow about the impact of China’s property crisis on its economy.

The West Texas Intermediate contract for March fell $1.01, or 1.29%, to trade at $77 a barrel. The Brent contract for March dropped 94 cents, or 1.13%, to trade at $82.61.

Crude prices fell after a court in Hong Kong ordered the liquidation of Evergrande, which was once China’s largest property developer. Traders are worried China’s property crisis is weighing on its economy and the slowdown could soften demand for oil this year.

Oil rose more than 1% earlier in the session after three U.S. soldiers were killed in a drone strike on base in Jordan. The U.S. blamed Iran-allied militants for the attack.

“It’s a critical inflection point for the Biden administration because we really have to see whether he will have a serious escalatory response to this attack,” Helima Croft with RBC Capital Markets told CNBC’s “Worldwide Exchange” on Monday.

— Spencer Kimball

40 Mins Ago

Lucid stock soars in mystery move

Lucid‘s stock is soaring for reasons that are not clear.

The electric vehicle maker’s shares were up nearly 17% on Monday morning without any public announcement or news to fully explain the move.

But a high amount of Lucid’s outstanding shares, some 29%, have been sold short, according to FactSet. A high short interest can create volatile stock moves.

— Spencer Kimball

55 Mins Ago

Stocks making the biggest moves midday: Dollar Tree, iRobot, Bloom Energy and more

Check out the companies making headlines in midday trading.

McGrath RentCorp — Shares jumped more than 9% after WillScot Mobile Mini, an equipment rental company, said it would buy McGrath RentCorp in a $3.8 billion cash-and-stock transaction.

Dollar Tree — Shares of the discount retail chain popped 1% following an upgrade to overweight from neutral at JPMorgan. As catalysts, the bank cited a larger total addressable market and higher profitability.

SoFi Technologies – Shares of the financial services provider surged 21% after the company reported its fourth-quarter financial results. SoFi posted earnings of 2 cents per share, beating Wall Street estimates by 2 cents, according to LSEG. It also reported $594.2 million in revenue, while analysts anticipated $571.8 million.

The full list can be found here.

— Hakyung Kim

2 Hours Ago

Energy stocks drag on S&P 500

Energy names hurt the S&P 500 in Monday’s session.

The broad index inched up about 0.1% in morning trading. But it was weighed on by a slide in energy stocks, with the sector down 0.7%.

Every stock in the energy sector traded lower in the session. APA was the biggest loser, sliding 1.7%,

On the other hand, consumer discretionary was the best performing sector with a 0.3% advance. Tesla led the sector higher with a gain of more than 2%, regaining some ground after sliding more than 13% last week on the back of earnings.

— Alex Harring

2 Hours Ago

Goldman’s Kostin says economic growth matter most to stocks

For equity investors who are worried about rising yields, Goldman Sachs’ head of U.S. equity David Kostin said stocks tend to ignore the bond market.

“Growth, rather than changes in yields or the shape of the curve, is the most important driver for equity returns,” Kostin said in a note to clients.

The S&P 500 hit an all time high last week, while the benchmark 10-year Treasury yield has been steadily climbing this year, up about 25 basis points. Kostin noted that these moves prompted questions from his clients about the interplay between interest rates and equities.

“Stocks have typically posted the greatest returns during periods of strong economic growth, regardless of whether the yield curve was steepening or flattening,” he said. “Equity returns following yield curve normalization have also been positive provided the US economy avoided a recession.”

— Yun Li

3 Hours Ago

Stock open little changed

Stocks were little changed to start the week, with Wall Street readying for the forthcoming Federal Reserve policy meeting and a fresh batch corporate earnings.

The S&P 500 ticked down 0.02% while the Nasdaq Composite fell 0.03%. The Dow Jones Industrial Average added 5 points, or 0.02%.

— Brian Evans

3 Hours Ago

Texas crude oil touches two-month high early Monday

Crude oil continued to rally on Monday with the U.S. benchmark at a two-month high and the international benchmark reaching its highest in almost three months.

March West Texas Intermediate futures contracts briefly touched a high of $79.29, the highest since Nov. 30, and are now about 8.5% higher on the month, the first gain in four months. In January, crude oil may post its strongest month since July, depending how this week shakes out.

March Brent contracts got as high as $84.80 on Monday, the highest since Nov. 7, and are ahead 7.9% in January.

In the Energy Select SPDR ETF (XLE), Marathon Petroleum, Valero, Phillips 66 and Halliburton are all ahead almost 4% or more month-to-date.

— Scott Schnipper, Gina Francolla

4 Hours Ago

iRobot slumps 18% after terminating merger deal with Amazon

Shares of iRobot plummeted 18% before the bell after Amazon axed its deal to buy the Roomba maker following antitrust scrutiny.

“Amazon’s proposed acquisition of iRobot has no path to regulatory approval in the European Union, preventing Amazon and iRobot from moving forward together—a loss for consumers, competition, and innovation,” the companies said in a release.

iRobot also said it plans to cut about 350 employees, or 31% of its workforce as part of a restructuring plan.

Amazon shares were marginally higher.

— Samantha Subin

4 Hours Ago

There’s not ‘any rush’ for Fed to cut, Ed Yardeni says

Yardeni Research president Ed Yardeni said on “Squawk Box” that the Federal Reserve should hold interest rates steady for a little while longer.

“I don’t think there’s any rush for the Fed to ease right away here. They’ve got the risk of the Middle East creating a 1970s scenario due to energy shocks, and if they ease and become too dovish they’ll get a 1990s scenario, which is irrational exuberance,” Yardeni said.

The Fed’s next policy decision is due out on Wednesday, with the following two decision days coming on March 20 and May 1.

— Jesse Pound

5 Hours Ago

Stocks making the biggest moves before the bell: Dollar Tree, American Airlines and more

These are the stocks moving the most in premarket trading:

  • Dollar Tree — Shares of the discount retailer popped nearly 2% after JPMorgan upgraded them to overweight from neutral.
  • American Airlines — The airline stock added 1.5% following an upgrade to buy from neutral at Citi.
  • ZoomInfo Technologies — The software stock popped 5.5% after Bank of America analyst Koji Ikeda upgraded it to buy from neutral.

Read the full list of stocks moving here.

— Lisa Kailai Han

5 Hours Ago

FanDuel parent-company Flutter will list on the NYSE Monday, rivals DraftKings for market share

FanDuel parent-company Flutter will make its debut on the New York Stock Exchange on Monday, as the company looks to further cement its standing in the U.S. market.

The company will also maintain its main listing on the  London Stock Exchange and will continue to be included in the FTSE 100 index. FanDuel dominates the U.S. online sports betting landscape alongside DraftKings.

— Brian Evans

5 Hours Ago

JPMorgan strategist is cautious on global earnings growth

Global corporate earnings growth could be under pressure this year as the world economy softens slightly, according to JPMorgan strategist Mislav Matejka.

“We are generally cautious on global earnings prospects given elevated margins and the risk of pricing and volume disappointments,” Matejka wrote. “Consensus expectations of a re-acceleration in EPS momentum this and next year might end up too optimistic.”

“Within this, relative regional earnings prospects matter for the relative regional performances. Most recently the US outperformance has been aided with better relative EPS momentum,” Matejka added.

— Fred Imbert

13 Hours Ago

Oil prices slightly higher after Iran-linked missiles kill U.S. troops

Oil prices advanced after missiles launched by Iran-backed militants killed U.S. troops in Jordan.

Global benchmark Brent traded 0.35% higher at $83.84 a barrel Monday, while the U.S. West Texas Intermediate futures rose 0.42% to $78.34 per barrel.

According to the White House, three U.S. service members were killed in an unmanned aerial drone attack on forces stationed in a northeast Jordan outpost near the Syria border on Sunday.

—Lee Ying Shan

15 Hours Ago

Evergrande shares plunge 12% before trading halt as court orders liquidation

Hong Kong-listed shares of Evergrande plunged 12.2% in early trading before being halted on Monday as a Hong Kong court order the liquidation of the Chinese real estate developer.

Once one of the country’s largest property developers, Evergrande has been enveloped in the Beijing’s debt crisis in recent years.

The world’s most indebted property developer defaulted in 2021 and announced an offshore debt restructuring program in March last year.

Before the ruling, the Wall Street Journal reported that Evergrande’s overseas creditors failed to reach an 11th-hour deal this weekend to restructure, which could mean an imminent liquidation for the real estate

— Shreyashi Sanyal

16 Hours Ago

Singapore central bank stands pat in first policy meeting of the year

Singapore’s central bank left its monetary policy unchanged as expected on Monday in its first quarterly monetary policy decision of 2024.

The Monetary Authority of Singapore said it will maintain its exchange rate policy band known as the Singapore dollar nominal effective exchange rate or S$NEER.

“MAS will closely monitor global and domestic economic developments, and remain vigilant to risks to inflation and growth,” the central bank said in a policy statement.

The central bank said it expects the country’s gross domestic product to improve in 2024, estimating growth between 1% and 3%.

The MAS said core inflation is expected to rise in the current quarter “due in part to the one-off impact of the 1%-point hike in the GST from January this year.” Singapore raised its goods and services tax by one percentage point on Jan. 1.

The benchmark Straits Times index edged 0.1% higher in early trading.

Read the full story here.

— Shreyashi Sanyal

18 Hours Ago

Six Dow companies reporting earnings this week

Six of the 30-stock Dow Jones Industrial Average will be releasing their quarterly results this week.

Microsoft will be reporting its earnings on Tuesday after the bell. Boeing, which has been battered by issues with its 737 Max 9 planes, will be posting its quarterly earnings Wednesday morning.

On Thursday, Honeywell and Merck will be reporting, followed by Apple after the bell. Chevron will be announcing its results Friday morning.

— Hakyung Kim

19 Hours Ago

Stock futures open lower

U.S. stock futures declined Sunday night.

Futures tied to the Dow Jones Industrial Average declined 86 points, or 0.2%. S&P 500 and Nasdaq 100 futures were down 0.2% and 0.3%, respectively.   

— Hakyung Kim

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