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Stock market today: Live updates
22 Mins Ago
Apple retakes the crown as world’s most valuable company, surpassing Microsoft
Jakub Porzycki | Nurphoto | Getty Images
Apple once again became the world’s most valuable company, edging out Microsoft on Wednesday morning after reaching a market cap of $3.244 trillion.
The smartphone maker unveiled its new artificial intelligence features, called Apple Intelligence, during its developers conference keynote on Monday. The company announced it would integrate generative AI technology across its native apps and its latest devices, with plans to implement features such as writing-assistance technology.
Analysts walked away from the conference optimistic that Apple’s AI efforts could lead to a new, and long-anticipated, iPhone upgrade cycle. BTIG said Tuesday that Apple looks poised to beat Nvidia and the rest of the “Magnificent Seven” batch of Big Tech stocks from here.
For more, read here.
— Pia Singh
55 Mins Ago
New York Stock Exchange advancers lead decliners 7-1
Wednesday’s early rally showed strong breadth, with the bulk of New York Stock Exchange-listed stocks trading higher. As of 10:30 a.m. ET, more than seven stocks traded higher for every decliner at the NYSE. Overall, 2,337 names were up, while only 322 slipped.
— Fred Imbert
55 Mins Ago
Doubleheader CPI and Fed days are typically positive for market, data shows
Traders work on the floor of the New York Stock Exchange during morning trading on June 12, 2024 in New York City.
Michael M. Santiago | Getty Images
Days like Wednesday where there is both a Federal Reserve policy meeting and consumer price index report are typically good for stocks, according to Oppenheimer’s sales and trading team.
There has only been 13 occurrences in the past 15 years when both have taken place on the same day. On the average session of these 13, the market rose 0.7%.
— Alex Harring
An Hour Ago
Bitcoin climbs toward $70,000 after cool CPI reading
The price of bitcoin rose more than 3% Wednesday morning after the Bureau of Labor Statistics reported the consumer price index held flat in May.
“How you’re seeing the market respond today is indicative that even the slightest cooling of the CPI and inflation is enough to make the market believe rate cuts are coming in the near future,” said Chris Kline, co-founder and chief operating officer of BitcoinIRA. “This expectation is driving up prices of all assets, including bitcoin.
“That said, these moves offset pullbacks from last week,” he added. “I would expect the real breakouts for bitcoin to happen later this summer as the lagging halving effect kicks in.”
Crypto-related equities rose with bitcoin and the broader market for risk assets. Coinbase added 4% and MicroStrategy gained 7%. Miners across the board were higher, too, although Riot Platforms and CleanSpark saw some of the biggest gains at more than 6% each.
— Tanaya Macheel
An Hour Ago
CPI data gives Fed ‘all clear’ to signal two cuts in 2024, Wolfe says
U.S. Federal Reserve Chair Jerome Powell holds a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., May 1, 2024.
Kevin Lamarque | Reuters
The consumer price index reading for May gives Federal Reserve Chair Jerome Powell the “all clear” to signal two interest rate cuts this year, according to Wolfe Research.
“Our expectation is that he’ll maintain a very dovish tone,” chief investment strategist Chris Senyek told clients in a Wednesday note ahead of the Fed meeting at 2 p.m. Wednesday. “This should favor the Mag 7 and the secular growers generally, as economic data continues to come in choppy over the remainder of the summer.”
May’s CPI data came in flat on the month and increased 3.3% from one year ago. The measure was expected to show a 0.1% increase from April, which would have equated to an aggregate annual rise of 3.4%.
The cooler-than-expected inflation data “keeps the ‘Fed Put’ firmly in place,” he said. This means that the market still expects the central bank to “step in and cut at the first signs of real economic weakness.”
— Sean Conlon
2 Hours Ago
Citron Research is no longer shorting GameStop
Andrew Left’s Citron Research said it is no longer shorting meme stock GameStop after the video game retailer raised billions of dollars in a stock sale to take advantage of the recent trading craze.
“It’s not because we believe in a turnaround for the company fundamentals will ever happen, but with $4 billion in the bank, they have enough runway to appease their cult like shareholders,” the firm said in a post on social media site X on Wednesday.
Citron shorted the stock again when meme stock champion and trader Roaring Kitty resurfaced online. More than three years ago, the short seller had quit short selling altogether after getting burned by its GameStop bearish bet in the retail trading mania.
— Yun Li
2 Hours Ago
A cooler inflation report adds to confidence the first rate cut is ‘rapidly approaching,’ investor says
A cooler inflation report adds to confidence the first rate cut from the Federal Reserve could come sooner, rather than later, according to Charlie Ripley, senior investment strategist at Allianz Investment Management.
“As we hear from the Fed later today, today’s inflation data should be another feather in the cap for Chairman Powell and raise the confidence for the rest of the voting members,” Ripley wrote. “More importantly, as we look further out on the calendar, the distance from here to the first rate cut of the cycle appears to be rapidly approaching.”
— Sarah Min
3 Hours Ago
Stocks open higher after cool inflation report
Traders work on the floor of the New York Stock Exchange during morning trading on June 12, 2024.
Michael M. Santiago | Getty Images
May’s cooler-than-expected inflation report sent stocks higher for Wednesday’s market open.
The S&P 500 added 0.9% while the Nasdaq Composite increased 1.1%, with both indexes opening at new record highs. The Dow Jones Industrial Average added 334 points, or 0.9%.
— Lisa Kailai Han
3 Hours Ago
Treasury yields fall sharply after CPI report
U.S. Treasury yields fell sharply Wednesday morning after the consumer price index report showed that inflation was unchanged month over month in May.
The 10-year Treasury yield fell 11 basis points to 4.293%. The 2-year Treasury yield sank 13 basis points to 4.701%.
Yields move opposite of bond prices, and a basis point is equal to 0.01 percentage points.
The move could be a sign that traders think the cool inflation report is making it more likely that the Federal Reserve will cut rates this year.
— Jesse Pound
4 Hours Ago
Consumer prices unchanged in May
Customers shops at a Target store in Miami, Florida, on May 20, 2024.
Joe Raedle | Getty Images
The consumer price index came in cooler than expected, giving stock futures a boost on hope that inflation pressures are easing.
CPI was unchanged in May month over month and up 3.3% from a year earlier. Economists polled by Dow Jones expected CPI to rise 0.1% month over month and 3.4% year on year.
Core CPI, which strips out food and energy prices, was also cooler than forecast, rising just 0.2% month on month. Core prices were expected to have increased 0.3%.
— Fred Imbert
4 Hours Ago
Stocks making the biggest premarket moves
Here are some of the stocks making the biggest moves before the bell:
- Paramount Global — The stock shed 3.3% after National Amusements stopped talks with Skydance on a proposed merger with Paramount, per CNBC’s David Faber.
- Oracle — Shares jumped 7.4% after the cloud services company announced deals with Google and OpenAI. Oracle expects to make its database available to Google Cloud beginning in November, and also planned to partner with Microsoft and OpenAI for additional computing capacity.
- Birkenstock — The stock slipped 2.6% following a downgrade to neutral from buy at Goldman Sachs. The bank said shares, which are up about 21% year to date, have outperformed the broader luxury peer group.
To see more names moving in the premarket, read the full story here.
— Michelle Fox
4 Hours Ago
Wednesday’s economic developments will set tone for markets in the near term, UBS says
Tourists pay at a food cart in New York City on June 11, 2024.
Adam Gray | Getty Images
While investors are largely in agreement that the Federal Reserve will leave rates unchanged on Wednesday, it’ll still be a pivotal day to set the near-term tone for the market, according to UBS.
Starting in the morning with May’s consumer price index reading, investors will be looking for evidence that costs and inflation is coming down, the bank wrote.
But “the most concrete metric for investors will be the quarterly release of the dot plot—which charts the interest rate predictions of top Fed officials,” the bank said. “A dot plot that only narrowly avoids a decline to one implied rate cut would likely cause more anxiety, as it would suggest a more hawkish tilt to policy.”
UBS is still forecasting that the U.S. central bank will cut rates twice this year, with the first taking place in September.
— Lisa Kailai Han
5 Hours Ago
Weekly mortgage application volume surges nearly 16%
Data from the Mortgage Bankers Association showed total mortgage application volume surged 16% relative to the week prior as rates fell slightly.
“Lower rates earlier in the week meant a strong increase in refinance activity, particularly for VA borrowers, who jumped on the chance to lower their rates,” said Mike Fratantoni, MBA’s senior vice president and chief economist.
— Fred Imbert, Diana Olick
9 Hours Ago
European markets open higher
European markets opened higher on Wednesday, with most sectors starting the day in the green.
The pan-European Stoxx 600 was up 0.35% at 8:14 a.m. London time. Banks led gains and were last up 0.84%, while autos stocks dropped 0.78%.
The U.K.’s FTSE 100 was last up 0.56%, while France’s CAC 40 rose 0.35% and Germany’s DAX was 0.39% higher.
— Sophie Kiderlin
18 Hours Ago
DoubleLine Gundlach says Fed’s dot plot will show 2 cuts for 2024
Jeffrey Gundlach
Adam Jeffery | CNBC
DoubleLine Capital CEO Jeffrey Gundlach believes the Federal Reserve’s so-called dot plot will show a projection of only two rate cuts for this year, he said in an investor webcast Tuesday after the bell.
That would be down from the previous forecast of three interest rate cuts indicated for 2024.
The dot plot indicates how 19 FOMC members, both voters and nonvoters, expect where rates would be through the end of the year and out to 2026 and beyond.
The noted fixed income investor previously said he sees no more than one interest rate cut this year as the Fed continues to fight inflation.
— Yun Li
18 Hours Ago
Oracle, Rentokil among stocks making biggest after-hours moves
A pedestrian walks by Oracle headquarters on March 11, 2024 in Redwood Shores, California.
Justin Sullivan | Getty Images
Check out the companies making headlines in after-hours trading:
- Oracle — The tech company’s shares jumped nearly 9% after it announced cloud deals with Google and OpenAI, despite posting a miss on fiscal fourth-quarter results. Oracle posted adjusted earnings of $1.63 per share on revenue of $14.29 billion, while analysts expected earnings of $1.65 per share on $14.55 billion in revenue.
- Rubrik — Shares of the cloud data management company advanced 1.4% after beating first-quarter expectations on revenue. Rubrik reported $187 million in revenue for the period, while analysts polled by LSEG anticipated $172 million.
- Rentokil Initial — Shares in Terminix-parent Rentokil jumped about 7.5% after Nelson Peltz’s Trian Partners confirmed it has taken a significant position in the pest-control giant and is currently a top-10 shareholder of the company.
For more, read here.
— Pia Singh
18 Hours Ago
Stock futures open little changed Tuesday night
Stock futures were slightly lower shortly after 6 p.m. ET. S&P 500 and Nasdaq 100 futures traded lower by 0.05% and 0.09%, respectively. Dow futures slipped just below the flatline, meanwhile.
— Pia Singh