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Stock Market Today: Live Updates
25 minutes ago
Dollar rises above 160 against the yen
The dollar appreciated to 160.40 against the greenback yen, marking the highest level since December 24, 1986, when the dollar traded at 161.37 against the yen. The rise raised speculation that Japanese policymakers could intervene to support the yen.
The dollar index reached its highest level since May 1 at 105.994.
Month to date, the dollar index rose 1.3%, bringing it to 4.6% in 2024.
See the graph…
Dollar to Yen in 2024
– Hakyung Kim, Gina Francolla
One hour ago
Rivian and FedEx among Wednesday’s biggest premarket movers
Here are some of the stocks moving before the bell:
- Rivian Automotive — Rivian Automotive shares soared more than 40% after the electric vehicle company secured up to $5 billion in financing in Volkswagen Group. A so-called short squeeze added fuel to the gain, as about 19% of Rivian shares available for trading were sold short before this news, according to FactSet.
- FedEx — FedEx shares rose 14% in strong fiscal fourth quarter results. The shipping giant beat Wall Street estimates in terms of top and bottom line and reported a 16% increase in capital spending in fiscal 2023 as cost-cutting measures take effect.
- Hydromassage — Whirlpool shares rose more than 18% after a Reuters report that Bosch is evaluating a bid for the home appliances company.
Read the full list here.
-Samantha Subin
One hour ago
Citi adds Shopify to its list of highest conviction ideas
Shopify is on the right side of artificial intelligence, growth and margins heading into 2025, according to Citi. The firm reiterated its buy rating on the stock and added it to its “focus list” of higher conviction ideas.
While Shopify’s investment cycle has pressured margin expansion this year, its increase in marketing spending is a net positive given the favorable return on investment, analyst Tyler Radke wrote in a note Wednesday.
“We like the stock’s event trajectory, delivering accelerated (albeit mechanical) revenue growth in 2H24, with profitability set to inflect in 2025,” he said. “Shopify also avoids ongoing macro/AI-induced budget uncertainty by being more of a ‘downstream beneficiary’ of AI trends.”
Shopify shares are up nearly 2% in premarket trading but are down about 17% year to date.
-Michelle Fox
2 hours ago
Rivian shares rise 37% on Volkswagen investment news
Electrical assembler Rivian rose 37.6% on news that the Volkswagen Group is planning to invest up to US$5 billion in the company.
Volkswagen is starting with a $1 billion investment in Rivian, with the remaining $4 billion expected by 2026.
The deal will help Rivian on its journey to becoming a cash flow-positive company, Rivian CEO and founder RJ Scaringe said Tuesday night during a conference call with investors.
More about the investment can be found here.
See the graph…
Rivian shares on Wednesday
– Hakyung Kim, Michael Wayland
6 hours ago
European markets open higher
European markets opened higher on Wednesday, reversing the negative sentiment seen in the previous trading session.
Major bourses started the day in green territory, with the UK’s FTSE 100 gaining 0.3%, France’s CAC 40 adding 0.41% and Germany’s DAX rising 0.6% as of 8:09am EDT. London.
The pan-European Stoxx 600 index rose 0.3% last quarter.
Technology stocks led the gains and were recently up 0.95%, while auto stocks were down 0.46%.
-Sophie Kiderlin
14 hours ago
Weak breadth is creating buying opportunities, says Liz Ann Sonders of Charles Schwab
Liz Ann Sonders, chief investment strategist at Charles Schwab, believes weakness in individual stocks is creating buying opportunities.
The investment chief noted that this year’s resilience at the index level disguised the weak breadth below the surface. She noted, for example, that a larger share of Nasdaq Composite constituents are below their 200-day moving averages than the S&P 500. For investors, she hopes this means the Nasdaq could outperform the S&P 500 on a relative from now on. .
It also suggests that investors can find individual buying opportunities, she said, although she urged investors to focus on quality companies with solid balance sheets and cash flow.
“I think opportunities are being created at the individual stock level because of how much weaker the breadth of average stocks has been,” Sonders told CNBC’s “Closing Bell” on Tuesday.
“I think they should remain high quality,” she added.
— Sarah Min
15 hours ago
Nvidia’s future OP/L and market cap could increase by the end of the year, says EMJ Capital’s Eric Jackson
Nvidia is poised to continue its monster run, according to Eric Jackson of EMJ Capital. The hedge fund manager forecasts its future price-to-earnings ratio to reach close to 70 and rise to $6 trillion in market value at $250 per share by the end of the year.
“This is a huge success,” the company’s founder and chairman told CNBC.Closing bell” on Tuesday, adding that the euphoria has not yet subsided. He sees the euphoria being reflected in an “elevated” valuation in the second half of 2024, when sales of its Blackwell chip begin to arrive and the future launch of its next – Rubin chip generation generates anticipation.
“No one is catching up to them,” he continued. “There are years left for this to happen. They will take advantage of the advantage they have.”
The chipmaker’s shares rose about 6.8% during Tuesday’s trading session, and its forward price-to-earnings ratio was 47.47. The stock has gained 154.6% this year.
“We are below our five-year average, so even though the stock has performed so well, it is still relatively cheap compared to where it has traded in the past,” he said.
-Sean Conlon
15 hours ago
Stock futures little changed
Stock futures remained little changed on Tuesday following the S&P 500’s recovery from a three-session decline.
Futures tied to the broad market index fell 0.06%. Nasdaq 100 futures fell 0.02%, while Dow Jones Industrial Average futures fell 62 points, or 0.1%.
-Brian Evans