Stock Market Today: Live Updates

7 minutes ago

Credit Suisse says 10-year Treasury yields will rise

Now that the 10-year Treasury yield has broken above the 4% psychological barrier, Credit Suisse says it should continue to rise.

“This should open up the deeper upside we now expect in a broader range. The next supports are seen at 4.11% and then the 4.325% October high,” analyst David Snedden wrote in a note Thursday.

The benchmark 10-year yield rose nearly 8 basis points to 4.073%.

Check out the chart…

10-Year Treasury Year-to-Date

An hour ago

Regional bank stocks broke some more on Thursday on crypto-related exposure

As reflected in the SPDR S&P Regional Bank ETF ( KRE ), regional bank shares fell as much as 2.9% on Thursday, their worst day since mid-January. Regions were also caught, with crypto-related banks Silvergate Capital ( SI ) down as much as 50% intraday and Signature Bank ( SBNY ) down 5.9%.

KRE is now on track for its fourth consecutive session of decline and has closed 3.2% week-to-date, making it its worst week since mid-December.

Check out the chart…

KRE in the last six months.

Signature Bank is trading at its lowest level since November 2020.

Commercial real estate exposure is weighing on the group as office real estate values ​​are questioned and benchmark interest rates rise, threatening REITs with higher cap rates.

Hudson Pacific Properties ( HPP ) fell to its lowest level Thursday, returning to its 2010 IPO, Steve Roth’s Vornado Realty Trust ( VNO ) touched its lowest point since 1998, and JBG Smith Properties ( JBGS ) hit its lowest level since its 2017 IPO. And Kilroy Realty (KRC) fell to its lowest level since 2011.

– Gina Francola, Christopher Hayes, Scott Schnipper

2 hours ago

The S&P 500 is trading near a key level, which could indicate further declines

The S&P 500 is flirting with its 200-day moving average, and a drop below that level would signal more selling.

The 200-day was at 3,940 Thursday, and the index fell below that level but recovered on Wednesday. The S&P 500 was trading near that level Thursday morning.

The 200-day is the average of the last 200 closing prices and is considered a momentum indicator for a stock or index. Stock chart analysts consider it a negative signal if the index closes below that level and stays below it.

-Bar Dom

2 hours ago

The S&P 500 and Nasdaq extended losses at the open

3 hours before

As labor costs rise, unemployment claims fall

The amount businesses paid workers for production increased in the fourth quarter, fueling the impression that inflation is still a problem for the U.S. economy.

Unit labor costs rose 3.2% in the October-December period, the Labor Department said on Thursday. That beat the Dow Jones estimate for a 1.6% increase.

The increase came from a 4.9% rise in hourly compensation and a 1.7% increase in productivity, which was less than the 2.5% estimate.

In other economic news, jobless claims fell to 190,000 in the week ended February 18, down 2,000 from the previous period and below estimates of 195,000. Continuous claims fell by 5,000 to 1.655 million.

Both data points indicate the Federal Reserve is on track to raise its key interest rate by at least another 0.25 percentage point when it meets later this month.

– Jeff Cox

4 hours ago

Stocks that make the biggest moves in the premarket

Some of the stocks making the biggest moves before the hour are:

  • Salesforce β€” Shares of the cloud software stock jumped nearly 16% in premarket trading after the company beat Wall Street estimates and delivered a better-than-expected forecast in its latest earnings report. Salesforce also said it will expand its share buyback program.
  • Best Buy – The consumer electronics retailer fell 1.9% after its fiscal year revenue and earnings guidance came in softer than expected. However, its quarterly earnings beat estimates.
  • Macy’s β€” The retailer advanced 7.3%, according to Refinitiv.

See the full list here.

– Alex Haring

4 hours ago

Silvergate shares fell more than 40%

Shares of Silvergate Capital plunged more than 43% in premarket trading after the company, which provides banking services to crypto businesses, filed to delay its 10-K annual report.

The stock was downgraded by two on Thursday morning. JP Morgan downgraded its rating.

Canaccord Genuity downgraded Silvergate to a hold. The company is well managed, but it wants to clear the dust from recent filings.

Silvergate shares are now down 22% in 2023. Earlier this year, they suffered another 40% drop after the bank announced a massive pullback in the fourth quarter in light of the FTX collapse.

– Tanaya Machel

5 hours ago

Tesla shares fall after investor day

Tesla shares fell 6% in premarket trading following a disappointing investor day where the company failed to reveal any concrete details about its next-generation vehicles.

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“On Investor Day, TSLA is targeting a 50% cost reduction for its next-gen model,” Wells Fargo analyst Colin Langen wrote. “However, timeframe and pricing details were scarce, and the event lacked a TSLA-like surprise. With high expectations, we expect the stock to trade lower.”

Langan’s report was titled “TSLA Investor Day: What Got, But Not When & How.”

Tesla is a popular stock among retail investors and an overall barometer of risk taking in the market. Today’s loss could affect the broader market.

5 hours ago

Watch for the 3,900 level on the S&P 500, says JP Morgan

According to a note from JPMorgan’s trading desk, the recent market sell-off threatens to break the S&P 500 below a key benchmark level.

“S&P 500 Index slide from expected resistance in 4100s threatens key chart levels around 3900,” the note said. “A move through that support, in our view, has strong potential to accelerate bearish price pressures.”

Check out the chart…

The S&P 500 tests key support levels

The S&P 500 closed Wednesday at 3,951.39. In the past month, the broader market index has fallen 5.5%.

“Even after the recent pullback, the S&P 500 index still appears overvalued relative to the shape of the money market curve,” the JP Morgan note said. “An 18-month relationship using the expected terminal rate and the cumulative relaxation price after reaching the terminal rate, currently shows the index fair value below 3800.”

– Fred Imbert, Michael Bloom

5 hours ago

JP Morgan downgraded Neo

Neo shares fell 1% in premarket after JP Morgan downgraded the electric vehicle maker to neutral from overweight.

“Despite management on the closing call saying they only missed out on older models (ie the ES6, ES8 and EC6 on the new platform before the new models arrived in 1H23), our concern is that 1Q23 margins may trend further down (JPMe vehicle gpm around 5%) while 2Q23 “The extent of the improvement from 2016 to 2018 would be shy of Street expectations given a challenging competitive environment,” JP Morgan said.

“Furthermore, we note that our 2023 delivery forecast (190k units or 56% growth) is lower than management’s ambitious target (240- 250k, doubling from 122 in 2022),” the bank added.

– Sarah Min

17 hours ago

Tesla shares fell on Investor Day

Check out the chart…

Tesla shares fell as investor day begins

– Samantha Subin, Laura Kolodny

17 hours ago

Shares of Silvergate Capital fell as it delayed the release of its 10-K annual report

Shares of the crypto-focused bank plunged more than 30% in overnight trading after it filed to delay its 10-K release.

Silvergate Capital said in a filing on Wednesday that it was evaluating a string of pending inquiries and investigations and “required additional time to complete management’s assessment of internal controls over financial reporting.”

Based on these recent events, the company filed that it “may be less than well capitalized.”

Shares of Silvergate Capital have come under pressure in recent months, with crypto-exchange FTX falling on the downside.

Check out the chart…

Silvergate shares fell

17 hours ago

Okta moves into Snowflake stock after hours

Tech stocks moved higher in overnight trade after it reported earnings, along with Salesforce.

Snowflake shares fell more than 7% on lighter-than-expected product revenue guidance despite posting an up-and-down line in the latest quarter, according to Refinitiv.

Meanwhile, Okta’s stock rose 14% on the top and bottom lines. The identity management company also shared strong revenue and EPS guidance for the current period, including unexpected gains.

Outside of tech, shares of American Eagle Outfitters rose about 7% on strong quarterly results.

Read the full list of stocks moving after the bell here.

– Samantha Subin

18 hours ago

Salesforce shares pop on strong earnings, guidance

Shares of Salesforce rose more than 15% in overnight trading after posting better-than-expected fourth-quarter results and strong guidance for next year.

The cloud software company reported adjusted earnings per share of $1.68 on revenue of $8.38 billion. Analysts polled by Refinitiv were calling for EPS of $1.36 on revenue of $7.99 billion.

Salesforce also said it will expand its share buyback program to $20 billion.

Check out the chart…

Salesforce shares rally on strong earnings, better-than-expected guidance

Samantha Subin, Jordan Novett

18 hours ago

Dow futures open higher

Stock futures opened higher on Wednesday evening.

Dow-linked futures gained 148 points, or 0.45%. S&P 500 futures and Nasdaq 100 futures each added 0.08%.

– Samantha Subin

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