S&P 500 hits new high to start the week: live updates


14 minutes ago

US crude oil gains nearly 1% to trade above $79 a barrel

In an aerial view, smoke billows from the Lyondell Basell Houston refinery June 14, 2024 in Houston, Texas.

Brandon Bell | Getty Images

U.S. crude oil rose nearly 1% on Monday to trade above $79 a barrel, after snapping a three-week losing streak for the benchmark index’s best performance since April.

Oil prices closed last week up almost 4%, with analysts expecting the market to tighten in the third quarter as summer demand for fuel reduces inventories.

“It feels more like this market is probably going to get tighter as we get deeper into the summer,” Helima Croft, head of global commodities strategy at RBC Capital Markets, said Friday on Closing Bell : Overtime” from CNBC.

-Spencer Kimball

41 minutes ago

Stocks make biggest moves at midday

Here are the stocks moving at midday:

  • Virgin Galactic — The struggling space company fell 16% as the 1-for-20 reverse stock split took effect. The company was trying to get its stock back above $1 per share after a steady decline over the past three years.
  • AMC Networks — Shares of the cable television network fell 4% after announcing plans to sell $125 million of convertible senior bonds due 2029 in a private offering to institutional buyers.
  • Xponential Fitness — The stock jumped about 26% after the company named Mark King as CEO effective today. The company also announced that Brenda Morris, who had been serving as interim CEO, would remain a member of its board of directors.

Read the full list here.

—Sean Conlon

47 minutes ago

Nvidia to obtain more than 20% stake in major technology fund

A rebalancing of the Technology Select Sector SPDR fund will give Nvidia a weighting of over 20%, while bringing Apple down to 4.5%.

Microsoft will have the highest weighting in the index, followed by the chipmaker, according to Matthew Bartolini, head of SPDR Americas Research.

Learn more about rebalancing here.

—Jesse Book

55 minutes ago

Harker (Fed) predicts rate cut this year if inflation data indicates so

Patrick Harker President of the Federal Reserve Bank of Philadelphia, August 24, 2023.

David A. Grogan | CNBC

Philadelphia Federal Reserve President Patrick Harker said he would support cutting interest rates this year, but probably only once and only as long as inflation data cooperates.

“I have forecasts for inflation, employment and economic activity: a slowdown but above-trend growth, a modest increase in the unemployment rate and a long return to the inflation target,” Harker said during a speech in his home district. “And if everything goes as planned, I think a rate cut would be appropriate by the end of the year.”

This year’s inflation indicators, particularly regarding “the long-term stubbornness of housing inflation,” have policymakers looking for more evidence that inflation is falling amid “air infused with ‘uncertainty’.

“If the rise in inflation in the first quarter has been a bump in the road, I want to make sure that the decline in inflation we are seeing so far in the second quarter is not a bump in the road. hen,” he added.

Harker, who will not vote this year or next on the federal interest rate-setting committee, insisted he remained dependent on the data and noted it was “entirely possible” that the year ends with two reductions or none.

-Jeff Cox

An hour ago

Broadcom stock hits new high

Omar Marques | Light flare | Getty Images

Shares of Broadcom rose 4.8% to record highs during Monday’s session.

The move follows a surge of more than 23% last week after the chipmaker reported higher earnings and announced a 10-for-1 stock split.

The stock last traded at $1,794, which would reflect a new closing high if Broadcom shares end the session at those levels. The stock is up 63% since the start of the year.

See the table…

Broadcom shares build on records

An hour ago

Adobe shares fall following FTC lawsuit

Adobe headquarters in San Jose, California, United States on Thursday, November 30, 2023.

David Paul Morris | Bloomberg | Getty Images

Adobe fell 2.5% on Monday after the Federal Trade Commission filed a lawsuit against the company and two of its executives, Maninder Sawhney and David Wadhwani.

The complaint filed in federal court by the U.S. Department of Justice said Adobe misled customers about early termination fees for its most popular subscription plan and made cancellations difficult.

“Adobe trapped its customers into year-long subscriptions through hidden early termination fees and numerous obstacles to cancellation,” said Samuel Levine, director of the FTC’s Bureau of Consumer Protection.

-Hakyung Kim

2 hours ago

Small-cap stocks are in trouble

Small-cap stocks fell Monday, another decline in a tough month, quarter and year.

The small-cap focused Russell 2000 index fell 0.5% during Monday’s session. In comparison, the S&P 500 gained 0.2%.

The Russell 2000 index underperformed more generally, falling more than 3% in June and 6% in the second quarter. The index has lost about 1.5% in 2024, although the three major indexes are all tracking gains for the year.

-Alex Harring

3 hours ago

Nvidia breaks a record before falling back

Nvidia shares rose 1.4% to a record high. Nvidia has been on a tear this year due to relentless enthusiasm around artificial intelligence. Monday’s gain was short-lived, however, with the stock last down 0.6%.

See the table…

Intraday NVDA

3 hours ago

Xponential Fitness Rallies on New CEO Announcement

Courtesy: Xponential Fitness

Shares of Xponential Fitness jumped more than 20% Monday after parent company Club Pilates and Pure Barre named its new chief executive officer.

Shares jumped more than 24% in morning trading. That gave the stock its second-best day in nearly three years as a public company.

Xponential Fitness announced Monday that Mark King will begin his position the same day. King most recently held the same position at Taco Bell.

He succeeds Brenda Morris, who served as interim CEO following the suspension of Anthony Geisler.

See the table…

Stocks jump 25%

4 hours ago

The S&P 500 opens little changed to start the week

The S&P 500 opened little changed Monday to kick off a four-day trading week.

The broad index fell 0.1%, while the Nasdaq Composite added almost 0.1%. The Dow Jones Industrial Average fell 140 points, or 0.35%.

-Samantha Subin

5 hours ago

New York region manufacturing outlook improves

Manufacturing activity improved in the New York region while the six-month outlook rose to its best level since early 2022, according to a Federal Reserve survey released Monday.

The Empire State Manufacturing Index, while still negative, improved to -6 for June, up 9.6 points from May and better than the Dow Jones consensus estimate of -10.5.

As part of the survey, the index of expectations regarding the general economy jumped to 30.1, up 15.6 points over the month. Other measures resulted in a marked improvement in new orders and delivery times, while price measures declined but remained positive.

The survey records the percentage difference between companies experiencing expansion and contraction.

-Jeff Cox

7 hours ago

December rate cut ‘reasonable,’ says Fed’s Kashkari

According to Minneapolis Fed President Neel Kashkari, this is a “reasonable prediction” that the Federal Reserve would cut rates in December.

“We need more evidence to convince us that inflation is on track to come down to 2%,” Kashkari told CBS’s “Face the Nation” on Sunday.

“We’re in a really good position right now to take our time, get more data on inflation, more data on the economy, on the job market, before we have to make a decision,” Kashkari said. “We are in a strong position, but if you just say there will be a reduction, as the median indicates, it will probably be towards the end of the year.”

—Fred Imbert

5 hours ago

Stocks making the biggest moves premarket

Contractors raise a frame wall on a home under construction in the Toll Brothers Regency community of Folsom Ranch in Folsom, California, May 18, 2023.

David Paul Morris | Bloomberg | Getty Images

Check out the companies making headlines before the bell:

  • Toll Brothers The homebuilder gained 1.3% after Goldman Sachs upgraded it to neutral after sale. Goldman cited near-term benefits from customization and upgrades, as well as continued outperformance in new home sales.
  • Best buy Shares rose more than 3% following an upgrade from UBS to buy from neutral. According to the investment bank, new products and an upgrade cycle of home appliances could strengthen the stock.
  • Autodesk The software company added 4% following the announcement that activist fund Starboard Value took a $500 million stake in the company. Starboard plans to take legal action over concerns about late disclosures from an internal investigation.

The full list can be found here.

-Hakyung Kim

10 hours ago

European markets open higher; The French CAC recovers its losses

European markets opened higher on Monday as investors shook off last week’s negative sentiment and looked forward to the Bank of England’s latest interest rate decision.

The pan-European Stoxx 600 index was up 0.3% in early trading, with all major exchanges and the majority of sectors in the green.

France’s CAC 40 rose 0.8%, recovering from last week, when the index fell more than 6.2%, marking its worst weekly loss since March 2022. Meanwhile, the FTSE The British 100 was up 0.3%, the German DAX was up 0.7% and the Italian MIB. was up 1.2%.

19 hours ago

Stock Futures Open Flat



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