Stock market today: Live updates

8 Mins Ago

Meta share slide more than 3.6% Wednesday afternoon

Shares of Meta fell 3.6% in Wednesday trading. Earlier in the afternoon, the company announced the release of its newest Quest 3 VR headset.

While more expensive than Meta’s previous iteration of the product, the headset includes newer features such as better screens, a more powerful chip and an emphasis on passthrough. The passthrough function emphasizes device immersion by allowing users to blend their digital display with their outside real-world surroundings.

Meta stock is up over 139% since the start of the year.

See Chart…

Meta ytd chart

26 Mins Ago

Levi Strauss shares climb after TD Cowen says new denim cycle is starting

Levi Strauss & Co. advanced more than 0.7% after a bullish call on the clothing maker from TD Cowen.

Analyst Oliver Chen initiated coverage of the stock with an outperform rating on Wednesday. He cited its strong brand and trends that should work in the company’s favor, as well as noting the company can grow its direct-to-consumer business and international presence.

“We believe Levi’s is in the early innings of a favorable denim cycle of new fits and styles driven by younger, fashion-forward consumers,” he said in a note to clients. “Its ‘icon’ status as a heritage brand is evident.”

Chen’s target price for shares indicates that he believes the stock could rally about 23.8% from where it finished Tuesday.

— Alex Harring

44 Mins Ago

Energy companies top week-to-date wins

Three energy companies comprise the S&P 500’s top four gainers week to date.

Medical devices company Resmed has risen the most since the start of the week, up 7.5% as of Wednesday afternoon.

Energy stocks were the next biggest winners as oil prices continue to rise. APA Corp has rallied 5.5% for the week, followed by EOG Resources and Pioneer Natural, which are both higher by more than 5%.

— Hakyung Kim

An Hour Ago

Johnson & Johnson and Walgreens hurt Dow

The Dow took the biggest leg down in Wednesday’s session of the three major indexes, weighed on by slides in Johnson & Johnson and Walgreens.

Both stocks fell about 2% in the session. Verizon, Merck and McDonald’s were also among the worst performers, down more than 1.5%.

The index as a whole fell about 0.5%. Chevron, Intel and Caterpillar were among those in the 30-stock index bucking the trend, with all three up more than 1%.

— Alex Harring

An Hour Ago

Utilities is the worst-performing sector in the S&P 500

Utilities was the biggest laggard in the S&P 500, with the sector down by 1.4% during midday trading.

NextEra Energy was the worst-performing stock in the sector, dropping by more than 6%. American Water Works Company was lower by more than 1%.

— Sarah Min

An Hour Ago

Stocks will remain ‘messy’ into quarter-end, BTIG says

The S&P 500 could soon test the 4,200 level as elevated yields, rising oil prices and a stronger dollar continue to weigh on equities, according to BTIG.

“Of the three, we think bonds are the closest to a reversal, but things are likely to remain messy into quarter-end,” BTIG’s Jonathan Krinsky said in a Wednesday note. “All of this continues to suggest SPX tests ~4200.”

The broader index was last trading above the 4,250 level.

— Sarah Min

2 Hours Ago

Media stocks, MillerKnoll among Wednesday’s biggest midday movers

These are the stocks making the biggest moves during midday trading:

  • Media stocks — A handful of media and studio stocks rose Wednesday after the nearly 150-day writers strike ended. Shares of Warner Bros. Discovery and Paramount Global jumped more than 2.5%.
  • MillerKnoll — The furniture stock soared more than 27% after posting fiscal 2024 first-quarter earnings that topped Wall Street’s expectation and upped its earnings guidance for the full year.
  • Costco — Shares of the wholesale superstore added 2.1% on the heels of a fourth-quarter earnings beat. Costco executives noted higher store traffic and an 8% uptick in memberships year-over-year.

Here’s the full list of stocks moving midday.

— Samantha Subin

2 Hours Ago

Bank of America names Occidental Petroleum a top idea

Bank of America named Occidental Petroleum a top idea, seeing shares of the Houston-based energy producer rising 30%.

“Of our oil weighted coverage we see OXY best positioned to capitalize on near term oil strength while capital efficiency, a deep drilling backlog and the Berkshire ‘put’ can help mitigate downside risk,” the Wall Street firm said in a note.

Warren Buffett’s Berkshire Hathaway kept buying the dip in Occidental this year, now owning a quarter of the oil giant.

— Yun Li

2 Hours Ago

UBS thinks beaten-down EV charging company ChargePoint can bounce back

Electric-vehicle charging stations provider ChargePoint could make a massive recovery, according to UBS.

Analyst Robert Jamieson initiated the stock with a buy rating, saying the worsened sentiment around ChargePoint has created an “attractive risk/reward” profile for investors. Shares climbed 4% in Wednesday morning trading.

CNBC Pro subscribers can read more here.

— Pia Singh

3 Hours Ago

Energy stocks outperform as oil prices rise

3 Hours Ago

Stocks hit session lows as yields and oil prices climb

Stocks slipped to session lows as the market grappled with rising oil prices and bond yields.

Shortly before 11 a.m. ET, the three major indexes traded at their worst levels so far in Wednesday’s session. The Dow fell more than 100 points, or 0.3%. The S&P 500 and Nasdaq Composite both slipped around 0.1%.

— Alex Harring

3 Hours Ago

Oil prices gain by more than $1, energy stocks rise

Oil prices climbed by more than $1 a barrel Wednesday, boosting energy stocks and adding pressure to the broader stock market.

Brent crude futures were up $1.77, or 1.9%, to $95.73 a barrel. U.S. West Texas Intermediate crude futures climbed $2.62 or 2.9%, to $92.98.

Energy stocks got a boost from the move higher, with the S&P 500 sector last advancing by 1.8% in midday trading. Occidental Petroleum and Halliburton shares each rose by more than 3%.

However, stocks came off their highs. The Dow Jones Industrial Average fell by more than 100 points, or 0.3%. The S&P 500 and Nasdaq fell by 0.1%.

— Sarah Min

3 Hours Ago

Morgan Stanley says Mattel is a top pick

Toymaker Mattel can shine even as the environment for consumer companies looks shaky, according to Morgan Stanley.

Analyst Megan Alexander initiated Mattel on Wednesday with an overweight rating, calling it a top pick. Shares are trading 4% higher.

“MAT is trading well below historical levels, and we expect the stock to re-rate on both an absolute and relative basis as (1) revisions turn positive, (2) it proves resilient in a deteriorating macro, and (3) it monetizes its strong IP in the wake of the Barbie movie.” Alexander wrote.

CNBC Pro subscribers can read more here.

— Pia Singh

4 Hours Ago

Energy is the best-performing S&P 500 sector

4 Hours Ago

Stocks open in positive territory Wednesday

All three major stock indexes opened higher on Wednesday morning.

The Dow Jones Industrial Average rose 112 points, or 0.33%. The S&P 500 edged higher by 0.3%, while the Nasdaq Composite added over 0.4%.

— Lisa Kailai Han

5 Hours Ago

Micron shares up ahead of company’s fiscal Q4 earnings release

Shares of Micron were up 1% in premarket trading, ahead of the semiconductor producer’s anticipated release of its fiscal fourth-quarter earnings results after today’s market close. Investors will be waiting to hear if global demand for semiconductors can offset Chinese bans against the export of chipmaking metals.

Analysts polled by the StreetAccount expect revenue of $3.95 billion, slightly above the midpoint of guidance for revenue at $3.90 billion. Analysts also forecast a loss of $1.15 per share. That would be smaller than the company guidance for a loss of $1.19 per share.

Year to date, shares of Micron are up nearly 36%.

See Chart…

Micron YTD chart

5 Hours Ago

Durable goods orders rose 0.2% in August, beating estimate

Orders for long-lasting goods unexpected increased in August, thanks largely to a boost in defense aircraft and machinery, the Commerce Department reported Wednesday.

Durable goods, which include such items as airplanes, appliances and computers, rose 0.2% on the month, reversing a 5.6% slide in July and better than the Dow Jones consensus for a decline of 0.5%.

Excluding transportation, orders increased 0.4% but fell 0.7% when excluding defense.

—Jeff Cox

5 Hours Ago

Dollar nears session highs

The U.S. dollar index was near session highs at 106.349 in early trading Wednesday. That’s the highest level of the year going back to Nov. 30, 2022 when the index reached a high of 107.195.

The dollar index is up 2.6% this month, headed for its best month since May when it gained 2.62%. If it closes the month up by more than 2.62%, it will be the best month since February when the index rose 2.72%.

The dollar index is up 3.33% this quarter, or its best since the third quarter of 2022 when the index climbed 7.1%.

— Sarah Min, Gina Francolla

6 Hours Ago

Media stocks rise as writers strike ends

Popular media stocks inched up before the bell Wednesday as Hollywood writers and studios approved a labor contract that brings an end to a nearly 150-day labor strike.

The deal — valid until May 2026 — includes a minimum 5% pay increase, with additional bumps pay bumps in 2024 and 2025. Under the contract, artificial intelligence material won’t qualify as source, or literary material.

The guild also negotiated a new residual payment based on viewership and show popularity.

Shares of Warner Bros. Discovery, Disney, Comcast and Paramount inched up less than 1% before the bell. Netflix added 0.6%.

— Samantha Subin, Sarah Whitten

Disclosure: Comcast is the parent company of NBCUniversal and CNBC.

6 Hours Ago

Evergrande chairman is under police control, Bloomberg News says

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