Stock futures flat after S&P 500 posts best day since November: Live updates – CNBC

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The tech-heavy Nasdaq Composite dropped 0.89% to 19,338.29. The Dow Jones Industrial Average fell 68.42 points, or 0.16%, to 43,153.13.Apple shares were down 4%, posting their worst day since Aug. 5. Tesla tumbled more than 3%. Nvidia slid nearly 2%, and Alphabet lost around 1%.The major averages gave up gains from earlier in the day, which came on the back of strong corporate earnings. Morgan Stanley beat earnings expectations, sending the stock up 4%. Bank of America also exceeded bottom-line estimates, but the stock slipped about 1%. The results come a day after other financial peers such as JPMorgan Chase and Goldman Sachs also beat fourth-quarter estimates.The earnings season is off to a strong start overall, with 77% of the companies that have reported thus far beating expectations, per FactSet.”So there’s some heaviness and almost even exhaustion to this market, as we all try to give this bull market another leg to go and see what fuels the next upside moment,” said Keith Buchanan, senior portfolio manager at Globalt Investments.”Earnings have started out with the banks being definitely a positive, but it seems there’s going to have to be more than that, and that’s what today’s action seems like,” Buchanan added.Wall Street is coming off its strongest session since November, with the Dow on Wednesday climbing more than 700 points, while the S&P 500 and Nasdaq rallied 1.8% and 2.5%, respectively. A moderate improvement in core inflation in December’s consumer price index and strong earnings from big banks spurred a risk-on rally.The 10-year U.S. Treasury yield pulled back sharply from a 14-month high reached earlier in the week. It was last at around 4.615%.U.S. stocks ended lower on Thursday. The S&P 500 slipped 0.21%. The 30-stock Dow Jones Industrial Average dropped 68.42 points, or 0.16%, while the Nasdaq Composite fell 0.89%. — Hakyung KimWTI Crude prices are up around 2.8% week to date, putting it on track for its fourth straight week of gains for the first time since July 1, 2024 and the subsequent four-week win streak.Brent crude has climbed 1.9% this week and is also on pace for four consecutive weeks higher.— Hakyung KimApple shares dropped 3.7% Thursday, putting the stock on track for its biggest daily loss since Aug. 5, when it fell 4.8%.So far in 2025, Apple is the worst-performing stock in the Magnificent Seven.— Hakyung KimThe utilities sector jumped 2.3% Thursday, making it the best-performing sector in the S&P 500. Meanwhile, consumer discretionary slipped 1%, on pace for the weakest sector on the day. Week to date, energy and materials are on pace for the biggest gains of more than 5% each. — Hakyung KimLong-term investors with a three to five-plus horizon for their portfolios should take advantage of pullback opportunities in the market, according to Wells Fargo Investment Institute. That means being able to invest funds on the sideline.”In the coming weeks and months, we believe the potential for more attractive entry points to increase exposure could very well materialize in both equities and fixed income,” senior global market strategist Scott Wren wrote in a Wednesday note to clients. Wren’s year-end target for the S&P 500 is 6,500 to 6,700, suggesting an “attractive return, especially at entry points below the current level,” he said. “We favor using pullbacks like these to reallocate cash and short-term instruments in increments into equity positions,” he continued, recommending large-cap domestic equities.— Pia SinghThe dollar index inched down 0.1% to 108.98 on Thursday. The greenback weakened 0.8% against the yen to trade at 155.19. Meanwhile, the dollar was flat against the British pound at 1.22, and up 0.1% versus the euro at 1.03. — Hakyung KimCheck out the companies making headlines in midday trading.For the full list, read here.— Pia SinghMaterials stocks in the S&P 500 are poised to notch their biggest weekly gains in more than a year.The sector has jumped nearly 5% since the current trading week began. If that holds through Friday’s close, it would mark the largest weekly advance since a week that ended in November 2023, when the sector rallied more than 5%.CF Industries led the sector higher this week with a gain of more than 10%. Albemarle followed, rising around 9%.Every stock in the sector is on pace to finish the week in the green.— Alex Harring, Nick WellsShares of Target are down 3% despite the retailer raising fourth quarter same-store sales guidance on the heels of what it said was a strong holiday shopping season.Although Target raised its sales forecast, it only reaffirmed its fourth quarter profit outlook of $1.85-$2.45 per share. That’s still within range of Wall Street’s current expectation for $2.15, but it’s still significantly more downbeat than the $2.66 consensus estimate before Target tempered forward expectations in its November earnings report. Target’s failure to raise earnings guidance in conjunction with its increased sales projection could be an early indication that the retailer potentially resorted to higher promotions and steeper discounting during the holiday shopping season to entice customers. That would ultimately put pressure on profit margins.While the company did not provide any details within the latest sales update on its margin expectations for the current quarter, Target has not been immune from major margin issues in recent years. The stock plunged 22% on the day it announced third quarter results in November. That earnings report showed disappointing operating margins (4.6% vs. Wall Street’s expectations of 5.6%). That poor number also brought back memories of the company’s significant profit margin issues back in 2022 when it was beleaguered by a slew of inventory problems.That year, Target’s stock plunged almost 36%. Shares have still struggled since 2022 too. It fell 4% in 2023 and dropped another 5% last year – even when shares of its primary competitor, Walmart, jumped 11% in 2023 and soared an eye-popping 72% in 2024 as it continued to gain market share.Investors likely won’t get a better picture on Target’s profit margins until early March, when the company is expected to report its full fourth quarter results.— Robert HumDuring Thursday’s trading session, 14 stocks in the S&P 500 index traded at new 52-week highs.Of these stocks, 11 names reached new all-time highs. Tickers that hit this milestone included:— Lisa Kailai Han, Christopher HayesWednesday’s market breadth was nearly 6:1, and marked the strongest level since August “as the internally oversold environment finally received the spark it so desperately needed,” according to Wolfe Research.Market breadth is a measure of the number of stocks advancing versus declining in an index. A disproportional number of advancing securities indicates bullish momentum.”Unfortunately, volumes were unable to duplicate that August accumulation signal, but were still quite strong with up volume accounting for 82% of total, with the advancing/declining volume ratio coming in at 4.7:1,” strategist Rob Ginsberg added. “To put it in perspective, the August accumulation day saw 91% up volume, with a ratio of close to 12:1.”— Lisa Kailai HanFederal Reserve Governor Christopher Waller on Thursday provided a more optimistic forecast for interest rate cuts this year than some of his colleagues.In a CNBC interview, the policymaker said he expects inflation to ease enough to allow the Fed to cut multiple times this year, beginning sooner than the market expects, though he said it will still depend on how the data plays out.”As long as the data comes in good on inflation or continues on that path, then I can certainly see rate cuts happening sooner than maybe the markets are pricing in,” Waller said.He added that the total this year could be “maybe four cuts, three cuts, depending on what the data tells you this year … If the data doesn’t cooperate, then you’re going to be back to two and going maybe even one.”Markets currently are pricing in just one quarter percentage point reduction this year, and not until June, according to CME Group data. Trader are assigning about a 43% chance to an additional cut by the end of 2025.—Jeff CoxShares of BlackRock and Goldman Sachs both saw big rallies on Wednesday after earnings beats, but Morgan Stanley’s wealth management is taking different approaches to the stocks going forward.Senior investment strategist Daniel Skelly said in a note to clients Thursday that his team is adding Goldman Sachs to its US model portfolio, but reducing its exposure to BlackRock.The optimism about Goldman is due to “increased confidence in accelerating capital markets and M&A activity,” while at BlackRock “risk/reward appears balanced, with any pick up in equity market volatility potentially limiting multiple expansion,” Skelly wrote.Both stocks were up more than 1% on Thursday.— Jesse PoundShares of UPS rose more than 1% Thursday after Bank of America updated the parcel delivery company to a buy rating.The Wall Street firm hiked its rating on UPS to buy from neutral, saying demand is on the cusp of growth. BofA also maintained its $150 price target for the next 12 months, which represents a 18% upside from Wednesday’s close of $127.47.”We see a potential end to the freight recession in 2025, as well as benefits from the company’s dynamic pricing model and cost initiatives,” BofA said in a note.UPS had a dismal 2024 with shares down nearly 20% as demand weakened after the pandemic and inflationary pressures crimped some e-commerce purchasing.— Yun LiThe S&P 500 and Nasdaq added 0.1% and 0.3%, respectively, on Thursday morning. Meanwhile, the 30-stock Dow Jones Industrial Average flickered near the flatline. — Hakyung KimConsumers spent less than expected in December though they still kept up with inflation, according to a Census Bureau release Thursday.Retail sales increased 0.4% on the month, down from the upwardly revised 0.8% growth in November and below the 0.5% Dow Jones consensus estimate. However, excluding auto-related items, sales rose 0.4%, in line with expectations. The numbers are adjusted for seasonality but not prices, which also increased 0.4% for the month, according to a Bureau of Labor Statistics report Wednesday.Miscellaneous store retailers saw a 4.3% gain, while sporting goods, musical and book stores reported a 2.6% increase and gasoline station sales were up 1.5%. Building material and garden stores posted a 2% decline while bars and restaurants saw a 0.3% pullback.In other news, the Labor Department said initial jobless claims for the week ending Jan. 11 totaled 217,000, an increase of 14,000 from the previous week and higher than the forecast for 210,000. Continuing claims, which run a week behind, declined slightly to 1.86 million.—Jeff CoxManufacturing activity for the Philadelphia area improved dramatically in January as new year started with surges in new orders and shipments.The Philadelphia Federal Reserve’s manufacturing survey posted a reading of 44.3, representing the percentage difference between companies seeing growth against contraction for the month. That was up from -10.9 in December, representing the highest level since April 2021 and the biggest single-month gain since June 2020.Internally, the survey showed 47-point gain in the new orders index, hitting its highest since November 2021, and a 39-point surge for shipments to its highest since October 2020. Inflation gauges also rose, with the prices received component soaring by more than 24 points, while the hiring gauge was up more than 7 points.—Jeff CoxCheck out the companies making headlines in premarket trading.Read the full list here.— Brian EvansPhilip Morris’ smoke-free portfolio is beneficial for the stock, according to Morgan Stanley.Analyst Eric Serotta initiated coverage of the tobacco giant at overweight. Serotta’s $140 price target reflects upside potential of 18.1% over Wednesday’s close.”We see continued upside for PMI’s stock as its reduced-risk smoke-free portfolio drives stronger than expected [long-term] sales and earnings growth and becomes an even larger percentage of the mix, which should drive upward re-rating for the stock,” Serotta told clients.Serotta also said to expect “substantial growth ahead” for the smoke-free portfolio, which has found success as offerings like Zyn have taken off. Morgan Stanley said these products accounted for about 38% of net revenue in 2024, but that share should rise to between 55% and 65% by the end of 2030.Philip Morris shares were little changed in Thursday’s premarket, but have slid 1.5% in the new year. That marks a pullback after rallying nearly 28% in 2024.— Alex HarringTarget hiked its fourth-quarter sales forecast on Thursday thanks to a strong performance during the holiday period.The retailer expects comparable store sales to have grown 1.5%, versus a previous outlook that pointed to flat sales. That said, Target didn’t hike its fourth-quarter earnings guidance.Target shares were up more than 2% on the news.— Melissa RepkoUnitedHealth reported mixed fourth-quarter results, sending shares down more than 4%. The company earned an adjusted $6.81 per share, beating an LSEG estimate of $6.72 per share. Revenue, however, came in at $100.81 billion, just below the $101.76 billion consensus. Revenue from premiums totaled $76.48 billion, below a StreetAccount estimate of $78.18 billion. — Fred ImbertBaird turned optimistic on DexCom, saying shares can rebound after getting battered last year.Analyst Jeff Johnson upgraded the diabetes technology stock to outperform from neutral and hiked his price target by $18 to $104. Johnson now anticipates shares can jump 29.4% over Wednesday’s close.”Since DXCM’s surprising 2Q-24 shortfall, we believe new sales reps have steadily made progress, setting the stage for a potential inflection in productivity moving throughout 2025,” Johnson wrote to clients in a Thursday note.Johnson said visibility on potential catalysts for 2025 and 2026 have improved. The analyst said he’s comfortable expecting growth to return to the low-to-mid teens by mid 2025, which can in turn push up EBITDA valuation when looking over the next 12 months.DexCom shares climbed 2.4% in Thursday premarket trading. The stock has added more than 3% so far in 2025, bouncing after last year’s plunge of more than 37%.— Alex HarringEuropean stock markets were higher early Wednesday, with the benchmark Stoxx 600 index up 0.47% at 8:30 a.m. in London.France’s CAC 40 led gains among major bourses, up 1.27% as luxury firms broadly gained following results from Switzerland’s Richemont.Technology stocks were 1.47% higher, with chipmakers boosted by forecast-beating earnings from Taiwan Semiconductor Manufacturing Company.— Jenni ReidJPMorgan Chase could be primed for even more growth ahead, according to Fundstrat’s Tom Lee.”JPMorgan is one of the best-executing banks,” the firm’s head of research said on CNBC’s “Closing Bell” on Wednesday. “The company spends a huge amount of money on technology, so I actually think JPMorgan should see its multiple expand.”His remarks come after the company posted better-than-expected earnings and revenue for the fourth quarter. The stock rose about 2% during Wednesday’s session following those results.On top of that, Lee believes there’s a multi-year period in store for banks in general where they’ll perform “very well.””This is a risk-on environment with animal spirits coming back and capital markets picking up, so it should be good for all banks,” he added.— Sean ConlonThe December retail sales report due out Thursday is expected to show a 0.5% increase, down from a 0.7% rise the previous month, according to a Dow Jones consensus estimate.Excluding autos, it’s expected to have risen 0.4% last month, up from a 0.2% gain in the prior reading. The data is set to release 8:30 a.m. ET. — Sarah MinU.S. stock futures opened little changed Wednesday night. Dow Jones Industrial Average futures added 21 points, or 0.05%. S&P 500 futures rose 0.01%, while Nasdaq 100 futures dipped 0.04%.— Sarah MinGot a confidential news tip? 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Source: https://www.cnbc.com/2025/01/15/stock-market-today-live-updates.html