July 13, 2024

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Stock Market Today: Live Updates

Stock Market Today: Live Updates

8 minutes ago

Tesla shares fell after Investor Day

Tesla shares fell 6% in pre-market trading after a disappointing day for an investor as the company failed to disclose any concrete details about its next-generation cars.

“At Investor Day, TSLA aimed to reduce the cost of its model year by 50%,” wrote Wells Fargo analyst Colin Langan. “However, schedule and cost details were limited, and the event lacked a TSLA-like surprise. With expectations high, we expect the stock to drop.”

Langan’s report was titled “TSLA Investor Day: Got What, But Misses When and How.”

Tesla is a popular stock with retail investors and is a comprehensive measure of market risk. The loss today could weigh on the broader market.

9 minutes ago

Watch the 3,900 level on the S&P 500, says JPMorgan

Recent market selling puts the S&P 500 at risk of a breach below a major chart level, according to a note from the JPMorgan trading desk.

“The S&P 500’s slide from the expected resistance at 4100 threatens key chart levels surrounding 3900,” the note said. “A move through this support has a strong potential to accelerate downward price pressures, in our view.”

see chart…

S&P 500 is testing key support levels

The S&P 500 closed at 3,951.39 on Wednesday. Over the past month, the broader market index is down 5.5%.

“Even after the recent setback, the S&P 500 still looks overdone in relation to the shape of the money market curve,” the JPMorgan note said. “The 18-month relationship using the expected final rate and the total amount of easing priced after the final price is achieved currently shows the fair value of the index just below 3800.”

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– Fred Imbert, Michael Blum

41 minutes ago

JPMorgan downgrades Nio

Shares of Nio fell 1% in the primary market after JPMorgan downgraded the electric car maker to neutral from overweight.

“While management on the outcome call attributed most of the errors to a one-time item related to the removal of older models (eg ES6, ES8, EC6 before new models arrived on the new platform in the first half of ’23), our concern is that the 1Q23 margin It could head down further (JPMe composite GPM around 5%) while the magnitude of improvement from 2Q23 will be just shy of the Street outlook, given the tough competition environment,” JPMorgan said.

“Moreover, we note that our forecast for delivery for 2023 (190,000 units or 56% growth) is below management’s ambitious target (240-250,000, compared to 122 in 2022),” the bank added.

– Sarah Maine

12 hours ago

Tesla shares are dropping as the investor’s day begins

Tesla shares fell about 3% after the bell as the electric car maker held its 2023 Investor Day.

During the event, which was hosted in Texas, CEO Elon Musk unveiled “Master Plan 3,” which focused heavily on sustainable energy, but shared few details.

Investors and analysts alike are watching the event to gain insight into how the company plans to face growing competition.

see chart…

Tesla shares are dropping as the investor’s day begins

– Samantha Sobin, Laura Kolodny

12 hours ago

Shares of Silvergate Capital fell due to the delay in the release of the 10K annual report

Shares of the cryptocurrency-focused bank fell more than 30% in overnight trading after it filed a request to delay the 10-K issue.

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Silvergate Capital said in a filing on Wednesday that it has a series of pending inquiries and investigations and needs more time “to complete management’s assessment of internal controls over financial reporting.”

Given this recent series of events, the company also said in the filing that it may be “less than well capitalized.”

Shares of Silvergate Capital have been under pressure in recent months as it grapples with the fallout from the collapse of cryptocurrency exchange FTX.

see chart…

Silvergate shares fell sharply

12 hours ago

Okta, Snowflake among stocks moving after hours

Along with Salesforce, a slew of technology stocks moved into overnight trading after earnings were reported.

Snowflake shares fell more than 7% on lighter-than-expected product revenue guidance, though it posted both above and below last quarter’s earnings, according to Refinitiv.

Meanwhile, Okta stock jumped 14% with an up-and-down difference. The identity management company also shared strong revenue and EPS guidance for the current period, including a windfall profit.

Outside of technology, shares of American Eagle Outfitters jumped nearly 7% on strong quarterly results.

Read the full list of stocks that move after the bell here.

– Samantha Sobin

12 hours ago

Salesforce stock is showing strong earnings and guidance

see chart…

Salesforce shares rose thanks to strong earnings, and better-than-expected guidance

– Samantha Sobin, Jordan Novet

13 hours ago

Dow futures open higher

Stock futures opened higher on Wednesday evening.

Futures contracts linked to the Dow Jones gained 148 points, or 0.45%. S&P 500 and Nasdaq 100 futures rose 0.08% each.

– Samantha Sobin