Stock market today: Live updates

An hour ago

OPEC+ will meet virtually on June 2 for political negotiations

The logo of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, Thursday July 6, 2023.

Bloomberg | Bloomberg | Getty Images

The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, will meet virtually on June 2 to determine the next steps for their crude production policy, the OPEC secretariat announced Friday.

OPEC countries will hold a separate video conference meeting on the same day.

OPEC+ was previously scheduled to meet on June 1 in Vienna. Coalition delegates, who could only speak anonymously due to the sensitivity of the panel discussions, had reported to CNBC growing uncertainty in recent days over whether the meeting would be moved to a virtual format .

The influential alliance of oil producers is currently expected to continue cutting its crude production by 2 million barrels per day until the end of this year, in line with its official policy. Separately, a subset of OPEC+ countries, including heavyweights Saudi Arabia and Russia, announced voluntary cuts: a series including 1.66 million barrels per day, extending to ‘at the end of the year ; and a second round of reductions of 2.2 million barrels per day until the end of the second quarter.

Market participants are closely watching the extension of these voluntary second-quarter cuts, while concerns over security of supply persist amid the ongoing conflict in the oil-rich Middle East.

The July expiring Ice Brent futures contract was trading down 4 cents a barrel at $81.32 a barrel as of 9:19 a.m. London time, with the July front-end Nymex WTI contract down 9 cents per barrel at $76.78 per barrel.

Ruxandra Iordache

3 hours ago

European stocks open lower

See the table…

Stoxx 600 index.

European stock markets opened lower on Friday, with the regional Stoxx 600 index down 0.74% in early trade.

Germany’s DAX fell 0.9%, while Britain’s FTSE 100 and France’s CAC 40 fell 0.8% and 0.6%, respectively.

-Jenni Reid

8 hours ago

Samsung Electronics shares fall after news that its HBM chips have yet to pass Nvidia tests

A 12-layer HBM3E module from Samsung Electronics Co., top and other DDR modules arranged in Seoul, South Korea, Thursday, April 4, 2024. Samsung’s profits rebounded sharply in the first quarter of 2024, reflecting a turnaround in the company’s pivotal semiconductor division and robust sales of Galaxy S24 smartphones. Photographer: SeongJoon Cho/Bloomberg via Getty Images

Bloomberg | Bloomberg | Getty Images

Shares of Samsung Electronics fell 2.3% after Reuters reported that the South Korean tech giant’s latest high-bandwidth memory (HBM) chips are not yet ready for use by the U.S. manufacturer of Nvidia chips.

Three people briefed on the problems told Reuters there were heat and power consumption issues with Samsung’s chips.

The problems were related to the company’s fourth-generation HBM3 chips (which are most widely used for graphics processing units for AI) and the next-generation HBM3E chips that Samsung and its competitors are bringing to market this year, according to the report.

Samsung shares weighed on the broader Kospi, which fell 1.05%.

Nvidia announced late Wednesday that its fiscal first-quarter revenue more than tripled and its data center business grew 427% from a year earlier.

-Shreyashi Sanyal

10 hours ago

Japan’s inflation slows, consumer prices rose 2.5% in April

Inflation in Japan slowed slightly to 2.5% in April, lower than the 2.7% seen in March and marking a second consecutive month of slowing inflation.

Core inflation, which excludes fresh food prices, also slowed to 2.2% from 2.6%, in line with expectations.

The so-called “core” inflation rate — which does not take into account the prices of fresh food and energy and is taken into account by the Bank of Japan when formulating its monetary policy — has experienced the biggest drop to 2.4% in April compared to 2.9% the previous month.

-Lim Hui Jie

10 hours ago

Investor Optimism Reached 6-Week High Ahead of Thursday’s Crisis

The percentage of investors optimistic about the stock market outlook over the next six months hit a 6-week high last week, according to the American Association of Individual Investors.

Bullish sentiment climbed to 47% in the latest AAII poll, up from 40.9% last week and remained above the historical average of 37.5% for the 28th week in ’29 – a streak that stretches back at the market bottom last October and at the start of the current one. bull market.

Bearish sentiment for the next six months rose to 26.3% this week from 23.3% last week, for the third time in six weeks it was below the historical average of 31%.

Neutral sentiment that the market will change little over the next six months fell to 26.6% from 35.9% last week, and below the historical average of 31.5%.

Investor sentiment readings are considered a contrarian indicator, the idea being that when too many investors say they are optimistic, most have stopped buying and cash reserves have dwindled. Conversely, when sentiment is decidedly bearish, it may mean that most sales have been completed and cash reserves have increased.

-Scott Schnipper

11 hours ago

Clothing and shoe sales show signs of life

Although many retailers cite challenges with discretionary spending, clothing and footwear brands appear to be defying the odds this season.

In its earnings report this afternoon, Ross Stores said same-store sales rose 3% in the most recent quarter, in line with both the company’s forecast and Wall Street’s expectations. This comes after a number of clothing names reported positive results – Ralph Lauren up 6%, Urban Outfitters up 2.6%, TJX up 3.5%. Even Target noted that the clothing sector was a bright spot despite an overall decline in sales.

Meanwhile, stronger-than-expected HOKA and UGG sales propelled a sharp rise in profits and revenue for Deckers this afternoon. Overall revenue jumped 21% from last year’s quarter. Even on the other end of the spectrum, earlier this morning Shoe Carnival said its sales were up 6%. This is higher than the company expected and also higher than analysts’ estimates.

Robert Hum

11 hours ago

Stocks Make Biggest Moves After Hours

Check out some of the companies making headlines when it comes to extended trading.

  • Ross Stores – Shares of the discount clothing store jumped 7%. Ross Stores reported first-quarter earnings per share of $1.46 on revenue of $4.86 billion. Analysts surveyed by LSEG had forecast earnings of $1.35 per share and revenue of $4.83 billion.
  • Workday — The business management company fell 10% after its subscription revenue forecast missed Wall Street estimates. Workday expects subscription revenue of $1.895 billion for the second quarter, compared to consensus forecasts of $1.9 billion, per StreetAccount.
  • Intuit – TurboTax owner fell 7% following soft guidance for the current quarter. Intuit forecast fourth-quarter adjusted earnings of between $1.80 and $1.85 per share, while analysts surveyed by FactSet expected $1.92 per share. The fiscal third quarter results, however, beat the Street’s expectations in terms of revenue and bottom line.

Read the full list here.

—Brian Evans

11 hours ago

Coinbase Jumps After Hours as SEC Opens Door to Ether ETFs

Coinbase rose 5% in extended trading after the Securities and Exchange Commission approved a rule change that would pave the way for ETFs that buy and hold ether. Robinhood gained 2%.

Although both companies offer cryptocurrency trading, Coinbase could benefit more from the introduction of Ether ETFs as it offers a host of other crypto services including custody and staking, as well as a larger selection of marketable assets. Coinbase also operates a blockchain, called Base, built on the Ethereum network.

The price of ether only rose 2% Thursday evening. Earlier in the week, it rose more than 20% over two days on investor optimism around the SEC’s decision, and it’s now poised for its best week in over a year .

Learn more about the benefits of Ether ETFs for Coinbase on CNBC Pro.

—Tanaya Macheel, Jesse Pound

12 hours ago

Stock futures were little changed Thursday

Stock futures were little changed Thursday, after all three major indexes ended regular trading lower, with the Dow Jones Industrial Average recording its worst session since March 2023.

Futures linked to the 30-stock Dow Jones slipped 4 points, or 0.01%. S&P 500 futures rose 0.03%, while Nasdaq 100 futures slipped 0.05%.

—Brian Evans

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Gn bussni

Sara Adm

Aimant les mots, Sara Smith a commencé à écrire dès son plus jeune âge. En tant qu'éditeur en chef de son journal scolaire, il met en valeur ses compétences en racontant des récits impactants. Smith a ensuite étudié le journalisme à l'université Columbia, où il est diplômé en tête de sa classe. Après avoir étudié au New York Times, Sara décroche un poste de journaliste de nouvelles. Depuis dix ans, il a couvert des événements majeurs tels que les élections présidentielles et les catastrophes naturelles. Il a été acclamé pour sa capacité à créer des récits captivants qui capturent l'expérience humaine.
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