Stocks climb Wednesday, on pace for big November gains: Live updates

25 Mins Ago

Energy stocks lag in S&P 500 this month

Energy stocks in the S&P 500 are on pace to end November down, bucking the broad index’s ascent.

The sector is on track to finish November down 1.8%, making it the only of the 11 that comprise the S&P 500 poised to end lower. (Thursday’s close marks the conclusion of the trading month.)

By comparison, consumer staples was the next worst performing S&P 500 sector in November, but was still more than 3% higher. As a whole, the S&P 500 is slated to close the month up by 8.9%.

APA Corporation and Marathon Oil dragged on the sector during the month so far, posting slides of more than 8% and 7%, respectively. EQT and Schlumberger were the next biggest laggards, dropping more than 6% each.

Despite the sector’s fall, a handful of energy stocks are still poised for notable advances. Phillips 66 and Kinder Morgan, the two biggest gainers, are both tracking to end 2023’s penultimate month more than 7% higher.

— Alex Harring

An Hour Ago

Stocks making the biggest moves midday

Check out the companies making headlines in midday trading.

  • General Motors — The automaker popped 9.6% after announcing a $10-billion stock buyback plan and a 33% quarterly dividend increase. GM also reinstated its guidance following the end of the United Auto Workers strike.
  • Foot Locker — The footwear retailer gained 17% after Foot Locker topped analysts’ expectations in its third quarter. Adjusted earnings came in at 30 cents per share on revenue of $1.99 billion. Analysts polled by LSEG were anticipating 21 cents per share on revenue of $1.96 billion.

Read the full list here.

— Sarah Min

An Hour Ago

Cigna slides on report of possible Humana deal

Shares of insurer Cigna fell almost 8% after The Wall Street Journal reported the company was in talks to merge with Humana. The deal could be finalized by year-end, according to the report, which cites unnamed sources close to the situation. Humana fell more than 3% while rival CVS, which owns Aetna, was lower by more than 2% and UnitedHealth, which held an investor day, dropped about 1%.

2 Hours Ago

These are biggest Nasdaq winners following November’s market rally

The Nasdaq Composite is about to cap off a record November, with the tech-heavy index up more than 11% since the start of the month and on pace for its best monthly stretch since July 2022.

Datadog‘s seen the biggest gain in the concentrated Nasdaq-100. with shares up more than 43% since the start of the month. It’s followed by PDD Holdings and Crowdstrike, up more than 38% and 30%, respectively, month to date.

Popular artificial intelligence plays and semiconductor names also one big in November, with Advanced Micro Devices on track for a 27% gain. Intel, Marvell Technology and Nvidia have rallied more than 18% each.

Megacap technology stocks also participated in the Nasdaq’s blowout rally, with Tesla shares up nearly 24%. Apple and Microsoft have jumped about 12% each in November, while Meta Platforms and Amazon have gained more than 10% each.

— Samantha Subin

2 Hours Ago

NetApp jumps more than 16% after on earnings beat, better than-expected guidance

Shares of data infrastructure company NetApp surged nearly 16% on Wednesday thanks to a beat on the top and bottom line in the fiscal second-quarter.

See Chart…

NetApp stock.

NetApp notched an adjusted $1.58 per share on $1.56 billion in revenue, while analysts polled by LSEG expected earnings of $1.39 per share and $1.53 billion in revenue. The firm also issued a higher-than-expected third-quarter earnings forecast.

— Brian Evans

3 Hours Ago

10-year Treasury yield falls below 4.3%

Bond yields were falling again on Wednesday, with the 10-year Treasury yield falling below 4.3% for the first time since September.

The benchmark Treasury yield briefly broke above 5% in late October but has retreated this month as traders have grown increasingly confident that the Federal Reserve is done with its rate hikes for this cycle. Bond yields move opposite of prices.

At about 8 a.m. ET, the 10-year Treasury yield was down more than four basis points to 4.288%. The 2-year Treasury yield fell nearly seven basis points to 4.668%. A basis points is equal to 0.01%.

— Jesse Pound

4 Hours Ago

Gold prices hit highest level since May

Gold hit a high of $2,072.70 per ounce earlier Wednesday, the highest level since May 4, when gold traded as high as $2,085.40 per ounce.

Gold mining companies Gold Fields and AngloGold Ashanti are up about 13% this week, while New Gold has gained 8.1% week-to-date.

— Pia Singh

4 Hours Ago

Stocks open slightly higher

Here’s how the major indexes opened on Wednesday:

— Pia Singh

5 Hours Ago

U.S. GDP rises at 5.2% pace in Q3, more than expected

Gross domestic product grew at an even stronger than expected pace in the third quarter, the Commerce Department announced Wednesday.

GDP, a measure of all goods and services produced during the July-through-September period, accelerated at 5.2% annualized pace, better than the 5% Dow Jones forecast and above the initial estimate of 4.9%. This was the second of three readings on the key economic number.

The upgrade came mostly from revisions to nonresidential fixed investment and government spending, while consumer expenditures were revised lower.

–Jeff Cox

5 Hours Ago

Stocks making the biggest moves before the bell: General Motors, Petco and more

These are the stocks moving the most in premarket trading:

  • General Motors — Shares of the automaker jumped 9% in premarket trading after GM announced a $10 billion stock buyback plan and hiked its quarterly dividend by 33%.
  • Petco — Shares of the pet retailer plummeted 17% after reporting disappointing third-quarter earnings.
  • Foot Locker — Shares jumped 12% after the footwear retailer posted third-quarter earnings and sales Wednesday that beat Wall Street expectations and said it expects better same-stores sales this year than it previously did.

Read the full list of stocks moving here.

— Lisa Kailai Han

5 Hours Ago

Phillips 66 jumps after activist makes $1 billion bet on energy company

Shares of Phillips 66 gained more than 5% in early morning trading after Elliott Management took a $1 billion stake in the energy company. The activist firm and plans to seek as many as two board seats, sources told CNBC’s David Faber.

Phillips 66 has a market cap of $51.9 billion.

— Pia Singh

5 Hours Ago

Okta shares slip in early trading despite earnings beat

Shares of cybersecurity firm Okta slipped 1.5% in Wednesday’s premarket trading session. The company reported a beat on earnings and revenue for the third quarter, however, posting 44 cents per share in earnings on $584 million in revenue. Analysts polled by FactSet had called for 30 cents per share in earnings on $560.6 million in revenue.

On Tuesday, Okta said in a message that a hack on its customer support system led to all customer data being stolen, driving shares lower. The stock has plummeted 10.9% this quarter, but is still up nearly 6.3% for the year.

— Pia Singh

7 Hours Ago

GM to buy back $10 billion in stock, raises dividend

8 Hours Ago

Any Fed rate cuts will be ‘limited,’ Yardeni says

Ed Yardeni of Yardeni Research noted that, while Fed rate cuts are a possibility next year, he doesn’t see the central bank dramatically easing monetary policy.

“The big debate now seems to be when and by how much the Fed will lower interest rates,” Yardeni wrote. “The federal funds rate peaked just before eight of the past 10 recessions. It plunged during all of them. The optimists (including yours truly) aren’t expecting a recession through the end of 2024, so we expect that any rate cutting by the Fed next year will be limited, maybe to two to four cuts of 25bps each.”

— Fred Imbert

14 Hours Ago

Meituan shares plunge to 44-month low as delivery firm warns of slower Q4 growth

A delivery worker for Meituan in Shanghai, China, on Friday, May 27, 2022.

Bloomberg | Getty Images

Meituan’s Hong Kong-listed shares plunged more than 11% to 91.65 Hong Kong dollars by afternoon trading.

Shares of the Chinese delivery firm fell to their lowest level since late March 2020 as it struck a cautious tone in its third quarter earnings call, according to a transcript by FactSet.

“We think in Q4 revenue year-over-year gross profit delivery will be slightly lower than the Q3 growth rate,” Meituan management warned on the call.

The company said on Tuesday its third-quarter revenue rose 22.1% to 76.47 billion Chinese yuan ($10.81 billion) from a year earlier. Adjusted net profit came in at 5.7 billion yuan ($809 million).

15 Hours Ago

South Korea markets will offer the highest earnings growth next year, Goldman Sachs says

South Korean stocks have so far emerged as an undervalued and underloved part of Asia-Pacific equity markets but that is exactly what could make them attractive to investors next year, according to Goldman Sachs.

Goldman even argued that South Korea markets offer the highest potential earnings growth in 2024 in the Asia-Pacific region as its semiconductor sector recovers from steep profit declines. The investment firm remains overweight on South Korean stocks.

“We forecast EPS growth to rebound to 54% in 2024 and to grow 20% further in 2025,” Goldman said with regards to Korea’s Kospi benchmark index.

South Korea is Asia’s fourth largest economy but its markets are often considered undervalued by analysts, leading to what is sometimes referred to as the “Korea discount.”

Read the full story here.

— Shreyashi Sanyal

15 Hours Ago

New Zealand dollar jumps 1% as central bank holds rates, warns of more hikes

Pedestrians walk past the Reserve Bank of New Zealand headquarters in Wellington, New Zealand, on Thursday, Sept. 13, 2012.

Mark Coote | Bloomberg | Getty Images

The New Zealand dollar jumped 1% to nearly 0.62 against the U.S. dollar after the Reserve Bank of New Zealand held its official cash rate at 5.5% and warned that rates could go higher to tackle inflation.

The kiwi dollar jumped to its highest level in nearly four months after the decision. The currency is down 2.5% so far this year and is headed for its third straight yearly decline.

The central bank noted that inflation is still too high and said monetary policy will need to remain restrictive in order to control it.

Read the full story here.

18 Hours Ago

Australia’s inflation rate slows more than expected in October

Australia’s weighted inflation rate for October slowed more than expected, coming in at 4.9% compared with the 5.2% expected by economists polled by Reuters.

This was also lower than the 5.6% seen in September. The overall inflation rate stood at 4.8%, its lowest level since January 2022.

The country’s statistics bureau revealed that the most significant price rises were housing, food and non-alcoholic beverages, as well as transport.

— Lim Hui Jie

19 Hours Ago

Stock futures open little changed

Stock futures were little changed on Tuesday, with investors clinging to hope that the Federal Reserve was done raising benchmark interest rates.

Futures tied to the Dow Jones Industrial Average added 17 points, or 0.05%. S&P 500 futures climbed 0.02% while Nasdaq 100 futures hovered near the flatline.

— Brian Evans

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