Stock Market Today: Live Updates

2 hours ago

Jeep, Dodge maker Stellandis posted annual profit and announced a $4.47 billion payout to shareholders.

Stellantis CEO Carlos Tavares discusses the Ram 1500 Revolution EV concept truck during his keynote address at the Consumer Electronics Show (CES) on January 5, 2023 in Las Vegas, Nevada.

Robin Beck | AFP | Good pictures

Carmaker Stellandis reported record full-year results on Wednesday, with net profit rising 26% to 16.8 billion euros ($17.9 billion) and a 41% year-on-year jump in global battery and electric vehicle sales.

The Dutch-headquartered company, which will be formed in 2021 from the merger of Italian-American joint venture Fiat Chrysler Group and France’s PSA Group, saw net revenue rise 18% to 179.6 billion euros.

Stellantis CEO Carlos Tavares said the results also demonstrate the effectiveness of the company’s electrification strategy in Europe, with 288,000 battery and electric vehicle (BEV) sales in 2022 and 23 BEVs currently on the market.

“We now have the technology, products, raw materials and full battery ecosystem to drive the same transformative journey in North America, starting with all-electric Ram vehicles in 2023 and Jeep in 2024,” Tavares said.

Read the full story here.

Check out the chart…

Stellantis share price.

10 hours ago

That’s where the major averages are after Tuesday’s selloff

After all major averages for 2023 and February recorded their worst session of the year and worst day since December 15.

Dow Jones Industrial Average:

  • A decrease of 0.05% in 2023
  • It was down 2.81% in February
  • Maximum discount is 10.35%
  • 81.89% off epidemic low prices
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S&P 500:

  • An increase of 4.11% per annum
  • Down 1.94% in February
  • Maximum discount is 17.04%
  • 82.37% off epidemic low prices

Nasdaq Composite:

  • A rise of 9.8% per annum
  • Down 0.8% this month
  • Maximum % discount of 29.11%
  • 73.30% off at epidemic low prices

– Samantha Subin, Chris Hayes

11 hours ago

Palo Alto Networks will appear in the orientation lift

Shares of Palo Alto Networks rose more than 7% in extended trading after the cybersecurity provider beat Wall Street’s estimates for the latest quarter and management raised fiscal third-quarter revenue guidance.

In the most recent quarter, the software maker posted adjusted earnings per share of $1.05 on revenue of $1.66 billion. Analysts were expecting EPS of 78 cents on $1.65 billion, according to Refinitiv. Revenue also grew by 26% year-on-year.

Management expects adjusted earnings per share to be between $3.97 and $4.03 in fiscal 2023. EPS guidance is $3.44, up from $3.37 in November.

Check out the chart…

Palo Alto Networks Moves in Revenue

Samantha Subin, Jordan Novett

11 hours ago

Toll Brothers, Coinbase moves after hours on shares

Some of the stocks that move in extended trades are:

Shares of Coinbase – the crypto trading platform – were last down more than 1%. According to Refinitiv, the company beat analysts’ expectations on both the top and bottom lines.

Dole Brothers – The homebuilder stock added 3% on a better-than-expected earnings report. The company also reported that demand has increased since the beginning of 2023.

Costar Group — The commercial real estate stock fell more than 16% after sharing guidance for the current quarter, according to the Street Account.

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Read the full list of stocks moving after the bell here.

– Samantha Subin

11 hours ago

JPMorgan chief strategist sees another 5% drop in the stock market

The equity market could see a 5% drop, while high-beta tech stocks could move between 5% and 10% lower, JP Morgan’s Marko Kolanovic told CNBC’s “Closing Bell: Overtime” on Tuesday.

The chief global market strategist has a 4,200 price target on the S&P 500 for 2023. That leaves room for the lowest possible sell-off before the Fed starts — or signals — rate cuts, he said.

“We really think the Fed should cut rates on a consistent basis to market,” Kolanovic said.

The broader index fell 2% to 3,997.34 on Tuesday and was down 2.5% for its worst day since Dec. 15.

– Biya Singh

11 hours ago

Stock futures open slightly higher

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