Stock market today: live updates

7 minutes ago

JPMorgan launches coverage on aluminum producer Alcoa

Shares of aluminum producer Alcoa jumped 2.3% on Monday in premarket trading after JPMorgan launched a hedge with an overweight rating. The company’s price target of $54 implies that shares rebound more than 49% from Friday’s close.

“Our view is premised on a positive outlook for the price of aluminum, given supply constraints and the commodity’s strong secular growth trends, which can help fund shareholder returns and future growth initiatives,” analyst Bill Peterson wrote in a Monday note. “

CNBC Pro subscribers can read more about his appeal here.

—Hakyung Kim

32 minutes ago

Occidental shares fall after Buffett reverses takeover speculation

Occidental Petroleum shares fell more than 1% in premarket trading on Monday after Warren Buffett said Berkshire Hathaway did not plan to take full control of the oil giant.

“There’s speculation that we’re buying control, we’re not going to buy control,” Buffett said at Berkshire’s annual meeting of shareholders. “We wouldn’t know what to do with it.”

The “Oracle of Omaha” amassed a 23.5% stake, while receiving approval to buy up to 50% of the company. Many had speculated that Buffett would eventually acquire the entire company.

—Yun Li

48 minutes ago

PacWest jumps after dividend cut

Investors cheered PacWest on cutting its dividend, as the stock jumped more than 30% in premarket Monday.

The regional bank said late Friday it had cut its dividend to just 1 cent per share from 25 cents per share.

“Given the current economic uncertainty, recent volatility in the banking sector, and potential changes to regulatory capital requirements, we view the dividend cut as a prudent step to accelerate our capital build plans,” he said. CEO Paul Taylor said in a statement.

4 hours ago

European equities down

European indices started the trading week on a flat basis, with traders pricing in more corporate earnings, economic data and a Bank of England rate decision this week.

In individual stock news, Italy’s Banca Monte Dei Paschi rose 2.7% in early trades after a report said the Italian Treasury was ready to cut its 64% stake in the lender.

Learn more here.

5 hours ago

US Treasury yields drop slightly

U.S. Treasury yields fell on Monday, retracing some gains after the release of better-than-expected nonfarm payrolls data.

The 30-year Treasury yield fell 2 basis points to 3.7420% at 2 a.m. ET. The 10-year Treasury fell 1 basis point to 3.4351%. Yields and prices move in opposite directions. One basis point equals 0.01%.

Learn more here.

11 hours ago

China’s trade surplus reportedly shrunk to $74 billion in April

China’s trade surplus is expected to have narrowed slightly, from $88.2 billion in March to $74.3 billion in April, according to a Reuters poll of economists.

Exports are expected to have risen 8% year-on-year after rising 14.8% in March, while imports are expected to remain unchanged after falling 1.4% year-on-year in the previous month.

April’s weaker trade data will likely reflect “residual seasonality” after this year’s Lunar New Year, Goldman Sachs economists said in a Monday note.

“We expect the dissipation of this seasonal bias to slow export growth in April. We expect import growth to slow month-over-month,” the economists wrote, adding that Seasonal holiday trends are less evident in imports.

The economy is also expected to release its inflation data later in the week.

—Jihye Lee

7 hours ago

Morgan Stanley strategist sees Korean stocks rise nearly 10% on monetary easing

Morgan Stanley strategist Joon Seok has issued a bullish call on the South Korean market, setting a target of 2,750 on the Kospi in 2023, just over 9% from its current level of 2,520.29 .

Speaking to CNBC’s “Squawk on the Road” in South Korea, Joon explains that there are three things investors need to look at: monetary policy, corporate earnings and the country’s capital reform initiative. .

For monetary policy, the main question would be when the rate cuts would come, he said, given that the Bank of Korea was one of the first banks in Asia to suspend its hikes. rate.

Regarding corporate earnings, he says that in a multipolar world, Korean companies will have “more opportunity and risk,” noting that the company is bullish on the materials and technology materials sector.

“We see Korean technology as one of the big beneficiaries,” he told CNBC.

Joon added that South Korean companies have “preventively adjusted” to potential problems ahead in the global supply chain, adding that they “also have a lot of intellectual property that really helps us.”

—Lim Hui Jie

10 hours ago

Japan: Services sector grows at record pace in April (at Jibun bank)

Japan’s service sector grew at a record pace in April, according to a private survey.

The Services Purchasing Managers Index at Jibun Bank Japan was 55.4, higher than the March figure of 54.9 and marking its fifth straight month in expansion territory.

A figure above 50 indicates expansion in the sector, while a figure below 50 indicates contraction.

Japan’s April composite PMI – which combines manufacturing and services figures – was unchanged at 52.9.

This is the fastest pace of growth since June 2022, and the fourth month in a row the composite PMI has remained above the 50 mark.

—Lim Hui Jie

12 hours ago

Bill Nygren shares his best trade ever

Oakmark Funds’ Bill Nygren revealed to CNBC Pro on Friday the best trade of his long career.

Learn more about why the value investor ranks this media spinoff as his top trade here.

— Samantha Subin

13 hours ago

S&P 500 earnings keep pace with year-over-year declines

Evidence shows that S&P 500 earnings are on track for year-over-year declines, with around 85% of benchmark earnings to date.

Based on the blended growth measure, EPS is on track to fall 2.4% year-over-year, with the materials sector seeing the largest decline at 25.7%.

Of the companies reporting results, about 79% exceeded EPS expectations while just over 74% exceeded sales estimates, according to Factset.

— Samantha Subin

13 hours ago

Stock futures remain unchanged on Sunday evening

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