Stock Market Today: Live Updates

Nvidia stock tumbled more than 4% during midday trading, giving back some of its gains.

The move in Nvidia stock comes as the chipmaker climbs 8% for the week and aims for its ninth consecutive week of wins. The company has been a driving force in continuing the 2023 bull market into the new year.

Other semiconductor stocks also fell during Friday trading. Advanced Micro Devices was last down 1.6%, while ASML and Intel were each down more than 4%. Broadcom fell 7% after releasing its full-year inline outlook. Marvell Technology fell 10% after its first-quarter outlook was weaker than expected.

The VanEck Semiconductor ETF was last down 3.6%.

— Samantha Subin

Eli Lilly shares fell more than 2% in trading after the Food and Drug Administration said it would continue to review the safety and effectiveness of the company's Alzheimer's disease drug. While the news was a surprise and the length of the delay is difficult to gauge, analysts said it did not negatively impact Lilly's 2024 forecast.

“In our view, this is more of a negative surprise, but the decline in LLY is a buying opportunity given that donanemab is not the main driver of the stock price,” Morgan Stanley's Terrence Flynn said in a research note. I would consider it as such.”

Bad news for Lilly is good news for Biogen. Flynn said BIIB stock could rise as much as 5% on the news, as the delay would give rival treatment Requembi more time to gain market share. In fact, Biogen stock was up more than 2% Friday morning, but is down nearly 13% year-to-date.

—Christina Cheddar Burke

Among the fund's top holdings, Enphase Energy and SolarEdge Technologies both rose more than 3%.

This is TAN's third consecutive positive session, with the stock gaining more than 2% in each of the past two days.

— Jesse Pound

Apple made a breakthrough on Friday, naming key technologies and on pace to end its longest losing streak in more than two years.

The large-cap stock rose about 1.5% in late morning trading. If that is true, it would be the first positive day for the stock in the past eight days. The last time the stock fell for seven consecutive sessions was in January 2022.

Friday's move comes as a small relief in a difficult situation where Apple's stock price is expected to fall by about 11% in 2024.

— Alex Harring, Nick Wells

Nvidia had another good week this week.

That's no surprise for the chipmaker, which rose nearly 300% last year on the promise of artificial intelligence.

The AI ​​darling seemed to stand out from the crowd this week, surging 17%, posting its best weekly performance since May 2023. Meanwhile, the Technology Select Sector SPDR Fund (XLK) looks poised to end the week slightly lower.

Nvidia also outperformed its Magnificent 7 peers and is one of only two stocks in the group, along with Meta Platforms, on track to end the week on a strong note.

Tesla fell 11% and Alphabet fell 1.7% as Nvidia rallied. Apple fell 5%, snapping its longest losing streak in more than two years. Software stocks are also weak, with MongoDB, Palo Alto Networks, and Zscaler all down more than 6% for the week.

Academy Securities says the February jobs report released this morning may have looked positive at first glance, but a closer look reveals “alarmingly weak” data.

Nonfarm payrolls rose by 275,000 last month, far exceeding the 198,000 job growth forecast by economists compiled by Dow Jones.

However, Peter Chill, head of macro strategy at Academy Securities, said the slight rise in the unemployment rate and the sharp downward revision in statistics over the past two months suggest that the labor market is weaker than investors previously thought. It is said to suggest that.

Other alarming signs include a decrease in hourly income. Chill also said that the “turnover rate” in the Job Openings and Turnover Survey (JOLTS) data released earlier this week suggested that workers “do not think it will be easy to find another job.” He pointed out that there was.

All of this suggests the job market is “slightly below 'normal'” and “heading in the wrong direction” at a time when consumer delinquencies are on the rise, Till said. Ta. He added that this development could be “weak enough” to put downward pressure on the stock.

”[What] “What initially appeared to be 'good' news was actually mediocre at best,” Chill wrote in a Friday note titled “Disturbingly Weak Report.” “I don't know yet, but I'm expecting a mediocre response.” Despite the fact that today's data will help the Fed lean towards lowering rates. ”

— Sarah Min

The S&P 500 and Nasdaq Composite opened Friday's trading in the green.

Shortly after 9:30 a.m. ET, the broader S&P 500 was up about 0.1%, while the technology-heavy Nasdaq was up 0.2%. Meanwhile, the Dow average flickered near the flatline.

After opening Friday, the S&P 500 and Nasdaq are on track to end the week up 0.6% and 0.3%, respectively. The Dow Jones Industrial Average lagged, falling about 0.7% for the week.

— Alex Harring

Below are some of the companies that made headlines before the bell.

• Carvana — Shares rose more than 5% after RBC upgraded the stock to sector perform from underperform. The company cited reasonable valuations and favorable settings for unit acceleration.
• MongoDB — Shares fell more than 8% after the company released disappointing first-quarter and full-year guidance on Thursday. Meanwhile, MongoDB beat expectations in the fourth quarter. The database software maker posted adjusted earnings of 86 cents per share on revenue of $458 million. Analysts had expected earnings of 47 cents a share and revenue of $433 million, according to LSEG.
• DocuSign — Shares rose 8.4% after the company beat expectations and gave a positive outlook for the first quarter. DocuSign reported fourth-quarter adjusted earnings of 76 cents per share on revenue of $712 million for the period. Wall Street had expected earnings of 64 cents per share on revenue of $699 million, according to analysts surveyed by LSEG.

A complete list can be found here.

— Ha-Kyung Kim

The U.S. economy added 275,000 jobs last month, easily beating the Dow Jones consensus estimate of 198,000. Such numbers would raise concerns that the Federal Reserve may be slow to cut interest rates.

However, the US unemployment rate rose from 3.7% to 3.9%. Moreover, wage growth was slower than expected. Employment growth for January was also significantly revised downward from 353,000 to 229,000.

— Fred Imbert

With only Friday's trading left in the trading week, the three major indexes are continuing to diverge in their weekly performance.

The S&P 500 rose 0.4% for the week. The Nasdaq Composite Index is slightly less than flat, but the Dow Jones Industrial Average is underperforming, down 0.8%.

— Alex Harring

China's passenger car sales rose 16.3% in the January-February period from a year earlier, according to data from the China Passenger Car Association on Friday, Reuters reported.

Sales volume in January was 3.16 million units, an increase of 57.1% year-on-year, but in February it was down 21.6% year-on-year.

EV sales in the past two months rose 18.2% year-on-year, but slower than the 20.8% growth rate for all of 2023.

— Reuters

A day after hitting a one-month high, the Japanese yen continued to rise against the US dollar.

On Friday, the yen stood at 147.57 yen, its highest level since February 1. On Thursday, Japan's largest industry union group, UA Zensen, reportedly announced that employers have agreed to raise wages for full-time workers by 6.7% as part of spring wages. negotiation.

Rising wages are a prerequisite for the Bank of Japan to begin easing its ultra-easy monetary policy, which could lead to interest rate hikes and a stronger yen.

Spending by households of two or more people in Japan fell 6.3% in January from a year earlier, official data showed on Friday.

This was the 11th consecutive month of decline. This was significantly lower than the 4.3% decline expected in a Reuters poll.

Household spending unexpectedly fell by 2.1% from the previous month, compared to the 0.4% increase expected in a Reuters poll.

— Shreyashi Sanyal

Check out the companies making headlines after the market closes.

• Broadcom — Semiconductor stocks fell 1.6% after the company released full-year earnings guidance that was in line with analyst expectations, according to LSEG. However, for the fiscal first quarter, Broadcom beat analysts' adjusted earnings and revenue expectations.
• Marvell Technology — Shares of Marvell, which supplies data infrastructure semiconductor products, fell 6.5% after the company reported a weak first-quarter earnings outlook. Marvell also reported a weaker-than-expected outlook for first-quarter adjusted earnings.
• Gap — Shares of the apparel retailer rose 3.7% after its latest quarterly profit beat analysts' expectations. Gap reported earnings of 49 cents per share on sales of $4.3 billion, while analysts had expected earnings of 23 cents per share on sales of $4.22 billion, according to LSEG.

Read here for more information.

— Peer Singh