Stock market today: Live updates

Stocks closed lower on Friday, while the benchmark S&P 500 posted its second straight weekly decline.

The broad market index lost 0.65% to close at 5,117.09, while the Nasdaq Composite pulled back 0.96% to 15,973.17. the Dow Jones Industrial Average slipped 190.89 points, or 0.49%, to close at 38,714.77.

— Brian Evans

Crude oil futures fell slightly Friday but gained for the week after rising in the two previous sessions.

The West Texas Intermediate contract for April fell 22 cents, or 0.27%, to settle at $81.04 a barrel. The Brent contract for May lost 8 cents, or 0.09%, to settle at $85.34 a barrel.

U.S. crude and the global benchmark are up more than 3.5% week to date so far.\

— Spencer Kimball

3M shares are poised to notch their biggest weekly gain in more than two decades.

The conglomerate’s stock has jumped about 11% on the week as of 1:30 p.m. ET. If that holds through close, it would mark the stock’s biggest weekly gain since July 2002.

3M shares have been helped this week by news of an approved spin off for its health care business, which will be known as Solventum. The company also announced that Bill Brown will succeed Michael Roman as CEO.

With the gain, 3M is the best performing stock of the 30 that comprise the Dow this week. By comparison, Chevron is the next biggest gainer with a relatively muted jump of just around 3%.

— Alex Harring

Check out some of the companies making headlines in midday trading.

• Micron Technology — The semiconductor stock gained 2.4% after Citi named Micron one of its top picks and increased its price target by $55 to $150. The bank said shares deserve a premium given the company’s increasing exposure to artificial intelligence.

• Rivian Automotive — Shares popped 3.4% after Piper Sandler upgraded the electric vehicle maker to overweight and hiked its price target to $21 from $15, suggesting 96% upside from Thursday’s close. The firm said it is bullish on Rivian’s new product launch and its decision to delay capital spending.

• Fisker — Shares rose more than 13%, or two cents, after the beaten-down EV maker played down talks of a possible bankruptcy filing, saying it is trying to raise more capital and hopes to strike a deal with another carmaker. The stock is still down about 53% week to date.

Read the full list here.

— Brian Evans

The VanEck Semiconductor ETF (SMH) is poised to notch its worst week since January.

With ETF has dropped nearly 3% this week. If that holds through session close, it will mark the biggest loss since early January, when the fund dropped 5% in a week. It would also be the first negative week for the ETF in four.

Marvell, AMD and Taiwan Semiconductor led the fund down, with each tumbling more than 6% in the week. Every member of the ETF with the exception of Nvidia is on pace for losses this week.

— Alex Harring, Gina Francolla

Consumer sentiment was little changed in March though it was slightly below what Wall Street had expected, according to a closely watched University of Michigan survey released Friday.

The Survey of Consumers posted a reading of 76.5, down 0.4 points from February and missing the Dow Jones consensus estimate for 77.4.

Inflation expectations were unchanged at both the one- and five-year horizons, at 3% and 2.9% respectively. The current conditions index also was unchanged at 79.4.

“After strong gains between November 2023 and January 2024, consumer views have stabilized into a holding pattern; consumers perceived few signals that the economy is currently improving or deteriorating,” said Joanne Hsu, the survey’s director. Hsu added that consumers are “withholding judgment” until the November presidential election.

—Jeff Cox

Stocks opened lower Friday, as investors contend with another potentially volatile trading session.

The S&P 500 pulled back 0.5%, while the Nasdaq Composite lost 0.7%. The Dow Jones Industrial Average slipped 16 points, or 0.06%.

— Brian Evans

Equities could experience an uptick in volatility throughout Friday trading due to the simultaneous expiration of futures and options contractions on indexes and individual stocks.

The process, known as “triple witching,” occurs once every quarter. The expiry could cause increased trading volume as well as elevated prices of the underlying asset.

— Brian Evans

Here are some of the names making moves before the bell:

• Rivian Automotive — Shares gained nearly 4% after being upgraded by Piper Sandler to overweight. The firm also raised price target to $21 from $15, suggesting 96% upside from Thursday’s close. Piper Sandler is bullish on Rivian’s new product launch and its decision to delay capital spending.
• Micron Technology — The semiconductor stock rose 2.6%. On Friday, Citi named Micron one of its top picks, citing artificial-intelligence-related tailwinds. It also increased its price target to $150 from $95, suggesting 64% upside.
• Adobe — The software company dropped 11% a day after issuing weak revenue guidance for its current quarter.

To see more stocks moving in premarket trading, read the full story here.

— Michelle Fox

Cryptocurrency holders on the east coast woke up to a lot of red on their screens on Friday.

Bitcoin was trading above $72,000 late Thursday night, but suffered a steep drop and is now hovering near $67,000. That is a decline of about 7%.

It was not immediately clear what sparked the selloff. Crypto.com CEO Kris Marszalek told CNBC’s “Squawk Box” that the selling pressure was likely coming from the options market.

— Jesse Pound

Shares of One97 Communications jumped 5% after the company said it was granted a third-party application provider license by the National Payments Corporation of India. Last month, Indian bourses implemented circuit limits on the stock after the Reserve Bank of India ordered Paytm Payments Banks to stop onboarding new customers.

This will allow Paytm app users to transfer funds through India’s unified payment interface even after Paytm Payments Bank closes down operations by March 15. India’s UPI is a real-time payments platform that allows fund transfers across banks.

The statement said four banks including Axis Bank, HDFC Bank, State Bank of India and YES Bank will act as “payment system provider” banks to One97 Communications.

Hyundai Motor and Kia Corp were set to recall some 170,000 electric vehicles in South Korea due to software problems in their charging systems, according to South Korea’s Ministry of Land, Infrastructure and Transport.

Hyundai will recall 113,916 EVs which affecting five EV models, including the popular Ioniq-series. Kia will recall 56,016 EVs, according to the ministry.

The statement said recalls are due to start Monday.

Shares of both companies were about 0.3% higher each, while the broader Kospi shed 1%.

— Shreyashi Sanyal

Shares of Taiwanese multinational electronics contract manufacturer Foxconn surged over 8% following the release of its fourth-quarter and full-year results.

Foxconn, which is traded in Taiwan as Hon Hai Precision Industry, recorded full-year attributable profit of 142.1 billion New Taiwan dollars ($4.49 billion), which translated to earnings of NT$10.25 per share, a 16-year high. Revenue, however, declined 7% from a year ago to NT$6.16 trillion.

In light of these results, Hon Hai announced it will distribute a cash dividend of NT$5.40 per share, the highest since its listing in 1991 and implying a payout ratio exceeding 50% for the fifth year in a row.

Looking forward, Foxconn also revised upward its full-year 2024 outlook from a “neutral” call to “significant” growth, due to the recent increase in generative AI applications, which means that “the visibility on AI servers has become very high,” the company said.

Japan’s finance minister, Shunichi Suzuki, said that the country was “no longer in deflation,” adding that “strong trend of wage hikes is taking place,” according to a Reuters report.

This marks a distinct break from statements from authorities including prime minister Fumio Kishida, who said in January that “a return to deflation… cannot be ruled out.”

As such, the government will mobilize all available policy steps to continue the positive momentum on wages, Suzuki said, according to the report. The finance minister did not comment on the Bank of Japan’s policy measures at its meeting on March 18-19.

— Lim Hui Jie, Reuters

Despite Thursday’s retreat, the three major averages remained on track to end the week higher.

The Dow and S&P 500 were slated to end the week up around 0.5% each. The Nasdaq Composite, meanwhile, was poised to add 0.3%.

— Alex Harring

These are some of the stocks seeing notable action in extended trading:

• Adobe: The software stock dropped 9.7% following weak guidance for current-quarter revenue. That pulled attention from a better-than-expected quarterly report.
• Ulta: The beauty retailer tumbled 5.7% as full-year earnings guidance largely underwhelmed analysts. Elsewhere, the company beat analyst forecasts on both lines.
• Zumiez: The specialty retailer lost 5% on the back of a soft outlook for the current quarter.

See the full list here.

— Alex Harring

Futures tied to the Dow, S&P 500 and Nasdaq 100 all traded near flat shortly after 6 p.m. ET.

— Alex Harring