Stock Market Today: Indexes Show Slow Start; IPO Name Jumps After Surprise Earnings Release (Live Coverage)
The Dow Jones wavered on the stock market today amid more China trade talks. Tesla stock rallied while new issue eToro sold off.
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CNBC
42 minutes ago
- CNBC
Stock futures are little changed after S&P 500 ends three-day win streak: Live updates
Traders wait for Voyager Technologies to begin trading during the company's IPO at the New York Stock Exchange (NYSE) in New York City, U.S., June 11, 2025. Brendan McDermid | Reuters Stock futures were relatively unchanged on Wednesday after the S&P 500 saw its first negative session in four. S&P 500 futures traded down by 0.1%, along with Nasdaq 100 futures . Futures tied to the Dow Jones Industrial Average dropped 44 points, or 0.1%. In extended trading, shares of Oracle surged more than 7% after its fiscal fourth-quarter results beat on the top and bottom lines. The company also indicated more cloud growth ahead, saying in a statement that cloud infrastructure revenue will rise by more than 70% in fiscal 2026, up from a 50% growth rate in the prior fiscal year. Wednesday marked a losing session on Wall Street, with the S&P 500 snapping its three-day win streak, as did the Nasdaq Composite . But the moves were slight. The broad market index fell about 0.3%, while tech-heavy Nasdaq dropped 0.5%. The Dow Jones Industrial Average was flat. While the day's losses put the S&P 500 a bit further away from reaching a new record high, the index is also still just more than 2% below its late February record. Those moves come after consumer prices rose less than expected in May, as the consumer price index increased 0.1% for the month. That's less than the Dow Jones forecast for 0.2%. Core CPI, which excludes food and energy prices, also increased less than expected. "I don't think the market has a lot of faith that we're not going to see at least a little bit higher inflation," Scott Wren, senior global market strategist at Wells Fargo, told CNBC's "Closing Bell" Wednesday. "With all the things going on, the economy slowing, earnings growth likely to slow, lots of trade negotiations to still work through, is there really a good reason to take a run at the record high? I don't know about that. It makes a lot of sense to me that we'd be choppy and maybe see a little downside here." Investors are now looking ahead to May's reading of the producer price index, due out at 8:30 a.m. ET on Thursday. Economists polled by Dow Jones are expecting the index to show a gain of 0.2% for the period. Subtracting out food and energy, core PPI is expected to show growth of 0.3% on the month. The Street is also waiting for more developments on trade, especially between the U.S. and China, as talks between the two countries have been a focal point this week. While officials reached an agreement in London, the deal still awaits approval from U.S. President Donald Trump and Chinese President Xi Jinping. Trump said in a post on Truth Social earlier Wednesday that "WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%." However, Commerce Secretary Howard Lutnick later said that U.S. levies on goods from China won't change from their current levels. Rising tensions between the U.S. and Iran will also be in focus. U.S. crude oil futures jumped more than 4% on Wednesday after Trump expressed doubt that the two countries could reach a nuclear deal.
Yahoo
an hour ago
- Yahoo
Fund manager who sold Tesla, just in time, says investors are overlooking these tech bargains
Two weeks ago, Wall Street veteran Gary Black sold his remaining Tesla shares, helping clients sidestep a selloff driven by a public fallout between Chief Executive Elon Musk and President Donald Trump. Black's unease with Tesla TSLA goes back a ways. When the managing partner of The Future Fund launched the One Global ETF FFND in August 2021, he snapped up Tesla, which quickly became the biggest position. By the second quarter of 2022, he began to trim as Musk started cutting electric-vehicle prices. Why Goldman Sachs says high-flying tech stocks may be headed for a tough stretch 'It might be another Apple or Microsoft': My wife invested $100K in one stock and it exploded 1,500%. Do we sell? U.S. debt-limit deadlock is making this favorite asset more scarce My friend, 83, wants to add me to his bank account to pay his bills. What could go wrong? One of our children has legal knowledge and lives far away, the other lacks financial savvy but lives nearby. Who should we appoint as executor? 'We didn't think that was a smart move. It turned out not to be a smart move, because they didn't get any incremental volume,' Black told MarketWatch in an interview on Monday. His Tesla haircuts continued, peppered by such worries as 'hype around unsupervised autonomy,' and when he finally exited it completely at $358 per share, valuation had gotten 'excessive.' Tesla shares need to be priced 'a lot less than they are today' for Black to repurchase. 'I don't want to call this stock uninvestable because at some price we would buy it back again, but with that level of volatility it almost makes the stock uninvestable at times,' he said, adding that Musk needs to 'keep his mouth closed and focus on the business.' Black, whose nearly 30-year career includes stints as CEO of Aegon Asset Management and Janus Capital, and his firm look after about $72 million in One Global, and the Long/Short ETF FFLS, roughly $49 million. One Global has returned 6.5% this year and 15% over three years, annualized, according to Morningstar, versus its MSCI All Country World Index benchmark returns of 7.3% and 14.3%, respectively. Black is now focused on what he sees as big tech bargains, such as Nvidia NVDA. The company's stock-picking process begins with 'ten long-term circular mega trends,' such as e-commerce, 24/7 information technology and, of course, artificial intelligence. 'We like the AI road map in front of [Nvidia] and they still can't make enough of their high-end AI chips. They continue to have extremely high demand for it, and they're still capacity constrained,' he said. Tesla, even with its recent decline, is still trading at 150 times forward earnings, while Nvidia sits at around 32 times, but is growing earnings, Black said. 'If you look at price-to-earnings relative to growth, which is how we think about the world, in a simplistic way, it's still reasonably cheap.' Meta META is also a big position. 'We like the growth we're seeing in Instagram and Facebook and WhatsApp. Again, the stock has done well, but it's still a very cheap stock,' trading at about 27 times earnings, he said. Then there's AMZN, and its vastly expanded offerings. 'You can buy prescription drugs over it now. You can buy tires, you can buy cars. It's become the go-to place if you want to buy anything,' and at around 35 times forward earnings, is now far less expensive, he said. He also flags DoorDash DASH. 'People don't have the time to make their own food anymore, so they order from the restaurants they love and [DoorDash] has gotten more and more restaurants on the platform, and as a result of that, the stock has done extremely well,' he said. Like Nvidia, DoorDash is reasonably priced, trading at 54 times forward earning, he said. His short bets in the Long/Short ETF, are about either poorly positioned companies or companies facing disruption. Those include Booking Holdings BKNG, which is in a 'very competitive business,' he said. 'We don't really see the proprietary technology to allow that to continue to gain share, so we decided that was a good short.' Fintech group Sofi Technologies SOFI is another. 'They've expanded their loans. and we just worry that they've grown too fast. and that's why it's a decent short we believe.' As the S&P 500 SPX continues to push past 6,000, Black says he's still bullish on the market overall, with expectations the Fed will likely to start cutting interest rates, though not as fast as Trump would like. 'I think what has happened because of the tariffs, the odds are you are going to have a first rate cut by September now,' he said. What else worries Black? He points to concerning 'pockets' of the market currently, such as the blockbuster Circle CRCL IPO, of which they didn't take part. 'We have stocks that are trading at very high multiples that aren't related to their earnings growth. We're always wary, especially in the growth space, that you've got speculative excess, and I think there are areas where people are just getting overly exuberant about prospects. And that's always negative,' said Black. Read: 'Big Money' turns bullish on stocks. Will that lead the S&P 500 to a 'melt up'? U.S. stocks SPX DJIA COMP are inching higher, while Treasury yields BX:TMUBMUSD10Y BX:TMUBMUSD02Y drop. Key asset performance Last 5d 1m YTD 1y S&P 500 6005.88 1.18% 2.77% 2.11% 12.03% Nasdaq Composite 19,591.24 1.81% 4.72% 1.45% 13.95% 10-year Treasury 4.456 -1.40 -1.70 -12.00 5.10 Gold 3349.9 -0.80% 2.93% 26.92% 43.53% Oil 65.56 3.50% 3.03% -8.78% -16.14% Data: MarketWatch. Treasury yields change expressed in basis points Need to Know starts early and is updated until the opening bell, but to get it delivered once to your email box. The emailed version will be sent out at about 7:30 a.m. Eastern. Trade talks between the U.S. and China continue in London on Tuesday. Tesla shares TSLA are tracking Monday's gains after more signs of a cooling feud between Musk and President Trump. J.M. Smucker stock SJM is down 7% after mixed results and a weak profit forecast from the food maker. Uber UBER said it's going to pilot self-driving cars in London. Tencent Music TME is reportedly buying China audio platform Ximalaya for $1.26 billion. The shares are rising. GameStop GME reports results after the close, and this analyst isn't that upbeat. A small-business optimism index was slightly more upbeat for May, with those expecting better business conditions at a historical high. Gold and the S&P 500 are chasing record highs at the same time. Here's why that's so rare. The White House marching orders that sparked the L.A. migrant crackdown. Mark Zuckerberg is handpicking a new 'superintelligence' AI team. Here's more evidence institutional investors are buying stocks again. This State Street risk-appetite index, based on the firm's $44 trillion of assets under custody and administration, shows 'long-term investor allocations to equities rose anew in May to levels last seen on the cusp of the Liberation Day announcement in early April,' said Dwyfor Evans, strategist at State Street Global Markets. While flows to stocks rose, investors continued to shun the dollar and U.S. Treasurys, Evans said. These were the most searched tickers on MarketWatch as of 6 a.m. Ticker Security name TSLA Tesla NVDA Nvidia GME GameStop PLTR Palantir Technologies PLUG Plug Power AAPL Apple TSM Taiwan Semiconductor Manufacturing AMD Advanced Micro Devices KLTO Klotho Neurosciences AMZN Amazon No joke. Comedian on why planes crash. Who you gonna call? Frustrated couple 'steal back' their own Jaguar. 'The situation is extreme': I'm 65 and leaving my estate to only one grandchild. Can the others contest my will? 'I prepaid our mom's rent for a year': My sister is a millionaire and never helps our mother. How do I cut her out of her will? I bought my mother-in-law a condo — and she took out a $30,000 car loan. Now she refuses to get a roommate. How do I make sure my son-in-law doesn't get his hands on my daughter's inheritance? My life partner is 18 years my senior. He wants to leave his $4.5 million fortune to me — not his two kids. Do we tell them? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
Tesla (TSLA) Faces Delivery Slump as Wells Fargo Sticks With $120 Price Target
Tesla, Inc. (NASDAQ:) is one of the 10 AI Stocks on Wall Street's Radar. On June 10, Wells Fargo reiterated an 'Underweight' rating on the stock with a $120 price target. The firm is sticking with its underweight rating, stating that the company's Q2 deliveries are 'on track for another poor quarter.' 'Most of TSLA May delivery results are now out. Once again, global deliveries are trending meaningfully weaker, with May trending 23% lower y/y and Q2 QTD trending 21% lower y/y. All three key regions are double-digit % lower, with EU the worst.' North America, Europe, and China— Tesla's key regions— have been experiencing double-digit percentage declines, the firm noted, further revealing that the 'fundamentals of the core auto business continue to weaken.' It further said that 'order' pricing on the website appears stable over the LTM,' but 'aggressive financing promotions continue to act as price cuts.' This, coupled with lower leverage, is a risk to Q2 margins. Attention is now being diverted to Austin Robotaxi deployment on June 12, which the firm doubts 'the likely limited debut will be enough to overshadow the poor fundamentals.' The firm also pointed toward China, Tesla's second-largest market, which is 'trending 22% lower QTD.' The firm asserted how the 'competition in China is beginning to take its toll on TSLA's business,' as local OEMs like BYD (SZ:002594) and Chery 'continue to undercut TSLA on pricing.' While we acknowledge the potential of TSLA as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
