Stock market today: Live updates

There are a few main reasons for the market’s continued pressure on Monday morning, according to Adam Crisafulli.

“The macro mood is picking up right where it left off on Friday as sentiment wilts under the weight of four key sources of negativity,” Crisafulli wrote in his morning note. Those sources: elevated rates, geopolitical tensions, federal government “dysfunction” and “underwhelming” earnings.

All three of the major U.S. stock indexes finished lower on Friday, with the Dow ending down nearly 300 points. Friday also marked the end of a losing week for the three indexes.

— Alex Harring

Bitcoin began the Monday trading day above the key resistance level of $30,000, extending gains from the previous week — its best week since June — helped by optimism around the likelihood the market will soon get its first spot bitcoin ETF as well as a flight to safety.

At 8 a.m. ET the flagship cryptocurrency traded 2.63% higher at $30,670.90, according to Coin Metrics. Ether, crypto’s other “blue chip” asset that has had a higher correlation with bitcoin recently, was up 2.5% at $1,677.44.

It has reached $30,000 at several points in 2023 but has struggled to make a sustained move higher. Investors are expecting the approval of a bitcoin ETF to change that between the end of the year and the first half of 2024.

— Tanaya Macheel

This week marks the busiest flurry of earnings results for the third-quarter, according to Bank of America.

BofA’s head of U.S. equity and quantitative strategy Savita Subramanian wrote in a Sunday note that roughly 40% of S&P 500 companies set to report results this week. Third-quarter earnings season has so far surpassed the previous quarter in terms of top-line beats but is lagging in forward guidance, she added.

With about 24% of S&P 500 company results already in, roughly 5% have surpassed analyst earnings estimates. That’s down from 9% the week prior.

“Cuts to outlook could be offset by better results and outlook at cyclicals benefitting from resilient manufacturing and consumption,” Subramanian said.

— Brian Evans

This week starts off with the S&P 500 below a key technical that could signal further downside for stocks.

On Friday, the S&P 500 closed below its 200-day moving average for the first time March 17.

The index had tested and bounced off the 200-day level earlier this month, but the rally proved to be weak and the bounce reversed.

The Nasdaq Composite is still above its 200-day, but it is 10% below its 52-week high.

— Jesse Pound, Gina Francolla

These are some of the stocks moving premarket:

• Chevron, Hess — Chevron shares slumped more than 2% after the oil giant said its buying smaller rival Hess in an all-stock deal totaling $53 billion, or $171 a share.
• Apple — Apple shares fell 1.5% following a report from the Global Times that Foxconn, a major supplier for the tech giant is facing a tax and land-use related investigation in China.
• Walgreens Boots Alliance — The pharmacy operator rose nearly 3% after JPMorgan upgraded Walgreens Boots Alliance shares to overweight from neutral.

Read the full list of stocks on the move here.

— Samantha Subin

Chevron agreed to buy rival Hess for $53 billion in an all-stock deal, the companies announced Monday. Hess shares rose more than 1% in the premarket. Chevron’s stock dipped 3%.

The deal, which values Hess at $171 per share, is expected to close in the first half of next year.

“This combination positions Chevron to strengthen our long-term performance and further enhance our advantaged portfolio by adding world-class assets,” Chevron CEO Mike Wirth said. 

— Fred Imbert

European markets opened mixed Monday as investors continue to monitor economic and geopolitical uncertainty, and look ahead to a busy week for earnings and the European Central Bank’s latest monetary policy decision.

The pan-European Stoxx 600 index was flat at market open, with sectors spread across tentatively positive and negative territory. Retail stocks made the biggest gains with a 0.6% uptick, while oil and gas dropped 1%.

— Hannah Ward-Glenton

Mainland Chinese markets fell to start the week, with the benchmark CSI 300 index diving below its one-year low on Monday and hitting its lowest level since February 2019.

The index, which tracks the top 300 stocks traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange, fell 0.81% to 3,482.28 after three straight days of losses, below the 3,508.7 recorded on Oct. 31, 2022.

The next level to watch would be 3,442.7, which it last hit on Feb. 21, 2019, according to data from LSEG.

— Lim Hui Jie

Shares of chipmaker and major Apple supplier Foxconn — also known as Hon Hai — fell about 3% after Chinese state media announced authorities conducted inspections on subsidiaries in various provinces on the mainland.

The Global Times, citing unnamed sources, said multiple offices of Hon Hai’s subsidiaries across China had been subjected to tax audits and on-site investigations into land use. The report did not elaborate on the investigations.

Foxconn, which trades as Hon Hai Precision Industry in Taiwan, said in a statement that “We will actively cooperate with the relevant units on the related work and operations.”

Read the full story here

— Lim Hui Jie, Sheila Chiang

Investors are gearing up for the busiest week of earnings season, with 30% of companies in the S&P 500 slated to report.

Tech titans Alphabet and Microsoft are slated to release earnings after the bell on Tuesday. Meta is due to report on Wednesday, and Amazon on Thursday.

Three key industrial companies are also reporting, starting with 3M and General Electric on Tuesday. Boeing is set to follow on Wednesday before the bell.

With General Motors reporting on Tuesday and Ford on Thursday, investors will also gauge the economic impact of the United Auto Worker strikes.

— Lisa Kailai Han, Robert Hum

Stock markets in the Gulf declined on Sunday amid concerns about an escalation in the Israel-Hamas war and additional interest rate hikes from the U.S. Federal Reserve.

• Saudi Arabia’s benchmark index was down for a third consecutive session, ending 1.5% lower, as of October 22. Al Rajhi Bank, a Saudi Arabian bank which is the world’s largest Islamic bank by capital, lost 2.1%.
• The Qatari index continued its five-day streak of losses, ending 0.9% lower, with Industries Qatar dropping 2.2% and Qatar Navigation sliding 3%. The Qatar National Bank declined by 2.1%.
• The Dubai Financial Market General Index, Dubai’s main share index, retreated 1.5%.
• Outside the Gulf, Egypt’s blue-chip index gained 2.4%.

Monetary policy in the Gulf Cooperation Council is usually guided by the Federal Reserve’s policies as most regional currencies are pegged to the U.S. dollar. The Gulf Cooperation Council, or GCC, has six members: Qatar, Bahrain, Oman, Kuwait, Saudi Arabia and the United Arab Emirates.

— Pia Singh