Stock market today: Live updates

Archer-Daniels-Midland is on pace for its second worst day in its history going back to 1972. The food processer stock plunged 19.2% during midday trading, or its biggest slide since Oct. 19, 1987 when the stock lost 19.89%.

The move comes after CFO Vikram Luthar was placed on administrative leave following an investigation into the food processer’s accounting practices. The company also issued disappointing fourth-quarter earnings guidance. Separately, Goldman Sachs downgraded the stock.

— Sarah Min, Gina Francolla

Silver hit its lowest price in around two months, also weighing on a fund designed to track the metal.

The metal traded as cheap as $22.15 on Monday. That marks the worst level since Nov. 14, when it also hit $22.15.

The iShares Silver Trust (SLV) slipped more than 2% in morning trading, on pace for its fifth straight day of losses.

— Alex Harring, Gina Francolla

Stocks opened higher on Monday, bringing the Dow and S&P 500 further into uncharted waters.

The S&P 500 rose 0.3% shortly after 9:30 a.m. ET, while the Dow traded higher by 93 points, or 0.3%. Both notched new all-time highs to start the week.

Meanwhile, the Nasdaq Composite added 0.5%.

— Alex Harring

— Jesse Pound, Gina Francolla

SolarEdge is laying off 16% of its workforce as part of a restructuring plan to slash costs, the company announced on Sunday.

The layoffs total 900 employees, about 500 of whom work at SolarEdge’s various manufacturing sites. SolarEdge’s stock rose more than 2% in early trading.

“We have made a very difficult, but necessary decision to implement a workforce reduction and other cost-cutting measures in order to align our cost structure with the rapidly changing market dynamics,” CEO Zvi Lando said in a statement.

SolarEdge has taken other measures to reduce costs including shutting manufacturing in Mexico, slashing capacity in China and ending the company’s involvement in light commercial electric vehicles.

The inverter manufacturer has been battered as high interest rates depress demand in the residential solar market, leaving the company saddled with inventory.

SolarEdge’s stock is down about 76% over the past 12 months.

Enphase, SolarEdge’s main competitor, announced in December that it was laying off 10% of its workforce.

— Spencer Kimball

Bitcoin’s correction could deepen to below $40,000, but it wouldn’t be for long, according to Fairlead Strategies’ Katie Stockton. 

She said $36,000 is a key support level for the cryptocurrency, whose price has been sliding since the SEC approval of bitcoin ETFs on Jan. 10. It has fallen 12% since then and was trading at the $41,000 Monday morning.

“I want to respect the uptrend behind bitcoin and the series of breakouts that preceded this pullback,” Stockton told CNBC’s “Squawk Box” Monday. “The bitcoin pullback will ultimately give us an opportunity for those that want to trade it to add exposure into the weakness.”

Microstrategy, which trades as a bitcoin proxy, was trading in line with the cryptocurrency in premarket trading, about 1% lower. Riot Platforms and Marathon Digital were down by the same amount, while CleanSpark and Iris Energy were flat.

Stockton also said that relative strength has shifted in favor of ether, which has risen about 6% since Jan. 10.

— Tanaya Macheel

These are some of the stock’s making the biggest moves before the bell:

• Macy’s – Shares of the department store giant added 2% in premarket trading after the company over the weekend rejected a $5.8 billion proposal by Arkhouse Management and partner Brigade Capital Management to take the retailer private.
• Boeing — The airline stock slid 1.8% after the U.S. Federal Aviation Administration recommended operators visually inspect the mid-exit door plugs of Boeing 737-900ER aircraft, which are similar to the ones grounded after the Alaska Airlines flight emergency.
• Archer-Daniels-Midland – Shares slid nearly 12% after the food processor placed CFO Vikram Luthar on administrative leave amid an investigation into some accounting practices and issued fourth-quarter earnings guidance that fell below prior expectations.

Read the full list of stocks moving here.

— Samantha Subin

Investors are looking to build on last week’s strong finish.

The three major indexes ended last week higher, with a late rally pushing the S&P 500 to an all-time high on Friday. The broad index finished the week up by 1.2%.

Meanwhile, the blue-chip Dow added 0.7%. The technology-heavy Nasdaq Composite outperformed, climbing 2.3%.

Despite a lackluster start to 2024, all three indexes are now up on the year.

— Alex Harring

Boeing shares were down more than 2% in the premarket after the Federal Aviation Administration advised flight carriers using the 737-900ER aircraft go through an inspection.

This comes after a door plug blew out on a 737 Max 9 midflight earlier this month.

“The Boeing 737-900ER is not part of the newer MAX fleet but has the same door plug design,” the FAA said.

Shares of Archer-Daniels-Midland were down more than 13% after the food processing company said CFO Vikram Luthar was put on administrative leave amid an investigation into the company’s nutrition business.

“The Board takes these matters very seriously,” lead director Terry Crews said in a statement. “Pending the outcome of the investigation, the Board determined that it was advisable to place Mr. Luthar on administrative leave. The Board will continue to work in close coordination with ADM’s advisors to identify the best path forward and ensure ADM’s processes align with financial governance best practices.”

Ismael Roig was named interim CFO.

Hong Kong’s Hang Seng Index tumbled over 2%, led by real estate stocks after the People’s Bank of China held its one-year and five-year loan prime rates at 3.45% and 4.2%, respectively.

The largest loser on the HSI was property developer China Resources Land, which plunged 9.54%.

Other stocks on the biggest losers list also included residential property services investment firm Longfor Group, which lost 5.99%, as well as hotpot chain Haidilao, which declined 6.27%.

Investors will be looking out for an update from China’s central bank on its one- and five-year loan prime rates at around 09:15 a.m. Singapore time.

The one- and five-year LPR currently stand at 3.45% and 4.2%, respectively, and markets expect the People’s Bank of China to make no changes to the rates.

PBOC surprised market participants and held the rate on some 995 billion yuan ($138.84 billion) worth of one-year medium-term lending facility (MLF) loans unchanged at 2.50% last week.

“The market expects both the 1Y and 5Y LPRs to be unchanged at 3.45% and 4.2% respectively,” Commerzbank analysts wrote in a client note, while also noting that China’s foreign direct investment recorded its biggest annual drop in 2023 since 2009.

Commerzbank said FDI in China fell 8% last year, in Chinese yuan terms, attributing the decline to several factors including the country’s economic slowdown, high global interest rates, increasing regulatory and geopolitical risks, and the West’s tough stance on China’s technology sector.

— Shreyashi Sanyal

Stock futures opened little changed on Sunday as Wall Street enters a new week of trading looking to build on the S&P 500’s fresh all-time high.

Futures tied to the benchmark S&P added 0.1%, while Nasdaq 100 futures gained 0.2%. Dow Jones Industrial Average futures climbed 53 points, or 0.1%.

— Brian Evans