Stock market today: Live updates

Check out the companies making headlines in midday trading:

• Tesla — The Elon Musk-led company saw shares soar 16% after the electric car maker passed a significant milestone to roll out its full self-driving technology in China.
• SoFi Technologies — The consumer fintech company’s stock price plunged about 10% on disappointing second-quarter earnings guidance. SoFi forecast adjusted revenue between $555 million and $565 million and net income of $5 million to $10 million, while analysts polled by FactSet had called for $580.8 million in revenue and net income of $13.9 million. SoFi’s earnings for the first quarter topped analysts’ estimates, however.
• Roku — The TV streaming distributor popped more than 3% following an upgrade to buy from neutral at Seaport Research Partners. Analyst David Joyce said that investors have oversold the stock based on fears of streaming competition, and that Roku’s risk/reward looks attractive as the company should grow its advertising numbers this year.

For the full list, read here.

— Pia Singh

Tesla was on pace for its best session in more than three years after clearing a key hurdle in its path to fully rolling out driver-assistance technology in China.

The electric vehicle maker last traded higher by about 17% shortly before 12:15 p.m. ET. If that holds through session close, it will mark the stock’s biggest one-day gain since March 2021, when shares soared more than 19%.

At that level, Monday would also be the ninth-best day in the stock’s history.

Despite the rally, shares are still down more than 20% in 2024.

— Alex Harring, Ryan Browne

Small-cap stocks outperformed on Monday, offering a bright spot amid a tough period.

The Russell 2000 climbed 0.7% in late morning trading, while the broad S&P 500 added just about 0.3%.

However, the small-cap-focused index has lagged when looking at longer timeframes. The Russell 2000 has dropped more than 5% in April and is about 0.6% lower on the year. By comparison, the S&P 500 has slipped less than 3% this month and is still up more than 7% in 2024.

— Alex Harring

Despite last week’s rally and Monday’s advance, the three major averages are still tracking to end April in the red.

The Dow is slated to end the trading month, which concludes with Tuesday’s closing bell, down more than 3%. The S&P 500 and Nasdaq have each dropped more than 2%.

But the three indexes still have gains for the year, underscoring the strength of the first-quarter climb. April would mark the first negative month for any of the three averages since October.

— Alex Harring

Philadelphia-based Republic First Bank was closed by a Pennsylvania banking regulator on Friday and handed over to the Federal Deposit Insurance Corporation. The FDIC then made a deal with another small Pennsylvania firm, Fulton Bank, to take over “substantially all” of Republic First’s deposits.

The market impact of this bank closure is notably more calm than after last year’s closings, including Silicon Valley Bank. The KRE regularly saw steep sell-offs last spring as news developed about troubled banks.

— Jesse Pound

The S&P 500 is still in for a tough time ahead even after last week’s bounce, according to BTIG.

Last week, the broad market index had gained 2.7% to snap a three-week losing streak. However, BTIG’s Jonathan Krinsky expects there are further losses in store for equities, citing weakness in momentum indicators. He noted the weekly Moving Average Convergence/Divergence, or MACD, had flashed a sell signal for the first time since September.

“Last week we felt a tactical bounce was likely, but ultimately more time was needed before a durable low,” Krinsky wrote on Sunday. “We got the bounce with SPX rallying ~3% off last week’s lows, but it now comes into a difficult level in the 5120-5130 range.”

“We suspect it fails there and turns lower, but should it close above that bulls would have to be respected,” he added.

The S&P 500 closed at 5,099.96 on Friday.

— Sarah Min

The three major averages kicked off Monday’s session in the green.

The Dow rose about 0.3% shortly after 9:30 a.m. ET. The S&P 500 and Nasdaq Composite advanced 0.4% and 0.6%, respectively.

— Alex Harring

Here are the stocks making the biggest moves in premarket trading:

• Tesla — Shares rocketed more than 10% during premarket trading after the electric vehicle company said on Sunday that local Chinese authorities removed restrictions on its cars.
• Paramount — The entertainment company saw shares climb more than 5% in premarket trading after reports that its board is preparing to fire CEO Bob Bakish as soon as Monday morning.
• Domino’s Pizza — Shares of the pizza chain jumped more than 5% after a first-quarter earnings beat. U.S. same-store sales growth increased year over year.

For more big movers, check out our full list here.

— Tanaya Macheel

Tesla shares gained more than 11.5% in premarket trading Monday after the electric vehicle maker said on Sunday that local Chinese authorities removed restrictions on its cars after passing the country’s data security requirements.

The move, which came after CEO Elon Musk’s unannounced visit to China, raised expectations that Tesla’s driver-assistance software Full Self-Driving would soon be available in the country, the largest market for EVs. Tesla’s EVs are among the more popular models in China, but they have reportedly been banned from some government-related properties due to data security concerns.

Shares are down more than 33% this year as the beaten-down automaker has struggled with softened EV demand and rising competition, which has led the company to cut prices. Tesla’s first-quarter revenue was its lowest since early 2022.

— Pia Singh

Shares of Domino’s Pizza surged more than 4% in premarket trading after a solid first-quarter report.

Domino’s reported $3.58 in earnings per share, beating the $3.39 projected by analysts, according to LSEG. Revenue of $1.08 billion was in line with expectations.

Underneath the headline results, Domino’s reported accelerating same-store sales growth in the U.S. and improved gross margin and domestic company-owned stores.

Shares of Domino’s are already up 21% year to date and are coming off four straight positive sessions.

— Jesse Pound

U.S. shares of Philips surged more than 40% in premarket trading after settling injury cases.

The Netherlands-based health technology company agreed to a $1.1 billion settlement for two personal injury claims connected to the recall of some sleep apnea devices. Millions of these machines were recalled in 2021 over concerns that components had potential cancer risks.

Monday’s premarket action marks a turn for shares, which have slid more than 9% since the start of 2024.

— Alex Harring, Jenni Reid

European stocks were cautiously higher Monday morning, with the benchmark Stoxx 600 index opening in the green and trading 0.32% higher at 9:07 a.m. London time.

The U.K.’s FTSE 100 was up 0.46%, while Germany’s DAX and France’s CAC 40 were higher by 0.24% and 0.34%, respectively.

The Japanese yen strengthened sharply in afternoon trading, hours after the currency slid past the 160 mark against the U.S. dollar, hitting its weakest point in 34 years.

Since hitting that record, the yen strengthened against the greenback, trading at 155.43 at 2:12 p.m. local time. Japan’s markets are currently closed for a public holiday.

There was no official indication of an intervention by Japanese authorities, but traders and analysts have been on intervention watch for the yen in recent weeks.

Industrial profits in China fell in March, slowing growth in the first quarter compared with the same period a year ago.

Industrial profits climbed 4.3% year on year in the January to March period, compared to a 10.2% year-on-year gain seen in the January and February period.

China reports its industrial profits data on a rolling year-to-date basis, and usually combines January and February economic data into a single reading.

A Goldman Sachs report calculated that China’s industrial profits and revenue fell 4% and 1.3%, respectively, year on year in March alone, compared to the 10.2% gain in profit and 4.5% rise in revenue in the combined January to February period.

— Lim Hui Jie

Stocks have momentum after the three major indexes all gained last week.

The S&P 500 and Nasdaq Composite each saw their best weeks since November. The S&P 500 climbed 2.7%, ending a three-week down streak. The Nasdaq popped 4.2%, marking its first positive week of the last five.

Meanwhile, the Dow rose 0.7%.

— Alex Harring

Stock futures posted marginal moves shortly after 6 p.m. ET. Sunday night.

S&P 500 futures rose 0.2%, while Dow and Nasdaq 100 futures each advanced around 0.1%.

— Alex Harring