Stocks open lower Tuesday as oil prices rise, Oracle drops 12%: Live updates – CNBC

6 Mins Ago

Stocks open lower Tuesday

The major averages opened lower Tuesday.

The Dow Jones Industrial Average lost 43 points, or 0.13%. The S&P 500 fell 0.15%, while the Nasdaq Composite declined 0.17%.

— Sarah Min

27 Mins Ago

October WTI crude oil futures reach highest since last November

October West Texas Intermediate crude oil futures climbed as high as $88.45 a barrel (42 gallons) early Tuesday, the highest since Nov. 15, 2022.

WTI hasn’t closed above above $90 a barrel since last Nov. 11.

November Brent futures — the global benchmark — also hit a 10-month high Tuesday, reaching $91.50 a barrel.

Permian Resources, Range Resources, EQT, Denbury and other energy plays are all up 1% or more in early trading.

— Scott Schnipper, Gina Francolla

28 Mins Ago

Gold prices drop to their lowest since August

Gold prices on Tuesday dropped to their lowest since August as a stronger dollar weighed on bullion.

U.S. gold futures hit a low of 1,930.2. That was the lowest level since Aug. 23 when gold traded as low as 1,926.2.

Gold Miners was down more than 1% in premarket trading and headed for its first losing day in three. Gold Fields, Pan American Silver, Kinross Gold and Barrick Gold all slid more than 1%.

Meanwhile, the dollar added 0.2% against its rivals. A stronger dollar makes gold more expensive for owners of other currencies.

— Gina Francolla, Sarah Min

55 Mins Ago

The Dow Theory for stocks remains intact, Bank of America says

Bank of America says the Dow Theory remains intact, even with stocks off their July highs. The Dow Theory is a positive signal for equities, suggesting stocks are in an upward trend if new highs are reached in two indexes.

“The Dow Theory remains on its mid-July bullish trend confirmation signal, which was when both the Dow Industrials and Dow Transports achieved new recovery highs to confirm the bull market from late 2022,” technical strategist Stephen Suttmeier wrote on Monday.

“The dip from the late July high represents a correction within this bullish signal,” Suttmeier added.

— Sarah Min, Michael Bloom

An Hour Ago

Stocks making the biggest moves before the bell: Oracle, WestRock and more

These are the stocks moving the most in premarket trading:

Read the full list of stocks moving here.

— Samantha Subin

2 Hours Ago

Oil prices weigh on investor sentiment

Oil prices rose Tuesday morning and weighed on stocks as investors worried about sticky inflation and slowing global economic activity.

U.S. crude prices touched the highest since November of last year, according to FactSet. The ICE Brent crude last added 49 cents to $91.13 a barrel, while U.S. West Texas Intermediate crude futures gained 62 cents to $87.91.

See Chart…

ICE Brent Crude (Nov′23) 1-year

Meanwhile, shares of Chevron were among the few premarket gainers.

— Sarah Min, John Melloy

3 Hours Ago

WestRock shares jump on news of deal with Smurfit Kappa

Westrock shares roared higher early Tuesday on news that the paper and packaging company is moving ahead on its merger with Europe’s Smurfit Kappa.

The U.S. company saw its stock rise 8.6% in premarket trading following an announcement that the two firms will create a global behemoth worth about $20 billion.

However, investors showed less confidence that the deal was a good one for Smurfit Kappa, sending its stock down about 8% on the FTSE 100.

—Jeff Cox

7 Hours Ago

Shares of TSMC and Foxconn climb after Apple-Qualcomm deal

Shares of chip manufacturer Taiwan Semiconductor Manufacturing Corp climbed 1.6% after Apple and Qualcomm signed a deal that will see Qualcomm supply 5G chips to the iPhone maker until at least 2026.

Wall Street analysts and Qualcomm officials had previously said they expected Apple to use an internally developed 5G modem starting in 2024.

TSMC is reported to be one of the manufacturers for Qualcomm’s chips, as well as the manufacturer of Apple’s chips that power its devices.

Shares of Foxconn, which manufactures Apple products and trades as Hon Hai Precision Industry, saw a larger gain of as much as 2.38%.

10 Hours Ago

Country Garden shares jump about 9% after creditors agree to extend onshore bonds

Shares of Chinese real estate developer Country Garden Holdings jumped by nearly 9% before paring gains.

It came after the company’s creditors reportedly voted to extend repayments on six onshore bonds by three years.

Creditors voted Monday for proposals by the embattled firm to extend repayments on eight onshore bonds worth 10.8 billion yuan ($1.48 billion).

Reuters, citing two sources, said creditors approved extending six out of the eight bonds, while the other two bonds will see voting delayed.

11 Hours Ago

Arm IPO’s price could top $51 per share: Reuters

Chip designer Arm is reportedly “getting close” to securing enough investor support to attain the fully diluted valuation of $54.5 billion it seeks in its initial public offering, Reuters reported, citing sources familiar with the matter.

This means Arm will likely be able to price the IPO “at the top or above” the $47-to-$51-per-share range, the report said.

The sources said Arm is also discussing the possibility of raising the price range and seeking a valuation of more than $54.5 billion, in light of strong investor interest.

However, Arm will not offer more shares, as SoftBank wants to retain a 90.6% stake in Arm following the IPO, the sources said.

— Lim Hui Jie, Reuters

15 Hours Ago

Investors may be ‘overlooking’ Nvidia AI catalysts

Nvidia’s “underappreciated” pipeline of generative artificial intelligence products could spell major upside ahead for its stock despite its 8% pullback so far this month, according to Bank of America.

“In part, NVDA’s compressed valuation already reflects investor concerns about sustainability of genAI capex, geopolitical concerns (China restrictions) and (overstated) competitive risks from AMD/INTC,” analyst Vivek Arya said when listing the stock as a top pick.

CNBC Pro subscribers can read the full story here.

— Lisa Kailai Han

15 Hours Ago

Investors react to latest earnings reports

A handful of stocks moved in extended trading after reporting earnings.

Oracle dropped more than 9% after the bell following a mixed report for the fiscal first quarter. The company beat expectations of analysts polled by LSEG for earnings per share by 4 cents, coming in at $1.19 when adjusted. But revenue came in slightly below consensus, with Oracle posting $12.45 billion despite analysts anticipating $12.47 billion.

Meanwhile, retailer Casey’s General Stores was up more than 3%. The retailer blew past earnings expectations, posting $4.52 per share on a consensus estimate of $3.36 from analysts polled by FactSet. That took attention away from revenue, with the company reporting $3.87 billion while Wall Street expected $3.9 billion.

— Alex Harring

15 Hours Ago

Stock futures are little changed

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

— Alex Harring

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