Stock Market Today: Live Updates

Tesla shares fell more than 3% early after Bloomberg News reported that the EV maker had cut production in China due to slowing sales growth. Shares of Nio, RIvian Automotive and Li Auto also fell before the bell.

The stock has been under pressure throughout the year, falling more than 30%.

— Fred Imbert

On Friday, Hong Kong-listed Lee Auto shares fell as much as 9.2%, weighing on the overall Hang Seng Index.

A Chinese electric car company has lowered its delivery outlook for the first quarter. Deliveries are now expected to be between 76,000 and 78,000 units, down from the previous forecast of 100,000 to 103,000 units.

The Hang Seng Index fell by 2.7%, and the Hang Seng Tech Index fell by 3.8%.

Other EV makers also fell, with Xpeng down 8.3% and Nio down 3%.

— Shreyashi Sanyal

Apple's suppliers in Asia came under fire after the U.S. Department of Justice filed antitrust charges against Apple on Thursday, accusing the iPhone maker of dominating the mobile phone market and harming consumers, developers and rivals. has fallen significantly.

Shares of Taiwan Semiconductor Manufacturing Co., Ltd., which supplies the chips used in iPhones, fell 0.77%.

South Korean electronics companies Samsung Electronics and LG Display fell 1.13% and 2.41%, respectively. Both companies make OLED screens for the iPhone.

But iPhone maker Foxconn, known as Taiwan's Hon Hai Precision Industry Co., soared 3.16%.

In a surprise move, Taiwan's central bank on Thursday raised its key policy interest rate from 1.875% to 2%, the highest level since 2008, according to an official statement.

The Central Bank of the Republic of China (Taiwan) said, “Inflation has remained at a relatively high level since 2021, and the proposed electricity price increase may be implemented in April this year, raising inflation expectations.'' There may be a shift.”

In a Reuters poll, 25 out of 26 economists said the central bank would keep interest rates unchanged.

Commerzbank said, “This decision strengthens the CBC's efforts to curb inflation,'' but added that it expects the central bank to take a cautious approach.

— Shreyashi Sanyal

Utilities have outperformed tech stocks so far in the S&P 500 (up 3.2% vs. 2.8%), and if history is any guide, April should be another good month.

Over the past 20 years, the first month of spring has been the best month of the year for utility stocks 80% of the time, even as interest rates soar, Jonathan Krinsky, chief market technologist at BTIG, said Thursday. He pointed out that electric power companies have been doing well recently. “We are likely to break away from the multi-month basis.''

As a result, he argues, the Utilities Select Sector SPDR fund “looks timely here as a candidate for a bearish-to-bullish reversal.” Over the past 20 years, XLU's average monthly return has been 2.15%, Krinsky wrote.

On Thursday, all three major stock averages hit new closing highs for the second consecutive session. Here are the key averages for the week before Friday's trading:

— Lisa Kailai Han

Below are the stocks with the most price movements in after-hours trading.

• Lululemon Athletica — The athleisure company's stock fell 10%. Lululemon issued a weak outlook, reporting slowing growth in North America.
• FedEx — Shares rose nearly 13% after the shipping company beat quarterly profit estimates.
• Dutch Bros. — Shares of the drive-thru coffee chain fell about 5%. Dutch Brothers announced the commencement of an offering of its stock by certain shareholders related to TSG Consumer Partners LP.

Read the complete list of transferred stocks here.

— Lisa Kailai Han