Stock Market Today: Live Updates

Atlanta Fed President Rafael Bostic said Wednesday he expects only one rate cut this year. It will probably happen in the fourth quarter, he said.

Bostic was one of several central bank officials who spoke to the media and at events around the United States on Wednesday.

— Alex Harring, Jeff Cox

Businesses added more employees in March than economists expected, another sign that the economy remains strong.

Private employment rose by 184,000 people in the month, according to ADP data released Wednesday morning. This exceeded the 155,000 expected by analysts compiled by Dow Jones and was the highest growth rate since July 2023.

— Alex Harring, Jeff Cox

Piper Sandler's chief market engineer said the S&P 500 could fall 5% to 10%.

Craig Johnson told clients in a note Wednesday that the benchmark index could be in a high trading range after a strong first quarter that saw the S&P 500 rise more than 10%. He also advised investors to keep an eye on individual stocks as they test key levels.

Using the moving average acronym, he said, “Be wary of stocks and indexes that break their weekly uptrend by first breaking below their 20-day moving average, as their weakness could make them leaders of the decline. “, he wrote to a customer. “Be extra cautious about stocks that fail to hold support at their 50-day moving average.”

Mr Johnson has set a year-end target of 5,050, reflecting a decline in the index of about 3% from Tuesday's close. CNBC Pro subscribers can click here to see where others are predicting his S&P 500 will end his 2024.

— Alex Harring

Intel's shares fell more than 4% in after-hours trading as it became clear that operating losses in its semiconductor manufacturing business were widening.

The California-based company reported a $7 billion operating loss in 2023 for its division, commonly referred to as its foundry business. This was wider than the previous year's loss of $5.2 billion.

Sales in 2023 were $18.9 billion, down from $27.5 billion in 2022.

The numbers, revealed as part of a regulatory filing, come amid a tough period for Intel's stock price. The stock price fell more than 12%, bucking the overall market's upward trend in 2024. This is a reversal after the stock price soared more than 90% in 2023.

— Alex Harring, Kiff Leswing

Activity in China's service sector expanded at the fastest pace since December, according to Caixin research.

China's Services Purchasing Managers Index was 52.7 in March, up from 52.5 in February. This is also his 15th consecutive month of expansion in this sector.

Caixin said in its report that this was due to an increase in new business in the sector, with anecdotal evidence showing that “improved underlying demand conditions and business development efforts supported the increase in new business.” The report states that.

— Lim Huijie

Fast Retailing shares fell more than 4% to a two-week low after the company revealed that same-store sales at Japan's Uniqlo stores fell in March. The company is the largest component of the Nikkei 225 index.

The company opened five stores in Japan in March, but eight stores have closed.

Same-store sales, including online sales, were down 1.5% from the same month last year, but total sales in March were up 1%.

Fast Retailing explained that the reason for the decline in sales was “sales of spring items were sluggish due to the continued cold weather throughout the month.'' [in Japan]. ”

Taiwan Semiconductor Manufacturing Company evacuated its production line after a major earthquake hit Taiwan in the early hours of Wednesday.

A company spokesperson said the safety systems were working properly.

“To ensure the safety of employees, some factories were evacuated in accordance with company protocols,” the official said.

TSMC stock was down 1.5% in early trading, while the broader Taiwan-weighted index was down 0.9%.

— Shreyashi Sanyal

The ADP Private Payroll Report is expected to be released before the market opens on Wednesday. A survey of economists conducted by Dow Jones predicted that the number of companies would increase by 155,000 in March. This is an increase from his 140,000 positions added in the previous month.

— Sarah Min

Adam Sirhan says the recent stock market decline is like a “return to normal” after a long period of ups and downs.

“For the past five months, we've seen the market move up or sideways almost every day,” said the CEO of 50 Park Investments. “Selling in the market is completely normal and long overdue. That's what's happening now after a huge rally.”

He also added that investors may be experiencing “some degree of risk aversion” in the face of new data, including Friday's March jobs report.

— Samantha Subin

The stocks with the biggest moves in after-hours trading are:

• Intel — Shares fell about 4% after Intel disclosed a $7 billion operating loss in its foundry business.
• Cal-Maine Foods — Shares rose 5.2% after the egg producer beat expectations in its latest quarter. Cal Maine Foods reported third-quarter earnings of $3 per share, which beat the $2.45 per share expected by analysts surveyed by FactSet. Revenue of $703.1 million exceeded the FactSet consensus estimate of $692.4 million.
• Dave & Buster's Entertainment — Shares rose 5% after the restaurant and entertainment company reported its latest quarterly results. Dave & Buster's Entertainment's fourth-quarter adjusted earnings were $1.03 per share, below the FactSet consensus estimate of $1.10 per share. Sales also came in at $599.1 million, below expectations of $602.6 million.

— Sarah Min

Stock futures opened little changed Tuesday night.

Dow futures rose 9 points, or 0.02%. S&P 500 futures and Nasdaq 100 futures rose 0.03% and 0.05%, respectively.

— Sarah Min