Stock Market Today: Live Updates

Industrial production rose 0.4% in March, in line with market expectations, the Federal Reserve said on Tuesday, but fell 1.8% in the first quarter of 2024.

The Fed also said capacity utilization, a measure of total production potential, was 78.4%, up 0.2 percentage point from February but slightly below the Dow Jones forecast of 78.5%. This indicator was below the long-term average of 79.6%.

—Jeff Cox

Federal Reserve President Philip Jefferson said on Tuesday that inflation will continue to decline as the central bank maintains restrictive policies.

“My fundamental outlook is that interest rates will remain at current levels, inflation will fall further, the rebalancing of labor demand and supply will continue, and the labor market will remain strong,” Jefferson said. Stated. Policy decisions have changed over the years.

“Of course, the outlook is still highly uncertain and if future data suggests that inflation is more persistent than I currently expect, I will not extend the current repressive policy stance,” he said. It would be appropriate to maintain it for a period of time,” he added.

Markets are currently pricing in the Fed to keep interest rates on hold until September, and then start lowering them gradually.

—Jeff Cox

The Commerce Department reported Tuesday that both new construction and housing permits were lower than expected in March.

Private housing starts for the month were a seasonally adjusted 1.32 units, down 14.7% from February and below the Dow Jones forecast of 1.48 million units and a 4.3% year-over-year decline. The number of permits decreased by 4.3% to 1.46 million on a monthly basis, lower than the expected 1.51 million.

The number of completed housing units was 1.47 million, down 13.5% from February.

—Jeff Cox

Below are some of the companies that made headlines before the bell.

• UnitedHealth — Shares soared about 7% after the health care giant reported better-than-expected first-quarter earnings on Tuesday, up nearly 9% from $91.9 billion a year earlier. UnitedHealth reported adjusted earnings of $6.91 per share on revenue of $99.8 billion for the quarter, while analysts surveyed by LSEG expected revenue of $99.3 billion and earnings per share of $6.61. I expected it.
• Morgan Stanley — Shares rose 3.2% after Morgan Stanley beat expectations for its wealth management, trading and advisory business in the first quarter. The company reported earnings of $2.02 per share, compared to analyst estimates compiled by LSEG of $1.66 per share. Revenue for the period was $15.14 billion, exceeding analysts' expectations of $14.41 billion.
• Live Nation Entertainment — Shares fell 9.6% after the Wall Street Journal reported that the Justice Department is preparing to file an antitrust lawsuit against Ticketmaster's parent company in the coming weeks.

Read here for the complete list.

— Peer Singh

Oil futures fell for a second straight day on Tuesday as the US expected a limited response from Israel to an unprecedented air attack by Iran, easing concerns that the Middle East was on the brink of a broader regional war.

West Texas Intermediate for May delivery fell 52 cents, or 0.61%, to $84.89 a barrel. Brent futures for June fell 49 cents, or 0.54%, to $89.61 per barrel.

Four U.S. officials told NBC News that they expect Israel's response to the Iranian attack will be limited in scope and most likely include attacks against Iranian forces and its proxies outside Iran. .

“Tensions are high and it is difficult to predict the next actions of either party, but all important signs point to hostilities in the short term,” said Jorge Leon, senior vice president at consulting firm Rystad Energy. “This shows that restraint will be relaxed.”

— Spencer Kimball

Morgan Stanley shares soared in premarket Tuesday after the financial giant released its latest earnings report that beat analysts' expectations.

The bank's first quarter results showed earnings per share of $2.02 and sales of $15.14 billion. This beat the consensus estimates of analysts surveyed by LSEG in both areas, with the group expecting $1.66 per share and revenue of $14.41 billion.

— Alex Harring

Bank of America reported better-than-expected first-quarter results, supported by solid interest income and investment banking revenue.

The company posted earnings and adjustments of 83 cents per share on revenue of $25.98 billion. Analysts had expected earnings of 76 cents per share and revenue of $25.46 billion. Net interest income was $14.19 billion, exceeding street estimates of $13.93 billion.

— Fred Imbert

UnitedHealth stock rose more than 5% premarket after the health insurance giant reported better-than-expected first-quarter sales.

The company's record profit was $99.8 billion, beating LSEG's forecast of $99.3 billion. UnitedHealth's adjusted earnings per share were $6.91, but it's unclear whether that will match the consensus estimate of $6.61 per share.

— Fred Imbert

European stock markets opened lower on Tuesday, with the benchmark Stoxx 600 index down 1.2% by 9am London time, its lowest since March 7.

All sectors were in the red. Britain's FTSE 100, France's CAC 40 and Germany's DAX all fell by 1.3%.

— Jenny Reid

China's industrial production rose 4.5% in March from a year earlier, falling short of the 6% expansion expected by Reuters.

According to the National Bureau of Statistics, China's manufacturing industry grew by 5.1% and mining by 0.2%. The country's electricity, heat, gas and water production and supply industry rose 4.9%.

The country's retail sales, an indicator of consumption, rose 3.1% from a year earlier, lower than the expected 4.6% increase. In addition, the growth slowed down from the 5.5% increase in the previous month.

—Li Yingshan

China's economy grew 5.3% year-on-year in the first quarter, beating the 4.6% growth forecast by economists polled by Reuters.

Data released by China's National Bureau of Statistics showed gross domestic product (GDP) in the January-March period grew 5.2%, faster than the 5.2% growth in the fourth quarter. On a quarterly basis, China's GDP increased by 1.6% in the first quarter.

The Chinese government has set a growth target of around 5% for 2024.

—Lim Huijie

The Japanese yen has fallen to more than 154 yen against the US dollar, its lowest level since June 1990.

Since the Bank of Japan raised interest rates on March 19, the yen has remained firmly above the 150 yen mark, and Japanese officials have said that “all options are on the table” to counter excessive yen movements. “Yes,” he repeatedly said.

According to Reuters, former currency diplomat Hiroshi Watanabe said on April 4 that authorities would not intervene until the yen rose above $155 against the dollar.

Shares of Live Nation Entertainment fell 7% in after-hours trading after the Wall Street Journal reported, citing people familiar with the matter, that the U.S. Department of Justice plans to sue Ticketmaster's parent company in the coming weeks. It fell more than that. The antitrust lawsuit alleges that Live Nation used its power and influence in promoting the concert to undermine it, the report said.

Live Nation stock has risen more than 6% this year.

The VIX index closed Monday at its highest since Oct. 30, 2023, suggesting Wall Street expects further price movements in the coming days and weeks.

The Chicago Options Exchange Volatility Index, known as a measure of investor caution, closed at 19.23 on Monday, after rising to 19.46, its highest intraday since Oct. 31, 2023.

The VIX, also known as the “fear index,” has been rising sharply since closing at a year-to-date low of 12.44 on January 11. The VIX has hit consecutive highs over the past three trading sessions.

The last time the VIX was higher than Monday was in late October, just as the current stock market rally was beginning.

— Scott Schnipper

U.S. stock futures opened little changed Monday night.

Dow Jones Industrial Average futures rose 19 points, or 0.05%. S&P 500 futures and Nasdaq 100 futures rose 0.02% and 0.07%, respectively.

— Sarah Min