Stock Market Today: Live Updates

JPMorgan changed Cisco's rating from non-rated to neutral, citing weak medium-term prospects for the company.

Analyst Samik Chatterjee said in a note Monday that Cisco's campus networking, which accounts for a significant portion of the company's product revenue, continues to face challenges related to the broader recovery. He noted that the company's network switches and wireless local area networks (WLAN) have seen a surge in demand during the COVID-19 pandemic.

“With the recent renewal of the installed base, the campus market is currently in a correction phase. After several consecutive quarters of decline, the pace of increasing headwinds is moderating, but at the same time, the pace of growth is moderating below previous long-term growth rates.” “We expect a strong recovery and a return to normal exchange cycles,” Chatterjee wrote.

But Splunk, which Cisco acquired for $28 billion last year, is expected to drive incremental growth in Cisco's overall revenue, he said.

Chatterjee's $53 price target suggests an upside of nearly 10% from Friday's closing price.

— Michelle Fox

Stocks rose on Monday as Wall Street looked to recover from a series of losses last week.

The S&P 500 rose 0.4% and the Nasdaq Composite rose 0.32%. The Dow Jones Industrial Average rose 94 points, or 0.61%.

— Brian Evans

These are some of the stocks that will make notable moves before the bell on Monday.

• Li Auto, Tesla — The electric car makers fell more than 7% and 3%, respectively, following price cut announcements. U.S. shares of Chinese electric car makers Nio and Xpeng fell in tandem.
• Verizon — The telecom giant rose 1.5% as its earnings per share beat expectations and its full-year guidance was confirmed.
• Hut 8 — Shares rose 2.6% after Benchmark initiated coverage of a buy rating on the data center operator.

See the complete list here.

— Alex Harring

Shares of telecom giant Verizon rose 2% in pre-market trading after the company reported lower-than-expected subscriber numbers in the first quarter.

Verizon's first-quarter earnings beat Wall Street expectations, reporting earnings per share of $1.15 excluding items. Analysts polled by FactSet expected it to be $1.12. Verizon's first quarter revenue came in at his $33 billion, slightly below expectations for his $33.32 billion.

— Brian Evans

European stock markets opened higher on Monday, with the benchmark Stoxx 600 index up 0.5% by 8:05 a.m. London time.

Britain's FTSE 100 index rose 1.1%, France's CAC 40 index rose 0.5% and Germany's DAX index rose 0.7%.

On Monday, safe asset prices fell while risk asset prices rose as concerns about broader Middle East conflict receded.

Bitcoin rose 1.56% to trade at $65,713.97, according to Coin Metrics, as most Asian stock markets rose, led by Hong Kong's Hang Seng Index.

The Japanese yen, considered a safe-haven asset, edged lower to 154.7 yen, and spot gold fell 0.87% to $2,369.58 an ounce.

Oil prices, which had initially soared following news of Israel's attack on Iran, have also fallen. Brent crude oil futures were trading 0.73% lower at $86.65 on Monday, while U.S. West Texas Intermediate futures were trading 0.84% ​​lower at $82.44.

— Lim Huijie

The People's Bank of China on Monday kept the one-year and five-year loan prime rates unchanged at 3.45% and 3.95%, respectively.

The 1-year LPR is considered the benchmark for most household and business loans, and the 5-year LPR is the benchmark for most property mortgages.

The decision was in line with a Reuters poll that predicted both interest rates would remain unchanged.

China's CSI300 index rose 1.9% last week.

— Shreyashi Sanyal

Electric vehicle giant Tesla has lowered the prices of its cars globally after first-quarter deliveries fell for the first time in about four years.

According to Reuters, the company has cut the starting price of the Model 3 in China by 14,000 yuan to 231,900 yuan ($32,000).

In Germany, Reuters reported that the price of the rear-wheel-drive Model 3 had been cut to 40,990 euros ($43,670.75) from 42,990 euros since February.

A check by CNBC found that sites in China and Germany were reflecting the latest prices.

A Tesla spokesperson told Reuters there were also price cuts in many other countries in Europe, the Middle East and Africa.

— Lim Huijie, Reuters

Bitcoin prices were little changed Sunday night, hovering around $65,000.

This is close to where the largest cryptocurrency was on Friday, ahead of the so-called “halving,” which reduces rewards to miners and slows the issuance of Bitcoin.

Bitcoin prices have risen during previous halvings, but some experts say the cryptocurrency has the potential for a short-term decline.

— Jesse Pound, Tanaya Machel

Three major futures stocks rose as New York trading opened at 6 p.m. Dow futures rose 100 points at one point.

— Jesse Pound

Here are the main averages after Friday's tech market decline:

• On Friday, the S&P 500 fell 0.88%, marking its sixth consecutive negative session.
• The S&P 500 ended the week down 3.05%.
• The Nasdaq Composite Index fell 2.05% on Friday, marking its sixth consecutive negative session.
• The Nasdaq Composite ended the week down 5.52%.
• On Friday, the Dow Jones Industrial Average rose 211 points, or 0.56%, for its second straight positive session.
• The Dow ended the week up 0.01%.

— Jesse Pound, Christopher Hayes