Stock Market Today: Live Updates

These are the stocks that are moving the most in pre-market trading.

Read the complete list of transferred stocks here.

— Lisa Kailai Han

Penn Entertainment shares rose 1.7% on Tuesday after Trust Securities upgraded the stock to buy and assigned a price target implying approximately 35.8% upside for the stock.

This is a bullish call, as Penn Entertainment stock has fallen nearly 35% this year since the company announced a licensing deal with ESPN in August to produce the sportsbook ESPN BET. The stock is up more than 4% since the beginning of the week.

“We are upgrading PENN based primarily on risk and reward as we expect essentially zero to negative value for ESPN Bets at current trading levels,” analyst Barry Jonas said in a note Tuesday. ” he said. “At this point, we believe expectations are too low and assume the market is not only too bearish on ESPN Bets, but there is no value in PENN's other profitable interactive businesses.”

Read more about upgrades here.

— Peer Singh

General Motors shares rose 4.2% Tuesday after the legacy automaker beat Wall Street expectations in the first quarter and raised its full-year profit forecast.

GM said it now expects adjusted profits to be in the range of $12.5 billion to $14.5 billion this year, compared with previous expectations of $12 billion to $14 billion.

— Brian Evans

The Commerce Department reported Tuesday that new home sales accelerated faster than expected in March as mortgage rates fell throughout the month.

Single-family home sales for the month totaled 693,000, well above the downwardly revised 637,000 sold in February and above the Dow Jones estimate of 669,000. March's 8.8% rise was much higher than the expected 1.1% increase due to February's lower total.

After falling in January, the median sales price rose to $430,700, the highest level since August 2023.

30-year mortgage rates fell slightly to less than 7% in March, according to Bankrate, but have since rebounded.

— Jeff Cox

Manufacturing and services activity fell to multi-month lows in April, a sign that U.S. economic growth may slow.

The S&P Global Flash US Composite PMI for the manufacturing industry fell to 49.9 from 51.9 in February, the lowest level in four months. On the services side, the index was 50.9, compared to 51 last month. Economists surveyed by Dow Jones were looking for 52 measurements on both indicators.

The diffusion index measures the proportion of companies reporting expansion, so below 50 indicates contraction.

New order statistics decreased for the first time in six months. “Businesses responded by cutting back on hiring for the first time in almost four years, and business confidence fell to its lowest level since November last year,” the report said.

— Jeff Cox

Spotify stock rose 13% on Tuesday after the streaming music company beat expectations for first-quarter revenue and bottom line.

Spotify reported earnings of 0.97 euros per share on revenue of 3.64 billion euros. Analysts surveyed by LSEG had expected earnings of 0.65 euros per share and revenue of 3.61 billion euros.

Spotify's gross profit margin was 27.6%, up from 25.2% in the same period last year.

— Jesse Pound

U.S. crude oil hit an intraday low of $80.89 per barrel on Tuesday, its lowest since late March.

West Texas Intermediate futures for June also fell below its 50-day moving average of $81.22 per barrel for the first time since early February.

WTI was last traded at $81.51 per barrel, down 39 cents, and Brent futures for June was last traded, down 36 cents at $86.64 per barrel.

Traders lowered prices after surging earlier this month on concerns that Iran and Israel were on the brink of war. Those concerns have largely disappeared after rival forces signaled they were not interested in a broader war after retaliatory attacks this month.

The market was also indifferent to the impending oil sanctions against Iran. The House of Representatives passed a bill over the weekend that would target ports, ships and refineries that accept Iranian crude oil. The Senate could consider the bill this week.

— Spencer Kimball

Stocks opened higher Tuesday as Wall Street focused on new profits from tech companies going forward.

The S&P 500 rose 0.4% immediately after the opening bell, while the Nasdaq Composite rose 0.4%. The Dow Jones Industrial Average rose 124 points, or 0.3%.

— Brian Evans

Some of the names that will be in motion before the bell are:

• Novartis — Shares rose 4.7% after the Swiss drugmaker beat expectations for the first quarter and raised its full-year outlook.
• General Motors — The automaker rose nearly 5% after reporting first-quarter sales of $2.62 per share on revenue of $43.01 billion. Analysts polled by LSEG had expected earnings of $2.15 per share and revenue of $41.92 billion.
• Spotify — Shares rose 8% after the music streaming company reported first-quarter revenue of 3.64 billion euros, beating the LSEG consensus estimate of 3.61 billion euros.

To see more stock moves in the pre-market, read the full story here.

— Michelle Fox

United Parcel Service rose 0.4% in premarket trading Tuesday after its earnings per share beat Wall Street expectations.

UPS' first-quarter earnings per share, excluding items, were $1.43, well above the consensus estimate of $1.29 from analysts compiled by LSEG. Meanwhile, sales were $21.7 billion, lower than analysts' expectations of $21.86 billion.

The Atlanta-based company also reiterated its full-year outlook for revenue, operating margin and capital expenditures.

— Alex Harring

European stock markets opened higher on Tuesday, with the benchmark Stoxx 600 index up 0.5% by 8:40 a.m. London time.

Britain's FTSE 100 index rose 0.5% to a new intraday high, France's CAC40 index rose 0.2% and Germany's DAX index rose 0.7%.

Shares in Chinese tapioca chain Chabaidao, officially listed as Sichuan Baicha Baidao Industrial, plunged more than 30% after opening 10% lower in early trading in its Hong Kong trading debut.

It is currently trading at HK$12.32, well below the IPO public offering price of HK$17.50.

The IPO will be the largest listing in Hong Kong so far this year. The company said it earned a net profit of HK$2.59 billion ($330.5 million) from the IPO before expenses.

Chabaidao sold 90% of its 147.7 million shares in a global public offering, and the remaining 10% in Hong Kong.

However, the subscription ratio for the public offering was only 0.5x, so the company decided to reallocate the remaining shares to a global public offering with a subscription ratio of 1.11x.

— Lim Huijie

The Japanese yen fell to a 34-year low against the U.S. dollar early Tuesday, hitting $154.85 against the greenback.

This is the weakest currency since the mid-1990s, but it has risen slightly to 154.74 as of 9:18 a.m. Tokyo time.

The Bank of Japan will monitor the currency at Friday's board meeting, but the bank has not announced the level at which it will intervene.

Business activity in Australia expanded at the fastest pace in 24 months in April, according to preliminary figures from S&P Global.

The country's composite Purchasing Managers Index was 53.6, compared with 53.3 in March.

The manufacturing PMI rose from 47.3 to 49.9, just short of the 50 mark that separates expansion from contraction, while the services PMI fell slightly from 54.4 to 54.2.

— Lim Huijie

Let's check out the companies that are becoming a hot topic for after-hours trading.

• Nucor — Shares fell 6.3% after the steelmaker reported weaker-than-expected first-quarter results and issued a lackluster second-quarter outlook. First-quarter earnings of $3.46 per share were below the FactSet consensus estimate for earnings of $3.67 per share. Sales were $8.14 billion, lower than expectations of $8.26 billion. Nucor said its second-quarter profit would decline due to “lower steelmaking segment profits, primarily due to lower average selling prices, partially offset by modest increases in production.” Expect.
• CLEVELAND-CLIFFS — The steel producer fell nearly 3%. The Cleveland Cliffs' first-quarter results fell short of analysts' expectations, with adjusted earnings of 18 cents per share and revenue of $5.2 billion. Analysts surveyed by LSEG expected earnings of 22 cents a share and revenue of $5.35 billion.
• Cadence Design Systems — Shares fell 8.9% after the software company reported a poor outlook for the second quarter. Cadence Design Systems expects second-quarter earnings of $1.20 to $1.24 a share, below the $1.43 expected by analysts polled by FactSet. Revenue guidance of $1.03 billion to $1.05 billion also fell short of the FactSet consensus estimate of $1.11 billion.

Read the full list here.

— Sarah Min

New home sales are expected to rise 1.2% in March, according to a survey of economists from Dow Jones. This is a significant increase from the previous month's 0.3% decrease.

Data is expected to be released Tuesday at 10 a.m. ET.

— Sarah Min