Stock Market Today: Live Updates

Crude oil futures stabilized on Monday after OPEC+ extended production cuts into the second quarter.

West Texas Intermediate’s April contract fell 19 cents, or 0.24%, to $79.78 a barrel. May Brent futures rose 5 cents, or 0.06%, to $83.60.

OPEC and its allies agreed on Sunday to carry forward production cuts of 2.2 million barrels a day to at least the end of the second quarter to support oil prices. This move was widely anticipated by the market.

Brent crude oil prices will remain in the range of $73 to $96 per barrel, but oil prices are likely to trade at higher and lower levels, according to a Bank of America research note published Monday.

— Spencer Kimball

The three major indexes fell at the start of trading on Monday.

Immediately after the opening bell, the Dow Jones Industrial Average fell more than 150 points, or about 0.4%. The S&P 500 and Nasdaq Composite each fell about 0.1%.

— Alex Harring

Stocks diverged in pre-market trading after JetBlue Airways and Spirit Airlines announced the termination of their merger agreement.

JetBlue jumped more than 4% ahead of the bell, while Spirit plummeted more than 15%. The move comes weeks after the companies announced they would end their attempt to merge, weeks after losing a federal antitrust lawsuit that put the $3.8 billion deal in jeopardy.

— Alex Harring, Leslie Josephs, Rebecca Picciotto

Stocks in the three major indexes ended the week mixed.

The technology-heavy Nasdaq Composite Index led the index gains, rising 1.7% last week. Meanwhile, the S&P 500 composite index rose nearly 1%.

The Dow Jones Industrial Average underperformed last week, dropping 0.1%.

— Alex Harring

One reason patients have stopped taking drugs such as Novo Nordisk’s Wegovy and Eli Lilly’s Zepbound is the potential for side effects such as nausea and gastrointestinal problems. Analysts say patients in Viking’s trial were able to quickly increase their dosage and lose weight faster.

Analysts say Viking’s treatment could one day join Novo and Lilly in the market, or be acquired by a big drug company.

Separately, UBS became the latest company to raise its price target on Eli Lilly stock. They expect the stock to rise to $910 within the next year, or about 16% from Friday’s closing price. Bank of America also raised its price target on Lilly stock last week.

—Christina Cheddar Burke, Annika Kim Constantino

Below are some of the stocks that made the biggest moves before the bell.

• Super Micro Computers and Deckers Outdoors — Shares of Super Micro Computers and Deckers Outdoors each dropped 12% after S&P Dow Jones Indices announced Friday that both companies will be added to the S&P 500 later this month. and increased by 5%.
• Macy’s — Macy’s stock price soared nearly 17% after Arkhouse Management raised its offer to buy the department store chain from $21 to $24 a share, or about $6.6 billion.
• Apple — Apple fell about 1% after the European Commission fined the iPhone maker $1.95 billion related to music streaming.

Click here for a complete list of stocks on the move.

— Samantha Subin

Apple shares fell about 0.8% early on after the European Commission fined the tech giant more than 1.8 billion euros over its app store’s “unfair” rules for music streamers.

“Such a lump-sum fine was necessary in this case because a significant portion of the harm caused by the infringement consists of non-pecuniary damages,” the commission said in a statement. “Furthermore, the fine is sufficient to deter Apple from repeating current or similar infringements and to deter other companies of similar size and similar resources from committing the same or similar infringements. There must be.”

Apple responded in its own statement: “The European Commission has failed to uncover any credible evidence of consumer harm and ignores the realities of a thriving, competitive and rapidly growing market. “Nonetheless,” he said, “this decision was reached.”

— Fred Imbert

Shares of Super Micro Computer and Decker’s Outdoor rose 12% and 5%, respectively, after S&P Dow Jones Indices announced Friday that the companies will be added to the S&P 500 later this month. The companies will replace Whirlpool and Zion Bancorp and will join the S&P MidCap 400 Index at the start of trading on March 18.

The list of U.S. stocks that have hit new highs recently has been long and impressive, including the S&P 500, Nasdaq Composite Index, Dow Jones Industrial Average, Wilshire 5000 Index, NYSE Composite Index, and PHLX Semiconductor Sector Index.

Here are the remaining major and secondary index records as of Monday morning, according to FactSet data: Some have just one more breath left, while others have to go even further.

S&P 500 Equal Weight Index: Closing price on March 1, 2024: 6633.8.

January 4, 2022 closing price all-time high: 6664.65.

Intraday high price on January 5, 2022: 6691.21

Russell 2000 Index: Closing price on March 1, 2024: 5160.36.

November 8, 2021 closing price and intraday high price: 6070.83

S&P Midcap 400: March 1, 2024 closing price: 2910.66.

Highest closing price on November 16, 2021: 2910.70.

Intraday high price on November 7, 2021: 2925.93

Dow Jones Traffic Average: Closing price on March 1, 2024: 15,832.62.

The highest closing price on November 2, 2021 was 17,039.38.

Intraday high price on November 2, 2021: 18,246.51

Dow Jones Utility Average: March 1, 2024 close: 833.04.

April 6, 2022 closing price all-time high: 1070.93.

Intraday high price on April 8, 2022: 1075.53

— Scott Schnipper

Shares of Chinese EV makers listed in Hong Kong fell in early trading on Monday.

Li Auto’s stock led the decline, dropping nearly 11%, while Nio stock fell 4.6%, Xpeng stock fell 3.9%, and BYD stock fell 1.3%.

There are deep-rooted concerns about price competition in China’s EV market, the world’s largest. BYD on Monday launched a new version of its best-selling vehicle, the crossover Yuan Plus, also known overseas as Atto 3, at a lower price than its discontinued predecessor, Reuters reported.

Last week, Li Auto announced a new EV called “Mega.”

“Overall, domestic automakers appear to be increasingly concerned about missing out on price reduction opportunities (FOMO),” Morgan Stanley analysts said in a note.

— Shreyashi Sanyal

Japan’s Nikkei Stock Average hit another all-time high on Monday, exceeding the 40,000 yen level. The index had previously risen 0.8%.

The benchmark index continued its record rise, hitting a new high for the first time in 34 years.

Both the Nikkei Stock Average and the broader Topix index are among the top performers among major stock markets in the Asia-Pacific region. The Nikkei average is up more than 20% since the beginning of the year, and the TOPIX is up nearly 15%.

Strong earnings and investor-friendly policies from the Japanese government have fueled a ferocious rally in stock prices this year.

The broad-based Topix rose 0.1% on Monday after hitting a record high above the 2,700 mark last Friday.

— Shreyashi Sanyal

Data showed that South Korea’s industrial production in January fell for the second consecutive month, but retail sales increased in the same month.

Industrial production growth rate in January was 1.3%, down from the previous month’s revised 0.5%. A Reuters poll had expected a 1% rise.

South Korea’s retail sales rose 0.8% in January, after falling 0.8% the previous month.

— Shreyashi Sanyal

Arkhouse Management and Brigade Capital Management are increasing their offer to buy department store chain Macy’s by nearly $1 billion, according to a press release on Sunday. Macy’s had previously rejected the proposal, saying it did not “offer attractive value” to shareholders.

The proposal, which previously valued the retailer at $21 per share, or $5.8 billion, now values ​​Macy’s stock at $24 per share, or $6.6 billion. The new offer represents an increase of more than 37% from the stock’s last closing price of $17.44.

— Peer Singh

U.S. stock futures were mostly flat on Sunday after a record week for the Nasdaq Composite Index.

Nasdaq 100 futures rose slightly, while S&P 500 futures fell slightly. Dow futures fell 27 points, or 0.1%.

— Fred Imbert

U.S. stocks ended Friday trading higher, with the Nasdaq Composite and S&P 500 closing at new record highs.

The Nasdaq rose 1.14% to end at 16,274.94. The S&P 500 rose 0.80% to 5,137.08. The Dow Jones Industrial Average rose about 91 points, or 0.23%, to 39,087.38.

— Ha-Kyung Kim