Stock Market Today: Live Updates

The average of the three major stocks has cooled since Monday’s market rally, but the time has come for power companies to come into their own.

Of the 11 sectors in the S&P 500 index, the utilities sector was the best performing, rising 1.64%.

Dominion Energy and AES were the biggest winners, each posting gains of around 4%, but a notable winner emerged in Constellation Energy. The stock rose 3.5% on Monday, but it also shows considerable long-term strength. Constellation is up 50% in 2024, while the utilities sector is down nearly 1.7%.

With a dividend yield of 0.8%, CEG remains popular among analysts, with more than six in 10 rating it a buy, according to FactSet. However, analysts’ average price target suggests a decline of more than 10% from here.

–Darla Mercado, Ethan Craft

Apple stock is off to a terrible start heading into 2024. Jeff DeGraaf, founder of Renaissance Macro Research, advises investors to reconsider the stock, as the tech giant is down 9% year-to-date.

“I think you want to tactically move away from Apple. This is not about the next 30 years, this is about the next three to maybe 12 months,” DeGraaf said Monday on CNBC’s “Closing Bell.” ” he said.

De Graaf added that the stock looks diversified and “looks like a long consolidation.”

— Ha-Kyung Kim

JPMorgan analyst Matthew Vos predicts good times ahead for some “best-in-class” retail brands.

“I think the whole retail industry is reaching a tipping point,” Voss said Monday in an interview on CNBC’s “Closing Bell.” “I think there are intentional consumers out there. They’re buying brands. They’re looking for value and convenience.”

Boss said this consumer mindset puts off-price retailers like TJ Maxx owner TJX Cos, Burlington and Ross Stores in a better position to sell big-name brands at discounted prices. It is said to become. He expects strong results for Ross Stores on Tuesday.

“but [consumers] “Customers don’t just want experiences and services, they want a destination, and that’s what Macy’s is focused on right now…” he said. Boss recently visited a Macy’s store where the new strategy is being trialled and said he felt store staffing was improving. “Amplify” key brands.

In addition to the efforts retailers are making to improve their businesses, Vos predicts that higher-income consumers may be able to spend more freely now that the stock market is recovering. are doing.

—Christina Cheddar Burke

Check out the stocks that made the biggest moves in post-market trading.

GitLab — The software company fell more than 18% after announcing weaker-than-expected future guidance. Gitlab expects full-year revenue to be in the range of $725 million to $731 million. According to LSEG, this was lower than the $732 million expected by analysts. Earnings estimates were also lower than expected, with GitLab guiding for between 19 cents and 23 cents, compared to expectations of 35 cents. Meanwhile, the company saw significant improvement in sales and bottom line profits in the fourth quarter.

Stitch Fix — Shares fell 12.5% ​​after the company reported disappointing financial results for the second quarter. The company saw net revenue from continuing operations decline 18% year-over-year. The number of active clients also decreased by 17% compared to the previous year.

AeroVironment — Shares rose nearly 19% after AeroVironment’s third-quarter results beat analysts’ expectations. The defense company posted adjusted earnings of 63 cents per share on revenue of $187 million. Analysts polled by LSEG had expected earnings of 33 cents per share and revenue of $171 million. AeroVironment also announced full-year profit and sales guidance that was higher than expected, citing increased global demand.

— Ha-Kyung Kim

US stock futures opened near the flatline on Tuesday.

Dow Jones Industrial Average futures fell 0.1%. Futures tracking the S&P 500 and Nasdaq 100 fell 0.06% and 0.1%, respectively.

— Ha-Kyung Kim