Stock Market Today: Live Updates

Shares of One97 Communications rose 5% after the company announced that it has been granted a third-party application provider license by the National Payments Corporation of India. Last month, Indian bourses introduced circuit restrictions on stocks after the Reserve Bank of India ordered Paytm Payments Banks to stop registering new customers.

This will enable Paytm app users to send funds through India’s Unified Payments Interface even after Paytm Payments Bank ceases operations by March 15. India’s UPI is a real-time payments platform that allows funds transfer between banks.

Four banks, including Axis Bank, HDFC Bank, State Bank of India and YES Bank, will act as “payment system provider” banks for One97 Communications, the statement said.

Shares of Taiwanese multinational electronics contract manufacturer Foxconn soared more than 8% following the release of its fourth-quarter and full-year results.

Foxconn, which trades as Hon Hai Precision Industry in Taiwan, posted full-year attributable profit of NT$142.1 billion ($4.49 billion) and earnings per share of NT$10.25, the highest level in 16 years. became. However, sales decreased by 7% from the previous year to NT$6.16 trillion.

In light of these results, Hon Hai announced that it will pay a cash dividend of NT$5.40 per share. This is the highest amount since going public in 1991, and the dividend payout ratio has exceeded 50% for the fifth consecutive year.

Looking ahead, Foxconn also upgraded its full-year 2024 outlook from “neutral” to “substantial” growth due to the recent increase in generative AI applications. This means that “the visibility of the AI ​​server is very high.” said the company.

Japan’s Finance Minister Shunichi Suzuki said the country was “no longer in deflation,” adding that “a strong trend of wage growth is emerging,” Reuters reported.

This is clearly different from statements made by authorities, including Prime Minister Fumio Kishida, who said in January that “the possibility of a return to deflation cannot be ruled out.”

For this reason, Suzuki said the government will mobilize all policy tools to continue the positive momentum in wages. The finance minister did not comment on the Bank of Japan’s policy measures at the March 18-19 meeting.

— Lim Huijie, Reuters

Despite a pullback on Thursday, the three major stock averages continued to rise to end the week.

The Dow and S&P 500 were each expected to end the week up about 0.5%. Meanwhile, the Nasdaq Composite Index was expected to rise 0.3%.

— Alex Harring

Below are some stocks that are making notable moves in extended trading.

• Adobe: The software stock fell 9.7% after a weak outlook for current quarter earnings. The company attracted attention after its quarterly report exceeded expectations.
• Ulta: The beauty retailer fell 5.7% after its full-year profit outlook fell far short of analysts’ expectations. Elsewhere, the company beat analysts’ expectations in both areas.
• Zumiez: Specialty retailers fell 5% after a weak outlook for the current quarter.

See the complete list here.

— Alex Harring

Futures tracking the Dow, S&P 500 and Nasdaq 100 were all trading roughly flat after 6pm ET.

— Alex Harring