Stock Market Today: Live Updates

JPMorgan’s Marko Kolanovic, who served as head of global markets strategy and co-head of global research, is leaving the bank to explore other opportunities, according to a source familiar with the internal announcement.

Kolanovic became known among market watchers for correctly predicting the stock market’s recovery amid the Covid-19 pandemic. However, it has been consistently bearish for the past two years as the market has rallied.

— Jesse Pound

Activity in the services sector was significantly weaker than expected in June, according to a report from the Institute for Supply Management on Wednesday.

The ISM Services PMI reached 48.8%, representing the share of businesses that reported growth for the month. A reading below 50% indicates contraction, which the index has shown for two of the past three months. Economists polled by Dow Jones were looking for a reading of 52.8%, or 1 percentage point lower than in May.

Elsewhere in the survey, the Business Activity Index fell to 49.6%, down 11.6 percentage points, and new orders fell 6.8 points to 47.3%, while inventories fell to 42.9%. decreased by 9.2 units. The price index fell as did the employment index.

— Jeff Cox

Stocks can continue to gain from here after a strong first half of 2024, according to “Paulsen Perspectives” author and writer Jim Paulsen.

The S&P 500’s run to a record was “tight,” he says, with only a handful of stocks gaining because the Federal Reserve raised interest rates, something rarely seen in bull markets.

“[The bull market is] missing out on a lot of other pieces that could come if the Fed eases, the important thing of course is lower bond yields and lower interest rates,” Paulsen said on CNBC’s “Squawk Box” on Wednesday. which I think they will, and we’re reducing interest rates, then I think we’ll see a lot more stimulus for the stock market and maybe we’ll have a move that looks a little like the start of a new bull market that we never got.”

“This is the only bull market in post-war history that has been entirely under the Federal Reserve, which has tightened throughout its existence,” he continued. “The result of this has been a very narrow bull market because many of its supporting pieces have yet to emerge.”

— Brian Evans

Stocks are little changed to start Wednesday’s shortened trading day.

The S&P 500 and Nasdaq Composite Both traded steady shortly after 9:30 AM. ET. The Dow traded down about 0.1%.

— Alex Haring

Initial claims for unemployment insurance rose for the week ending June 29 the Ministry of Labor said Wednesday.

First-time deposits totaled 238,000 for the period, up 4,000 from the previous week and topping Dow Jones estimates of 233,000.

On continuing claims, which run back a week, the 1.858 million total represented an increase of 26,000 and was the highest total since November 27, 2021.

— Jeff Cox

Private payrolls rose 150,000 in June, less than forecasts and the lowest total since January, ADP reported on Wednesday.

The total was short of the Dow Jones estimate of 160,000 and below the upwardly revised 157,000 from May. Leisure and hospitality led the way with 63,000 jobs, followed by construction and professional and business services.

Also, wage growth slowed to a 4.9% pace from a year ago, the slowest increase since August 2021.

— Jeff Cox

Here are the stocks making the biggest moves in premarket trading:

Read the full list of stocks moving here.

— Samantha Subin

The dollar index is poised to go on a positive four-week run.

The index, which measures the U.S. currency against a basket of foreign currencies, is down about 0.2% for the week to date. If this holds through to the end of the week, it would mark the first negative week in the last five.

The dollar has gained ground against the yen this week, but has struggled against the euro and the British pound.

— Alex Harring, Gina Francolla

Tesla Shares rose more than 3% in premarket trading, putting the electric vehicle maker on pace for a seventh straight day of earnings. That would be the stock’s longest winning streak since last year’s 13-day streak.

“The key for Tesla stock is for the Street to recognize that Tesla is the most undervalued AI play in the market in our view, with a historic Robotaxi Day ahead for Musk and Tesla on August 8 that will pave the way with yellow brick for FSD and an autonomous future. Wedbush analyst Dan Ives wrote in a note dated Tuesday. It has an outperform rating on the stock.

— Fred Ebert

The consumer discretionary sector fell 1.8% to close at its highest level since January 2022.

A jump of 10.2%. Tesla stocks helped the sector rise. The electric vehicle maker rose as second-quarter vehicle production and delivery reports beat analysts’ expectations.

E-commerce giant Amazon also contributed to sector gains, rising 1.4% to a new all-time high.

Consumer discretionary was the top of 11 sectors in the S&P 500 on Tuesday, boosting the broad market index to a record close of 5,509.01 and its first close above the 5,500 mark.

—Darla Mercado, Chris Hayes

The news comes after National Amusements and Skydance broke off deal talks in June.

Paramount declined to comment on the news to CNBC. National Amusements and Skydance did not immediately respond to a request for comment.

— Hakyung Kim, Rohan Goswami

The first half of this year was marked by a tech rally in equity markets. But as the second half of the year begins, Goldman Sachs predicts the tide will turn for investors.

“As we enter the second half of the year, risks for equity holders are increasing,” wrote strategist Peter Oppenheimer. He also pointed to an uncertain backdrop that includes high valuations and rising political risk.

However, Oppenheimer reassured investors by pointing to historical records showing that a solid second half of the year usually follows a strong first half.

“However, it should be emphasized that it is unusual for 2H returns to be weak after 1H returns as strong as we have seen this year,” he wrote.

— Lisa Kailai Hahn