Stock Market Today: Live Updates

For a stock market that continues to hit all-time highs in the S&P 500 and the Nasdaq Composite, market breadth – which measures the number of stocks that are rising and falling or the relative improvement (or deterioration) in a share wide range of prices – it’s pretty bad.

“[G]divergences in driving width and increasingly narrow leadership are among the technical risk factors the bull market will have to contend with in the second half,” Ned Davis Research told clients on Wednesday. “Both factors have showed itself also at the sector level, especially for the largest sector, Technology”.

Take a look at the market around 10 a.m. ET on Thursday. While the S&P 500 and Nasdaq Composite were trading back to what would have been new closing levels, the NYSE Composite bar is lower by about two-thirds of 1%, and the number of New York Stock Exchange issues that are more lows are drowning out the winner’s numbers, 1,744 to 779.

The same is true for the Nasdaq, where decliners are beating advancers from 2005 to 1,318. The percentage of all NYSE stocks that traded higher on Thursday is just under 28%, according to FactSet data, but is more good for Nasdaq. in about 59%.

– Scott Schnipper

Shares of Broadcom rose nearly 14% Thursday morning as the chipmaker’s earnings beat the aftermarket Wednesday. Broadcom also announced a 10-for-1 stock split.

Adjusted earnings per share came in at $10.96 for the company’s fiscal second quarter, beating the $10.84 expected by analysts polled by LSEG. Revenue also came in better than expected at $12.49 billion, versus the consensus estimate of $12.03 billion.

Broadcom attributed $3.1 billion in quarterly sales to revenue from artificial intelligence products.

The company also said it expects $51 billion in sales for the full fiscal year, an increase over its previous forecast and above the consensus estimate of $50.42 billion.

– Michelle Fox, Kif Leswing

The producer price index, a measure of what wholesalers pay for raw goods, unexpectedly fell 0.2% last month. Economists polled by Dow Jones expected PPI to have risen 0.1%.

– Fred Imbert

Here are some of the stocks making big moves in Thursday’s premarket:

• Tesla — The electric vehicle maker jumped 7% after CEO Elon Musk said his $56 billion pay package and a resolution to move the company’s corporate headquarters to Texas were set to pass a shareholder vote.
• Broadcom — Shares jumped nearly 14% after the chipmaker posted a rise in earnings and revenue and announced a 10-for-1 stock split.
• Dave & Buster’s — Shares of the entertainment and restaurant chain fell 10% after first-quarter sales missed expectations.

Click here for the full list.

– Alex Harring

May’s consumer price index readings should ease investor concerns that inflation is picking up, according to UBS.

The latest printed inflation reading showed that inflation remained unchanged in May, with estimates coming in below economists’ expectations.

“The announcement adds to our confidence that the trend toward slower US inflation, which reversed in the first three months of the year, is back on track,” UBS wrote in a note on Thursday.

The bank added that the report should also ease concerns about the threat of economic overheating, as it shows that activity is gradually cooling.

– Lisa Kailai Han

Tesla shares rose more than 5% in premarket after CEO Elon Musk said in a post on X that shareholders were on track to approve his massive $56 billion pay package. He also said another resolution to transfer the company’s state of incorporation to Texas from Delaware was also headed for approval.

To be sure, Musk didn’t give specifics on the votes, saying only that they were passing by a “wide margin.”

– Fred Imbert

European shares opened lower on Thursday, with the regional Stoxx 600 index down 0.26% at the open.

Travel and autos led the losses, both down about 0.8%.

Another inflation reading is expected on Thursday.

The May producer price index is expected to have risen 0.1% last month, according to economists polled by Dow Jones. This is down from a 0.5% increase last month.

– Sarah Min

Here are the names making the biggest moves in extended trading:

• Broadcom — Shares jumped 13% after Broadcom topped fiscal second-quarter expectations and announced a 10-for-1 stock split. The chipmaker posted adjusted earnings of $10.96 per share on revenue of $12.49 billion. Analysts polled by LSEG had forecast earnings per share of $10.84 on revenue of $12.03 billion.
• Dave & Buster’s Entertainment — Shares fell 9.5% after Dave & Buster’s quarterly revenue fell short of expectations. The restaurant and entertainment business posted revenue of $588 million in the first quarter, below LSEG’s consensus estimate of $621 million.
• Oxford Industries — The stock fell 2.9% after the apparel company behind Tommy Bahama and other brands posted first-quarter earnings and revenue that missed estimates. Oxford Industries reported adjusted earnings of $2.66 per share on revenue of $398.2 million. Analysts polled by FactSet had forecast earnings of $2.68 per share on revenue of $404.8 million.
• Virgin Galactic — Shares of the space tourism company fell 16% after Virgin Galactic said its board of directors approved a 1-for-20 reverse stock split.

– Sarah Min

S&P 500 futures opened higher on Wednesday night.

S&P 500 and Nasdaq 100 futures rose 0.13% and 0.48%, respectively. Dow Jones Industrial Average futures fell 25 points, or 0.06%.

– Sarah Min