Stock market today: Live updates

In an otherwise miserable week for stocks (S&P 500 Technology Index down 6%; Meta lower by 5.6%; Microsoft off 5.3%), one surprising standout is regional banks.

The S&P Composite 1500 Regional Bank Index has gained almost 1.4% this week. Even the S&P 500 Financials Index, which includes all manner of insurance companies, asset managers and fintech and payments companies, is ahead almlst 0.7% this week.

“Higher Treasury yields, a resilient U.S. economy, and relatively low valuations are three reasons why we now think that the future for U.S. banks in general is a bit brighter,” Capital Economics chief markets economist John Higgins wrote Friday.

Much of the bad news regarding U.S. commercial property is already priced into the stocks, Higgins said, at the same time as the banks’ cost of capital isn’t as bad as feared.

“[B]anks’ average funding cost has not risen as much as the federal funds rate … [so] that their average net interest margin (the gap between the average yield on their earning assets and their average funding cost) has still tended to fluctuate with the 10-year Treasury yield since 2010,” Capital Economics wrote. “In any case, we expect the yield curve to ‘uninvert’ at some point next year.”

— Scott Schnipper

The S&P 500’s Friday slide pulled the benchmark index below the 5,000 level. This is the latest symbol of the recent market pullback, with the index on pace for its sixth down day and worst week since September.

The index first touched the 5,000 level in early February.

These are some of the companies making headlines in midday trading:

• Ulta Beauty — Ulta Beauty shares fell 3% after Jefferies downgraded the beauty retailer to a hold from a buy rating, citing rising competition.
• Netflix — The streaming giant sank more than 7% after saying it will stop reporting subscriber growth in its quarterly earnings starting next year. Shares were headed for their worst day since July.
• Shopify — Shares advanced 1.8% after Morgan Stanley upgraded the Canada-based e-commerce company to overweight, citing confidence in the company’s growth potential, particularly that it will expand its international traction, as well as its operating leverage upside.

Read the full list here.

— Brian Evans

The Dow has once again outperformed on Friday, lifted by American Express’ post-earnings rally.

The blue-chip average is the only of the three major indexes poised for gains in Friday’s session. It has also seen the smallest loss on a weekly basis.

American Express led the index higher on Friday, with shares jumping more than 4%. The financial company posted stronger-than-expected diluted earnings per share and reaffirmed full-year guidance.

UnitedHealth and Chevron were the next-biggest advancers on Friday, with each up more than 1.5%. About 2 out of every 3 of the 30 Dow members traded higher in the session.

— Alex Harring

Needham upgraded Netflix to a buy from a hold rating on the heels of the media giant’s first-quarter earnings print.

Among the reasons for the upgrade, analyst Laura Martin cited the company’s “tech-first culture,” which positions it to benefit from the artificial intelligence transition.

Martin’s call comes as the stock slides on Friday following the report. Read more on the upgrade from Needham here.

— Samantha Subin

Chicago Federal Reserve President Austan Goolsbee said Friday that inflation progress has “stalled,” meaning policymakers likely will have to be patient before cutting interest rates.

While he still expressed hope that inflation will resume drifting down to the Fed’s 2% target, he noted that “persistently high housing inflation” is getting in the way.

“Given the strength of the labor market and progress on easing inflation seen over a longer arc, I believe the Fed’s current restrictive monetary policy is appropriate,” he said in remarks shared ahead of a speaking engagement to business journalists in Chicago. “Ultimately, the proper policy going forward will depend on the data.”

Goolsbee is a nonvoting member this year of the rate-setting Federal Open Market Committee, but will vote in 2025.

— Jeff Cox

Although Goldman Sachs is still forecasting “modest” positive equity returns over the next 12 months, it sees increasing risks to the downside — and notes the likely upside is smaller than before.

“U.S. equity valuations are still high relative to the macro environment,” macro strategist Vickie Chang wrote in a Thursday note.

“So while equity overvaluation may be a headwind that positive macro dynamics can offset, we find evidence that it has an amplifying effect when the macro dynamics turn negative,” Chang added.

— Hakyung Kim

The Dow was up as Friday’s trading session kicked off.

The blue-chip index added about 0.2% shortly after 9:30 a.m. ET. Meanwhile, the S&P 500 was near flat, while the Nasdaq Composite slipped 0.3%.

— Alex Harring

Crude oil futures are now trading lower, erasing gains of more than 3% from earlier in the session as it becomes clear that Israel’s strike against Iran was limited.

U.S. West Texas Intermediate futures lost 28 cents, or 0.34%, at $82.45 per barrel. Global benchmark Brent crude futures fell 49 cents, or 0.56%, at $86.62 per barrel after topping $90 earlier in the session.

“The energy market has been through this before,” said John Kilduff, founding partner at Again Capital. “It’s hard to get your head around the fact anymore how high the bar really is in the Middle East these days for all-out war to break out and for oil supplies to be impacted.”

That point is driven home by the price action. Despite the news, WTI is on pace to end the week about 4% lower.

The Israeli strike was “very muted and carefully calibrated” using small packages of explosions and drones rather than manned aircraft, said Admiral James Stavridis, the former Supreme Allied Commander of NATO.

“Both capitals, Jerusalem and Tehran, are downplaying the events — de-escalating,” Stavridis told CNBC’s “Squawk Box” on Friday.

— Spencer Kimball

These are the stocks moving the most in premarket trading.

Read the full list of stocks moving here.

— Lisa Kailai Han

The three major indexes were on track for notable losses with just one day left in the trading week.

The S&P 500 has fallen for five sessions in a row, a first since October. On the week, the broad index has slid 2.2%.

That would be the large-cap benchmark’s third straight negative week, which has not happened since September. It would also mark its worst weekly performance since late October.

The Nasdaq Composite is slated to drop 3.6%, which would mark the biggest loss since September. It would also be the fourth straight negative week, the longest weekly losing streak since December 2022.

The tech-heavy index has also declined for the past five sessions, a first going back to a period ending in January.

The Dow has seen far more modest losses, sliding just about 0.6% this week. This would be the blue-chip average’s third-straight down week.

— Alex Harring

The Cboe Volatility Index briefly spiked back above 19 Friday morning following reports of Israel’s strike against Iran.

Wall Street’s so-called fear gauge, known as the VIX, had previously reached the level earlier this week. That came in the aftermath of Iran launching drones and missiles at Israel on Saturday.

But the weekend attack was largely thwarted by Israel’s defense system. Traders have since been watching Israel’s response for any signs of further escalation in the Middle East conflict.

After surpassing 19 earlier in the morning, the Chicago Board Options Exchange’s index last sat below the level.

— Alex Harring

Shares of Asian shipping firms rallied after news that Israel carried out an operation in Iran, with explosions reportedly heard near the airport in Isfahan.

Japanese shippers Mitsui Osk Lines climbed 1.81%, while Kawasaki Kisen and Nippon Yusen were up 0.34% and 1.44%.

Hong Kong shipping firms also climbed, with Pacific Basin spiking 8.68%. Cosco Shipping Holdings was up over 4%, and international logistics firm OOIL, which owns Orient Overseas Container Line, climbed 4.5%.

Safe haven assets rose following reports of unconfirmed explosions in Iran, with the country’s Fars news agency reportedly saying that explosions were heard near the airport at the country’s central Isfahan city, but the reason was unknown.

Spot gold prices surged to a fresh all-time high of 2,411.09 per ounce, while the yen strengthened 0.45% to 153.93 against the U.S. dollar.

Prices of bitcoin fell 1.44% to $60,186, according to Coin Metrics data.

— Lim Hui Jie

Oil prices jumped more than 3% after unconfirmed reports of explosions near the Iranian city of Isfahan.

Iran’s Fars news agency reported that explosions were heard near the Isfahan airport, but emphasized that the reason was unknown.

Global benchmark Brent traded 2.86% higher at $89.60 a barrel, while the U.S. West Texas Intermediate rose 2.83% to $85.05 per barrel.

—Lee Ying Shan

Japan’s headline inflation rate came in at 2.7% in March, easing from the 2.8% recorded in February.

Core inflation in the country stood at 2.6%, in line with expectations from economists polled by Reuters and down from February’s 2.8%.

The so called “core-core” inflation metric used by the Bank of Japan came in at 2.9% from 3.2%, the first time that the index has fallen below 3% since November 2022.

— Lim Hui Jie

Defensive corners of the market – utilities and consumer staples – emerged positive on the week even as the S&P 500 faced its third straight losing week.

The two sectors are the only ones in the S&P 500 with a week to date gain. Consumer staples are up 0.49% in the period, led by General Mills and Estee Lauder. Both names are up more than 4% week to date through Thursday.

Utilities, touting a 0.4% weekly gain as of Thursday’s close, are being led higher by Southern Company and Consolidated Edison. Both stocks are up more than 2% week to date.

This week’s action was marred by higher bond yields and sharp selloffs for stocks. It was especially rough for the rate-sensitive real estate sector and information technology, as both are facing a 4% decline this week.

–Darla Mercado, Chris Hayes

Check out the companies making headlines after the bell: 

Intuitive Surgical — Shares of the provider of robotic-assisted surgical solutions rose 1% after the company posted stronger-than-expected results. 

KB Home – The homebuilder advanced nearly 2% after announcing that its board of directors authorized a new $1 billion share repurchase. 

Western Alliance — The regional bank stock fell less than 1% in extended trading after the firm posted disappointing earnings.

— Yun Li