Stock market today: Live updates

Information technology and consumer discretionary stocks outperformed on Thursday, with each of the S&P 500 sectors advancing about 1%.

Mega-caps broadly outperformed during the trading session. Apple was higher by 1.7% ahead of its earnings results after the close. Amazon.com shares climbed 1.7%. Nvidia and Microsoft each gained more than 1%. Meta Platforms was the notable laggard, with shares falling by 1%.

— Sarah Min

Stocks opened higher on Thursday.

The Dow Jones Industrial Average added 224 points, or 0.62%. The S&P 500 climbed about 0.73%, while the Nasdaq Composite increased by 0.86%.

— Sarah Min

Check out the companies making the biggest moves in premarket trading:

• Peloton Interactive — Shares climbed 15% after the fitness company announced CEO Barry McCarthy will step down while it seeks a permanent CEO. Peloton also set a restructuring plan that will cut 15% of its staff, or about 400 employees. Once a pandemic darling, Peloton has seen its shares slide. The stock is down 47% year to date.
• Qualcomm — Shares rose more than 5% after the chipmaker on Wednesday posted $2.44 per share in adjusted earnings in its latest quarter, topping analysts’ estimates of $2.32 per share, according to LSEG. The top end of Qualcomm’s revenue forecast for the current quarter was higher than the Street’s expectations, with the company citing demand for smartphones that require the most advanced chips.
• Wayfair — Shares added 5.5% after the home furniture retailer’s sales topped analyst estimates, and reduced its losses after letting go of 13% of its workforce at the start of the year, the company said Thursday. Still, Wayfair’s sales slid in the first quarter.

— Michelle Fox

The cost of labor rose more than expected in the first quarter, another sign that inflation was more stubborn than expected to start the year.

Unit labor costs increased 4.7% in the January-through-March period, the product of a 5% increase in hourly compensation offset by a 0.3% growth rate in productivity, the Labor Department reported Thursday. Economists surveyed by Dow Jones had been looking for a 4% increase in unit labor costs and 0.5% for productivity.

A separate report showed that initial filings for unemployment benefits were unchanged at 208,000 last week but below the forecast for 212,000.

—Jeff Cox

Moderna shares added less than 1% after the vaccine maker posted a narrower-than-expected quarterly loss for the recent quarter as it trims costs.

The company reported a loss of $3.07 per share on $167 million in revenue, topping the loss of $3.58 per share and $97.5 million in revenue expected by analysts polled by LSEG.

Moderna also reiterated its full-year 2024 full-year guidance of roughly $4 billion. This includes potential revenue from its RSV vaccine.

— Samantha Subin, Annika Kim Constantino

European stocks had a choppy start to Thursday trade amid a flurry of earnings, with major bourses trading mixed.

The benchmark Stoxx 600 index shed early gains to trade 0.14% lower by 8:56 a.m. in London. The U.K.’s FTSE 100 rose 0.45%, while France’s CAC 40 dropped 0.8%. Germany’s DAX was down 0.1%.

— Jenni Reid

Nvidia supplier SK Hynix on Thursday said its high-bandwith memory chips were nearly out of stock for 2025, according to Reuters, as the AI boom fuels demand for these chips.

The South Korean memory chip maker said its HBM chips were completely sold out for 2024.

The firm said it would begin mass production of the latest generation of HBM chips, the 12-layer HBM3E, in the third quarter.

SK Hynix shares are down 0.4% on Thursday.

– Sheila Chiang, Reuters

Singaporean bank DBS Group reported a 15% jump in first-quarter net profit from a year earlier to a record S$2.96 billion ($2.17 billion).

Compared to the previous quarter, net profit jumped 24%.

“We are optimistic that total income and earnings will be better than previously guided and we will be able to deliver another year of strong shareholder returns,”  DBS Chief Executive Officer Piyush Gupta said in a statement.

Last year, DBS reported a record profit of S$10.3 billion. Shares of DBS rose more than 2.32% following the results.

—Lee Ying Shan

Hong Kong-listed shares of Chinese electric vehicle maker Nio Inc jumped 20% in early trading, touching their highest level in over six weeks.

The company said it delivered 15,620 vehicles in April, a 134.6% year-over-year increase.

“The deliveries consisted of 8,817 premium smart electric SUVs, and 6,803 premium smart electric sedans,” Nio said in a statement on Wednesday.

Nio has delivered 45,673 vehicles so far this year, 21.2% more compared with the same period a year earlier.

— Shreyashi Sanyal

The Japanese yen traded at 155.95 against the U.S. dollar, strengthening to its strongest level in 11 days.

Japanese authorities are suspected to have intervened to prop up the currency on Monday after it breached the 160 level against the greenback to touch fresh 34-year lows.

Japanese authorities are yet to make an official statement about any support measures taken to boost the yen after having repeatedly warned against “excessive” moves in the currency.

Japan stocks were lower on the day, with the Nikkei 225 down 0.3%.

— Shreyashi Sanyal

Jeffrey Gundlach, CEO of DoubleLine Capital, said Wednesday that he anticipates the Federal Reserve will cut rates just once this year.

“The inflation rate clearly is the one that is lacking progress as [Fed Chair Jerome Powell] put it, so I’m going to lean on one rate cut,” he said on CNBC’s “Closing Bell.” He noted that he doesn’t anticipate it coming in June.

Gundlach’s comments come after the Fed ultimately held rates steady. At a press conference following the policy decision, Powell said, “I think it’s unlikely that the next policy rate move will be a hike. I’d say it’s unlikely.”

Read more about Gundlach’s reaction to the Fed’s decision here.

–Darla Mercado, Yun Li

With more than half of the trading week in the rearview mirror, the three major averages are on track to see losses.

The S&P 500 and Nasdaq Composite are on pace to finish the week down by more than 1% and around 2%, respectively. The Dow, which was the only of the three to end Wednesday in the green, is poised for a loss of 0.9%.

— Alex Harring

These are some of the names posting sizable moves in extended trading:

• DoorDash — Shares of the food delivery company tumbled 13% after its first-quarter report showed a wider-than-expected loss.
• Carvana — The car marketplace soared 30% after revenue for the first quarter topped Wall Street forecasts. 
• eBay — The online commerce platform dropped 4% after current-quarter revenue guidance missed expectations. 

See the full list here.

— Alex Harring

Stock futures saw gains shortly after 6 p.m. ET.

Futures tied to the Dow and S&P 500 each added 0.2%. Nasdaq 100 futures climbed 0.3%.

— Alex Harring