Stock market today: Live updates

June’s lower-than-expected consumer sentiment should spur the Fed to be more dovish, according to Baird investment strategy analyst Ross Mayfield.

Data released by the University of Michigan’s Survey of Consumers showed that consumer sentiment declined unexpectedly in June.

While the indicator is not one that investors give as much airtime, Mayfield believes that it’s good for gauging how consumers are feeling, particularly with regards to the labor market. Up until now, consumers have still had confidence in the job market, despite elevated inflation levels.

“To the extent that there’s a read through on consumer sentiment to a softening of the labor market, to me, it would all come together to say the Fed should be a little bit more dovish than they indicated they might be,” he told CNBC. “Because once you start to lose the labor market a little bit, it can really spiral before you have a chance to patch things up.”

— Lisa Kailai Han

Nvidia is outperforming Apple and Microsoft on Friday morning, bringing the market cap of the mega cap tech stocks even closer together.

Shares of Nvidia were up more than 2%, while Apple and Microsoft were each close to flat.

Friday’s performance could have a big impact on a $70 billion tech ETF — the Technology Select Sector SPDR Fund (XLK) — because June 14 is the reference date for an index rebalance. Nvidia’s rally, combined with diversification rules for the fund, could create demand for more than $10 billion worth of the chipmakers’ shares just from this one fund.

— Jesse Pound

Consumer sentiment unexpectedly declined in June as the near-term outlook for inflation held at its highest level since November 2023.

The University of Michigan’s Survey of Consumers showed a preliminary reading of 65.6 on sentiment, down from 69.1 in May and below the 71.5 estimate from the Dow Jones consensus. The current conditions index also moved lower, down to 62.5 from 69.6.

On inflation, the one-year outlook held at 3.3% while the five-year view nudged up to 3.1%, also its highest level since November.

— Jeff Cox

Outgoing Cleveland Federal Reserve President Loretta Mester said Friday she thinks monetary policy is well-positioned to handle risks to the U.S. economy and does not think it’s time yet to lower interest rates.

“We’re in a very good position with monetary policy right now,” the soon-to-be ex-Fed official said in CNBC’s “Squawk Box.” “I would want to see a few more months of good inflation data, inflation coming down, the short-run inflation expectations starting to move down.”

“Then you need to start thinking about OK, this may be the right panoply of data,” she added. “If you wait too long [to cut rates], if inflation is moving down, by maintaining the current level, you’re actually becoming more restrictive.”

Reflecting on her 39 years of service to the Fed, Mester said service to the public has always been the top goal.

“I can tell you in 39 years politics has not come into that room,” said Mester, who has reached the Fed’s mandatory retirement age of 65 for a regional president.

—Jeff Cox

Stocks opened lower on Friday morning, a day after the S&P 500 and Nasdaq Composite closed at new record highs.

The broader market index fell 0.4%, while the tech-heavy Nasdaq lost 0.3%. The Dow Jones Industrial Average also slipped 229 points, or 0.5%.

— Lisa Kailai Han

More evidence of a pullback in inflation came in May as prices for both imports and exports fell, the Bureau of Labor Statistics reported Friday.

Import prices declined 0.4%, against the Dow Jones estimate for no change and a switch from the 0.9% jump in April. Export prices declined 0.6% after rising 0.6% the prior month.

A 2% decline in fuel costs helped bring prices down, but food, feed and beverage prices also fell 1.6%.

—Jeff Cox

Check out the companies making headlines before the bell.

• RH — The high-end retailer tumbled 12.3% after posting a much wider loss per share in the first quarter than Wall Street anticipated.
• Adobe — The software company soared 14.2% after posting better-than-expected earnings and revenue, with higher new annualized Digital Media revenue, which includes Creative Cloud subscriptions, than analysts had called for. Adobe also lifted its full-year guidance. JPMorgan upgraded shares to overweight from neutral on Friday, saying Adobe is poised for “smoother sailing ahead” after its strong quarterly print.
• Hasbro — Bank of America upgraded the toymaker to buy from neutral, sending shares 1.7% higher. The firm said in a Friday note that Hasbro’s digital gaming strategy can drive an earnings rebound in 2024 and 2025.

For the full list, read here.

— Pia Singh

This year, the equity market has continued its rally to new highs.

So far, the S&P 500 has gained 13.92% in 2024, while the Nasdaq Composite is up 17.69%. The Nasdaq 100 has added 16.35%.

Here’s how many record closes some of the major averages have notched year to date:

• S&P 500: 29
• Nasdaq Composite: 17
• Nasdaq 100: 26

— Lisa Kailai Han

The S&P 500 and Nasdaq Composite are headed for their seventh weekly gain in eight weeks, reaching record highs along the way.

The broad market index is up 1.6% week to date, while the Nasdaq has popped 3.1%. The Dow has struggled, however, slipping 0.4%.

— Fred Imbert

The Bank of Japan kept its benchmark interest rate unchanged on Friday, but indicated it’s considering the reduction of its purchase of Japanese government bonds.

At the end of its two-day policy meeting, the central bank left short-term rates unchanged at between 0% to 0.1%, as widely expected.

The BOJ said it could reduce its purchases of Japanese government bonds at its next monetary policy meeting, scheduled for July 30 and 31.

The yen weakened past 158 against the U.S. dollar following the announcement. The yield on the 10-year Japanese government bond fell to 0.929%.

— Lim Hui Jie

Famed meme stock trader Keith Gill – also known as “Roaring Kitty” and “DeepF——Value” – seems to have bolstered his stake in the company to 9 million shares.

Gill posted a new screenshot of his E-Trade portfolio to Reddit’s Superstonk forum on Thursday after the market close. The image seems to show that he’s now holding 9.001 million GameStop shares and more than $6 million in cash.

The total value of his portfolio surpassed $268 million on Thursday evening, compared to $210 million on June 2. Shares of GameStop jumped more than 14% in regular trading, but slid 4% in after hours.

Read more from CNBC’s Yun Li on how Roaring Kitty may have upped his stake here.

–Darla Mercado

Shares of software giant Adobe soared more than 16% on Thursday after the company’s second-quarter results surpassed Wall Street estimates.

Adobe raised both its full-year earrings and revenue outlook. The company now forecasts earnings of $18 per share to $18.20 on revenue in the range of $5.33 billion to $5.38 billion.

— Brian Evans

Tesla shareholders voted to reinstate CEO Elon Musk’s controversial $56 billion pay package on Thursday, although the measure has to be settled in court to take effect.

The vote on Musk’s compensation was one of several measures poised for a shareholder vote on Thursday, including a provision to reincorporate the company in Texas.

Shares of Tesla traded roughly 1% higher. Tesla stock closed nearly 3% higher during the regular session in anticipation that the pay package would be approved.

— Brian Evans

Stock futures were little changed on Thursday, following the S&P 500’s latest record-high close and strong quarterly results from Adobe.

S&P 500 futures ticked down 0.1%, while Nasdaq 100 futures slipped 0.04%. Dow Jones Industrial Average futures ticked down 57 points, or 0.1%.

— Brian Evans