Stock Market Today: Live Updates

UBS managing director Keith Upton said the bank had originally estimated a recession in the first half of 2023. But UBS said it had adjusted its forecast for a recession in the fourth quarter to first half as the economy showed more resilience. It’s also possible that there won’t be a recession next year. Given this change in outlook, Upton said the bank is making some changes to its portfolio.

“I’m increasing some of the stocks I’ve been underweight in the past. I’m going to start buying cyclical stocks. Cyclical stocks should do well in those kinds of markets going into industrials, financial energy, small businesses, etc. “It’s mid-cap,” Upton said.

He added that UBS is starting to look to overseas growth as it expects the US dollar to start depreciating.

“So rather than chasing the tech industry with the seven big players that have actually driven the market, we are looking for growth overseas rather than domestically.”

— Ha Kyung Kim

— Ha Kyung Kim, Gina Francola

As generative artificial intelligence continues to wreak havoc across markets, Needham sees these e-commerce stocks as some of the best long-term beneficiaries.

Analyst Bernie McTernan highlighted Etsy, eBay, Shopify and fashion retailer Revolve as potential big winners. AI enhancements should help personalize the shopper experience by narrowing search results and improving efficiency and conversion rates, he wrote.

“Most of our companies have been experimenting with AI/ML techniques for some time already, and we believe that it will take some time for generative AI efforts to develop and bear fruit. We are doing it,” said McTernan.

He identified Etsy as a “primary beneficiary” within the company’s scope. Shopify recently launched a personal shopping assistant that could be a “game changer” to improve conversions for small businesses, McTernan added.

— Samantha Soobin

If the Nasdaq Composite continues its week-to-date gains through the close, it will be its seventh consecutive winning week. This was the longest streak since the seven-week period ended on November 15, 2019.

That streak in 2019 was broken when it ended the week ending Nov. 22 down 0.25%.

The current rally comes as investor excitement over artificial intelligence is pushing tech stocks higher.

— Alex Haring

Bank of America said AbbVie could get back on its feet as the potential for the myelofibrosis drug Navitoclax shows it “could be a big hit.”

Myelofibrosis is a rare type of bone marrow cancer that “has a high unmet need,” the company said.

Analyst Jeff Meacham said the drug could “change the treatment paradigm” and said the Phase 2 data looked “promising.” His price target of $158 suggests that the stock, which has fallen more than 14.8% this year, could recover 14.8% over the next 12 months.

He reiterated his neutral rating and price target ahead of another part of the trial, saying he doesn’t expect approval until 2024 and that risks still remain.

Meacham said that assuming a 9,000 to 11,000 patient population and a 60% chance of success, Navitoclax could have risk-adjusted sales of about $500 million in 2030. . This statistic also reflects the cost per patient compared to the vencrexta treatment and peak penetrance rates of approximately 40%.

— Alex Haring

Ark Invest Chief Investment Officer Kathy Wood said Tesla, Ford and GM’s newly announced partnership to open up Tesla’s charging network would be a broad win for the electric vehicle industry.

“I think this is great for America and the transition to an electric future,” Wood said on CNBC’s “Squawk Box.” I think it will increase the chances of predicting .”

Watch Wood’s full interview on CNBC Pro.

— Jesse Pound

Kathy Wood pledged more than 300,000 shares of Coinbase for her Ark Innovation ETF (ARKK) on Tuesday, despite a lawsuit from the Securities and Exchange Commission threatening the core functions of Coinbase’s business. Buying up, doubled the use of coinbase.

Wood said on the Squawk Box on Friday that the purchase of more Coinbase shares is “betting on the checks and balances that the government inherits.”

“Now that the judicial and legislative systems are researching and engaging with this subject, I think it’s great.”

— Jesse Pound

Adobe shares rose more than 3.5% in pre-market trading after Wells Fargo said artificial intelligence would boost the stock.

Analyst Michael Turin upgraded software stocks from equal weight to overweight and raised his price target to $525 from $420. Torino’s new target suggests the stock will rise 19.6% from Thursday’s close.

“The AI ​​debate continues to drive ADBE,” he said in a note to clients on Friday. “From recent research, we expect much of the early value to come from established platforms, and we believe there is potential for further leaps as the product becomes monetized, so we believe Gen AI will We are confident that it will be a tailwind for ADBE.”

CNBC Pro subscribers can read more about his call here.

— Alex Haring

Corning added more than 3% ahead of Bell after Morgan Stanley became bullish on glass-materials stocks.

Analyst Meta Marshall raised the stock to overweight from equal weight and raised his price target by $3 to $38. Marshall’s new target suggests a 19.9% ​​gain from Thursday’s close.

“We believe there is an opportunity to revise our forecasts positively over the next 12 months and set attractive risk rewards,” he said in a note to clients Friday, noting that many of Corning’s businesses are “risk averse. It is being done,” he said.

CNBC Pro subscribers can click here to read more.

— Alex Haring

Target fell more than 1% in Friday’s premarket after Citi downgraded retail giant Target from buy to neutral.

Analyst Paul Lejuet lowered his price target to $130 from $177, but the new target suggests the stock will fall nearly 1% next year from Thursday’s close. He said the company’s recent sales data were alarming and could mark a peak.

The key question is how far can sales fall?

“This is not a new concern,” he said. “While this is the main reason why TGT has been one of our lowest buy stocks for some time, we are now more concerned than ever and would not recommend investors to buy TGT. I couldn’t.”

CNBC Pro subscribers can read the full story here.

— Alex Haring

Let’s check out some of the companies that are making headlines in pre-market trading.

Adobe — The software company’s shares rose more than 3% after Wells Fargo overweighted the stock on Friday morning, according to StreetAccount.

Nio — Shares of the electric car company fell 2% in pre-market trading after it announced vehicle sales were down 0.2% year-on-year. The company’s vehicle margins and net losses also deteriorated year-on-year.

Target — The retail giant fell 1.3% as Citi cut its shares over fears sales had plateaued.

Read the full list here.

— Brian Evans

Shares of electric car maker Tesla rose more than 6% Friday morning.

General Motors announced Thursday that it will partner with Tesla to use the company’s electric vehicle charging network and technology. GM stock rose 4.2%.

UBS says Ulta is a good choice despite the post-earnings drop.

Analyst Michael Lasser named beauty stocks, which are rated “buy,” as top contenders to end the second-quarter earnings season. “Although ULTA’s stock price fell 20% last month, we believe the risk-reward trend is firmly on the upside,” he said in a note to clients on Thursday.

Ulta shares rose 0.8% in pre-market trading on Friday.

You can read the full call here.

Treasury yields rose Friday as investors approached the Federal Reserve’s monetary policy meeting on June 13-14, when officials will announce a new interest rate decision.

There has been some uncertainty lately about whether the central bank will continue or pause its rate-hiking campaign, but Thursday’s jobs report bolstered investors’ view that the Fed won’t raise rates next week.

As of 4:24 a.m. ET, the 10-year U.S. Treasury yield rose about four basis points to 3.7529%. Two-year US Treasury yields rose more than three basis points to 4.5556%.

— Sophie Kidderlin

European markets opened modestly higher at the end of a turbulent week with global sentiment uncertain.

The pan-European Stoxx 600 index was up 0.2% at the start of trading, with most sectors posting modest gains. Mining and retail stocks rose 0.6% each, while chemical stocks fell 0.4%.

— Hannah Ward-Grenton

Retail and industrials led the gains in the Asia-Pacific region’s major indexes, with the Nikkei Stock Average gaining 1.97% on Friday.

Video game company Konami was the top performer in the index, rising 5.79%. Konami is known for developing the Metal Gear and Silent Hill series of games.

In addition, major retailer Fast Retailing, chemical company Mitsui & Co., and Daikin Industries, the world’s largest air conditioner maker, also ranked high.

China’s consumer price index rose 0.2% in May from a year earlier, government data showed.

Economists polled by Reuters had forecast a 0.3% gain, accelerating from a two-year low of 0.1% in April. On a month-on-month basis, prices fell by 0.2%. Economists had predicted he would fall 0.1%.

China’s producer deflation continued in May, with the producer price index falling 4.6% in the same month, further down from -3.6% in April and the biggest drop since June 2016.

Economists polled by Reuters had expected producer prices to fall 4.3%.

— Lee Ji-hye

The Philippines’ trade deficit narrowed to $4.53 billion in May from $4.93 billion in March.

The country’s imports and exports both declined significantly compared to April 2022, with exports down 20.2% and imports down 17.7% year-on-year.

On the other hand, in March, exports decreased by 9.1% and imports decreased by 2.7% compared to the same month of the previous year.

Electronic goods were the commodity group with the biggest drop in annual export value in April, down $582.6 million, according to government data.

Electronic goods were the second largest contributor to the decline in imports, followed by a $927.86 million decline in mineral fuels, lubricants and related materials.

China remains the Philippines’ largest trading partner, contributing 15.8% of its export value and supplying 23.9% of its imports as of April.

— Lim Huisier