Stock Market Today: Live Updates

Shares of Discover Financial Services Inc. rose 14.3% on Tuesday, pushing the stock to a new 52-week high and making it the biggest gainer in the S&P 500.

The rise came a day after Capital One announced it would acquire Discover in a $35.3 billion all-stock deal.

Below are some of the companies that made big moves during intraday trading.

Read the complete list of transferred stocks here.

— Samantha Subin

The Capital One-Discover merger announced Monday could run into some hurdles, Raymond James said.

“This transaction is much larger than DC officials have said would be possible under DC's current circumstances, especially with regulatory approval following the banking panic last March. It's been said to be in the fourth quarter of 2024 or early 2025. That seems like a pretty aggressive timeline,” said Ed Mills, managing director and Washington policy analyst at Raymond James.

Mills added that upcoming updates from the Office of the Comptroller of the Currency and the Department of Justice on bank merger guidelines could pose new headwinds for acquisitions.

— Ha-Kyung Kim

Widely followed economist Mohamed El-Erian thinks the last mile to get inflation to the Federal Reserve's 2% goal will be tough.

“People are realizing that there is a limit to deflation in goods, prices of goods are actually going down, and inflation in services is still sticky,” El-Erian said on CNBC's “Squawk Box” on Tuesday. “That means it will be difficult to reach 2%.”

Allianz's chief economic adviser and president of Queen's College, Cambridge University, said he expected the central bank to cut interest rates three times from June and would not be surprised if it only cut twice.

— Yun Lee

The Conference Board said on Tuesday that its leading economic index fell more than expected by 0.4% in January as fewer hours worked and the gap in bond yields widened.

The decline exceeded the 0.3% expected by the Dow Jones, but the board noted that six of the 10 data points used for the index were positive for the month, a measure that has long shown signs of economic contraction. He pointed out that it is an important benchmark.

“As a result, the leading indicators do not currently signal an upcoming recession. Although they no longer predict a recession in 2024, real GDP growth remains close to zero percent in the second and third quarters.” We expect it to slow down to ,” senior Justina Zabinska-La Monica said. Conference Board Business Cycle Indicators Manager.

The index considers stock and bond spreads, as well as housing, manufacturing and employment data.

— Jeff Cox

Walmart's post-earnings rally meant the Dow's losses were smaller compared to other major averages.

The blue-chip average was trading just below flat around 10 a.m. ET. Meanwhile, the S&P 500 Composite Index fell 0.5%, and the tech-heavy Nasdaq Composite Index fell 1.1%.

The 30-stock Dow Jones Industrial Average was able to pare some of its losses with Walmart's nearly 6% rise, sending stocks to new all-time highs. The company beat expectations in the holiday quarter and announced it would acquire TV maker Vizio as part of its advertising expansion.

Coca-Cola, Procter & Gamble and Merck also supported the index, each rising more than 1%.

These gains nearly offset the losses seen elsewhere. The worst performers were Caterpillar, which fell nearly 2%, followed by Disney, which fell 1.7%.

— Alex Harring

Check out some of the companies making headlines in pre-market trading.

• Home Depot — Shares fell about 2.5% after the company beat fourth-quarter earnings estimates on sales and bottom line but issued guidance that was lower than expected. The company expects full-year sales growth to be 1%, compared with the 1.6% expected by analysts polled by FactSet. Net income and sales also declined over the quarter.

• Super Micro Computers — The IT company's stock rose more than 2% after Rosenblatt nearly doubled its price target, with the stock expected to rise 62% in the coming days. Rosenblatt's price target is currently at the top of Wall Street's stock forecasts.

• Walmart — Shares rose about 3% after the retail giant reported fourth-quarter adjusted earnings per share of $1.80, beating analysts' estimates of $1.65 compiled by LSEG (formerly Refinitiv). Ta. Revenue also exceeded expectations. Additionally, Walmart announced that it would acquire television maker Vizio for $2.3 billion.

Read the full list here.

— Brian Evans

Walmart shares rose 2% in premarket trading after the retail giant announced fourth-quarter profit and sales results.

Adjusted earnings per share were $1.80, beating analysts' estimates of $1.65 compiled by LSEG (formerly Refinitiv). Sales came in at $173.39 billion, compared to the consensus estimate of $170.71 billion.

Walmart also announced it will acquire smart TV maker Vizio for $2.3 billion to boost growth in its advertising business.

— Melissa Repko, Michelle Fox

Home Depot reported better-than-expected profits and revenue in the fourth quarter even as consumers tackled small projects at home.

The company had earnings of $2.82 per share on revenue of $34.79 billion. Analyst estimates compiled by LSEG (formerly Refinitiv) were for earnings of $2.77 per share and sales of $34.64 billion.

Chief Financial Officer Richard MacPhail said demand for home renovations had been weak throughout 2023, but “the market is returning to normal demand conditions”.

The stock price fell 2% in the previous session.

— Fred Imbert

Capital One Financial will acquire Discover Financial Services in a $35.3 billion all-stock deal, the companies announced late Monday.

The companies said they expect the acquisition to close in late 2024 or early 2025, after which Capital One shareholders will own 60% of the combined company and Discover shareholders will own 40%. Ta.

The merger of the two companies, one of the largest credit card issuers in the United States, will expand Capital One's credit card offerings and deposit base. Last June, the company acquired Velocity Black, a premium credit card and luxury goods marketplace platform and digital concierge service.

— Ha-Kyung Kim, Christine Wang

Traders need to look beyond the negative week where the winning streak ended.

Last week, the tech-heavy Nasdaq Composite Index fell more than 1.3%, and the S&P 500 Composite Index fell about 0.4%. The 30-stock Dow Jones Industrial Average fell just 0.1%, indicating that losses among blue-chip stocks were mitigated.

These moves ended all three indexes' five-week winning streaks.

Tuesday marks the start of a holiday-shortened trading week, with US markets dark on Monday due to George Washington's birthday.

— Alex Harring

Futures tied to the S&P 500 and the Dow were both little changed Monday night after 6pm ET. Nasdaq 100 futures rose 0.2%.

— Alex Harring