Stock Market Today: Live Updates

Morgan Stanley analyst upgraded Nvidia shares to overweight from equal, citing relentless excitement around artificial intelligence.

“Having been EW for a big move in the stock, we’re still seeing indications of (large language model) enthusiasm turning into stronger consumption both in the short and long term; we’ve been overly data point-oriented around a positive bigger picture, but the narrative is too strong to remain on the sidelines,” he wrote in a note.

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—Samantha Subin

European markets opened higher on Friday after Credit Suisse and First Republic Bank received financial aid designed to prevent a crisis in the banking sector.

The pan-European Stoxx 600 index opened 0.8% higher, with all sectors and major exchanges trading in positive territory. Oil and gas led the rise, up 1.9%, followed by mining stocks, which gained 1.4%.

—Hannah Ward-Glenton

European equity markets are expected to open higher across the board.

Britain’s FTSE index is expected to see a rise of 45 points to 7,454.7, according to IG data, while the DAX will jump 32.5 points to 15,030.9. France’s CAC is expected to increase 23.5 points to 7,066.1, while Italy’s MIB will gain 150 points to reach 25,621.5.

Shares of First Republic fell 18% in extended trading, erasing the afternoon rally sparked by a $30 billion deposit plan announced by the nation’s largest banks.

While the move gives First Republic a significant cash pile, the bank announced after the bell that it had borrowed tens of billions of dollars from the Federal Reserve and the Federal Home Loan Bank over the past week. The outflow of deposits has now “slowed significantly,” the bank said.

First Republic also announced that it was suspending its common stock dividend.

—Jesse Pound

Check out the companies making headlines in extended trading.

FedEx — Shares of the package delivery company rose 9% after it reported a beat on earnings in its fiscal third quarter and raised its full-year earnings forecast. FedEx reported adjusted earnings of $3.41 per share, topping analysts’ estimates of $2.73 per share, according to Refinitiv. At the same time, the company’s revenue fell below expectations. FedEx had revenue of $22.17 billion, while analysts had estimated $22.74 billion. Shares in United Parcel Service rose 2% in sympathy.

First Republic Bank — The bank’s shares fell 15% in after-hours trading. In the regular trading session, the stock reversed earlier losses and rose nearly 10% as a group of 11 banks, including Bank of America and Goldman Sachs, agreed to pay $30 billion into First Republic. Shares of Zions Bancorp and KeyCorp, which are among the regional banks facing a tough week, fell more than 2%.

See the full list here.

—Hakyung Kim

US stock futures opened flat on Thursday evening.

Dow Jones Industrial Average futures fell 11 points or 0.03 percent. Futures on the S&P 500 and Nasdaq 100 fell 0.07% and 0.11%, respectively.

—Hakyung Kim