Stock market today: Live updates

JPMorgan has adjusted its rating on Cisco to neutral from unrated, citing the technology company’s bleak medium-term outlook.

Cisco’s campus networking is an important part of the company’s product revenue but still faces challenges related to the broader recovery, analyst Samik Chatterjee said in a note on Monday. He noted that demand for its network switches and wireless local area networks (WLANs) has surged during the Covid-19 pandemic.

“The campus market is currently adjusting with the recently updated installed base; while the pace of incremental headwinds is slowing after several consecutive quarters of decline, at the same time we expect a slow recovery that will be below previous long-term growth rates .

However, he said Splunk, which Cisco acquired for $28 billion last year, is expected to add growth to Cisco’s overall revenue.

Chatterjee has a price target of $53, which is nearly 10% higher than Friday’s closing price.

— Michelle Fox

Stocks edged higher on Monday, with Wall Street expected to rebound from a series of losses last week.

The S&P 500 edged up 0.4% and the Nasdaq rose 0.32%. The Dow Jones Industrial Average rose 94 points, or 0.61%.

— Brian Evans

These are some of the stocks making notable moves before the market opens on Monday.

• Li Auto, Tesla – the two electric vehicle manufacturers’ stock prices fell by more than 7% and 3% respectively after announcing price cuts. U.S. shares of Chinese electric car makers NIO and Xpeng Motors fell in tandem.
• Verizon — Shares of the telecommunications giant rose 1.5% after earnings per share beat estimates and the company confirmed full-year guidance.
• Hut 8 — Shares of the data center operator rose 2.6% after Benchmark initiated a buy rating on the data center operator.

See the full list here.

— Alex Harling

Telecommunications giant Verizon reported lower-than-expected subscriber losses in the first quarter, and the company’s shares rose 2% in pre-market trading.

Verizon’s first-quarter profit beat Wall Street expectations, with earnings of $1.15 per share (excluding items), compared with the $1.12 forecast by analysts polled by FactSet. Verizon’s first-quarter revenue was $33 billion, slightly below expectations of $33.32 billion.

— Brian Evans

European stocks opened higher on Monday, with the benchmark Stoxx 600 index rising 0.5% at 8:05 am London time.

Britain’s FTSE 100 rose 1.1%, France’s CAC 40 rose 0.5% and Germany’s DAX rose 0.7%.

Risk asset prices rose on Monday, while safe-haven prices fell as concerns about the wider Middle East conflict receded.

Bitcoin rose 1.56% to $65,713.97 as most Asian stock markets rose, led by Hong Kong’s Hang Seng Index, according to Coin Metrics.

The yen, considered a safe-haven asset, weakened slightly to 154.7, while spot gold fell 0.87% to $2,369.58 an ounce.

Oil prices also fell after initially surging on news of an Israeli attack on Iran. Brent crude futures fell 0.73% to $86.65 on Monday, while U.S. West Texas Intermediate crude futures fell 0.84% ​​to $82.44.

— Lim Hui Jie

The People’s Bank of China on Monday kept the one-year and five-year preferential lending rates unchanged at 3.45% and 3.95% respectively.

The one-year LPR is seen as the peg for most home and business loans, while the five-year LPR is the benchmark for most property mortgages.

The decision was in line with a Reuters poll which expected both rates to remain unchanged.

China’s CSI 300 index rose 1.9% last week.

—Shreyash Sanyal

Electric car giant Tesla has slashed the prices of its cars globally after first-quarter deliveries fell for the first time in nearly four years.

Reuters reports that the company has lowered the starting price of the Model 3 in China to 231,900 yuan (about $32,000), a reduction of 14,000 yuan.

In Germany, the price of the rear-wheel drive Model 3 has also been reduced to 40,990 euros, or $43,670.75, from 42,990 euros since February, according to Reuters.

A check by CNBC showed that Chinese and German websites reflected the updated prices.

Price cuts were also seen in many other countries across Europe, the Middle East and Africa, a Tesla spokesman told Reuters.

— Lim Hui Jie, Reuters

Bitcoin prices were little changed late Sunday, hovering near $65,000.

That’s close to where it was before Friday’s so-called “halving” for the largest cryptocurrency, which slows the issuance of Bitcoin by reducing rewards for miners.

Bitcoin’s price has risen between each previous halving, but some experts say the cryptocurrency could fall in the short term.

— Jesse Pond, Tanaya Machel

All three major futures contracts were higher when trading opened at 6 p.m. in New York. Dow Jones futures briefly rose 100 points.

— Jesse Pond

Here are the key averages following Friday’s decline in tech stocks:

• The S&P 500 fell 0.88% on Friday, marking its sixth consecutive session of losses.
• The S&P 500 ended the week down 3.05%.
• The Nasdaq fell 2.05% on Friday, its sixth consecutive session of losses.
• The Nasdaq fell 5.52% this week.
• The Dow rose 211 points, or 0.56%, on Friday, its second consecutive day of gains.
• The Dow Jones closed the week up 0.01%.

——Jesse Pond, Christopher Hayes