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Stock market news live updates: Apple tumbles anew, dragging down Wall Street with it

Stocks were mostly lower Friday as the three major indices struggled to find their footing after a week of volatility. The S&P 500 and Nasdaq each fell, while the Dow held in just slightly positive territory shortly after 1 p.m. ET. At the highs of the session, the 30-stock index had been higher by nearly 300 points.

AAPL) shares dropped 2.5% and tracked toward a weekly loss of more than 8%.

PTON) jumped more than 13% in pre-market trading before erasing gains during the regular session, after the connected fitness company topped fourth-quarter expectations and grew revenue 170% over last year, as demand for the firm’s at-home fitness equipment exploded during the pandemic. Oracle (ORCL) also reported a solid top-line beat, with demand for its cloud-computing services seeing strong uptake as more individuals work and go to school from home.

change to its app store ahead of a new operating system launch.

11:57 a.m. ET: Stocks mixed, Dow adds 150+ points while Nasdaq holds slightly lower

Here were the main moves in markets, as of 11:57 a.m. ET:

  • S&P 500 (^GSPC): +12.41 points (+0.37%) to 3,351.6

  • Dow (^DJI): +182.36 points (+0.66%) to 27,716.94

  • Nasdaq (^IXIC): -3.83 points (+0.04%) to 10,915.5

  • Crude (CL=F): +$0.08 (+0.21%) to $37.38 a barrel

  • Gold (GC=F): -$7.20 (-0.37%) to $1,957.10 per ounce

  • 10-year Treasury (^TNX): -1.5 bps to yield 0.669%

10:15 a.m. ET: Stock gains lose steam; Nasdaq turns negative

The three major indices pared earlier gains after 10 a.m. ET and the Nasdaq dipped into slightly negative territory. Facebook, Amazon, Apple, Alphabet and Tesla each traded lower.

The Dow held 132 points, or 0.5% higher, as shares of Nike and materials company Dow Inc. each gained more than 2%. The industrials and materials sectors led gains in the S&P 500.

9:33 a.m. ET: Stocks open higher, Dow adds 150+ points

Here were the main moves in markets, as of 9:33 a.m. ET:

  • S&P 500 (^GSPC): +23.56 points (+0.71%) to 3,354.68

  • Dow (^DJI): +106.04 points (+0.39%) to 27,640.62

  • Nasdaq (^IXIC): +61.59 points (+0.4%) to 10,961.89

  • Crude (CL=F): -$0.16 (-0.43%) to $37.14 a barrel

  • Gold (GC=F): -$5.80 (-0.3%) to $1,958.50 per ounce

  • 10-year Treasury (^TNX): -1.3 bps to yield 0.671%

8:31 a.m. ET: Consumer prices rose for a third straight month in August

US consumer prices increased for a third consecutive month in August and by a bigger than expected margin, as inflationary trends picked up after the height of the stay-in-place orders in the US.

The Department of Labor’s consumer price index (CPI) rose 0.4% month-over-month in August to add to a 0.6% rise in July. Consensus economists had been looking for a 0.3% rise, according to Bloomberg-compiled data.

the Labor Department said Friday in its report.” data-reactid=”64″>“The monthly increase in the seasonally adjusted all items index was broad-based; a sharp rise in the used cars and trucks index was the largest factor, but the indexes for gasoline, shelter, recreation, and household furnishings and operations also contributed,” the Labor Department said Friday in its report.

The core measure of CPI, which excludes volatile food and energy prices, rose 0.4% month-on-month and 1.7% year-on-year, also topping expectations.

7:32 a.m. ET: Peloton shares extend gains to 13% in early trading, after 4Q results top expectations

Peloton’s overnight gains extended to 13% in early trading Friday morning, as investors considered the company’s much stronger than expected fourth-quarter results and guidance.

Sales grew 16% quarter-over-quarter and 172% year-over-year, as the company’s connected fitness subscribers grew to a bigger than expected base of 1.09 million. Full-year revenue will likely be between $3.50 billion and $3.65 billion, Peloton said, or well above consensus expectations for $2.74 billion.

“Peloton reported strong F4Q20 results ahead of heightened expectations, as the extended COVID-19 recovery in the U.S. drove continued robust demand for the company’s hardware and subscription offerings. Peloton also delivered material EBITDA upside driven by revenue upside, better gross margins, and opex leverage,” Raymond James analyst Aaron Kessler said in a note. “We see continued runway for Peloton to increase its share of connected fitness spend as more products become available to more consumers at expanded price points, and see potential for continued outperformance into FY21.”

7:19 a.m. ET Friday: Stock futures point to a higher open as stocks look to recuperate some losses

Here were the main moves in markets, as of 7:19 a.m. ET:

  • S&P 500 futures (ES=F): 3,367.75, up 27.25 points or 0.82%

  • Dow futures (YM=F): 27,736.00, up 191 points or 0.69%

  • Nasdaq futures (NQ=F): 11,267.5, up 89.25 points, or 0.8%

  • Crude (CL=F): +$0.03 (+0.08%) to $37.33 a barrel

  • Gold (GC=F): -$8.40 (-0.43%) to $1,955.90 per ounce

  • 10-year Treasury (^TNX): +1 bp to yield 0.694%

6:11 p.m. ET Thursday: Stock futures open slightly higher after selloff

Here were the main moves in equity markets, as of 6:11 p.m. ET:

  • S&P 500 futures (ES=F): 3,346.00, up 5.5 points or 0.16%

  • Dow futures (YM=F): 27,593.00, up 48 points or 0.17%

  • Nasdaq futures (NQ=F): 11,205.25, up 27 points or 0.24%

NEW YORK, NEW YORK – MARCH 20: Traders work on the floor of the New York Stock Exchange (NYSE) on March 20, 2020 in New York City. Trading on the floor will temporarily become fully electronic starting on Monday to protect employees from spreading the coronavirus. The Dow fell over 500 points on Friday as investors continue to show concerns over COVID-19. (Photo by Spencer Platt/Getty Images)

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