S&P 500 rises, hits fresh all-time high to start the week: Live updates – CNBC

Stocks opened higher on Monday, pushing the Dow and S&P 500 further into uncharted territory.

The S&P 500 was up 0.3% shortly after 9:30 a.m. ET, and the Dow Jones Industrial Average was up 93 points, or 0.3%. Both hit record highs earlier in the week.

Meanwhile, the Nasdaq Composite rose 0.5%.

— Alex Harring

SolarEdge announced on Sunday that it will lay off 16% of its workforce as part of a restructuring plan to cut costs.

A total of 900 employees will be retrenched, approximately 500 of whom work at SolarEdge's various manufacturing locations. SolarEdge stock rose more than 2% in early trading.

“We have made the very difficult but necessary decision to reduce our workforce and implement other cost reduction measures to align our cost structure with rapidly changing market trends,” CEO Zvi Land said in a statement. ”.

SolarEdge has taken other steps to reduce costs, including halting manufacturing in Mexico, reducing production capacity in China and ending its involvement in light commercial electric vehicles.

The inverter maker has been hit hard by high interest rates and falling demand in the residential solar power generation market, leaving it with inventory.

SolarEdge stock has fallen about 76% over the past 12 months.

Enphase, SolarEdge's main competitor, announced in December that it would lay off 10% of its workforce.

— Spencer Kimball

Fairlead Strategies' Katie Stockton says Bitcoin's correction could deepen below $40,000, but that won't last long.

He said the price of Bitcoin has fallen since the SEC approved a Bitcoin ETF on January 10, and that $36,000 is an important support level for the cryptocurrency. It has since fallen 12% and was trading at $41,000 on Monday morning.

“I want to respect the uptrend behind Bitcoin and the series of breakouts that preceded this pullback,” Stockton told CNBC's “Squawk Box” on Monday. “A decline in Bitcoin will ultimately create an opportunity for vulnerability for those wishing to trade Bitcoin.”

MicroStrategy, a Bitcoin proxy trading company, was trading about 1% lower in pre-market trading, about the same level as Bitcoin. Riot Platforms and Marathon Digital fell by the same amount, while CleanSpark and Iris Energy were flat.

Stockton also said that relative strength has shifted in favor of ether, which is up about 6% since January 10.

— Tanaya Machel

Below are some examples of stock prices moving significantly before the bell.

• Macy's – Shares of department store giant Macy's are in pre-market trading after the company rejected a $5.8 billion offer from Arkhouse Management and partner Brigade Capital Management to take the company private over the weekend. It rose by 2%.
• Boeing — airline stocks Recommended by the US Federal Aviation Administration visually operator Inspect the intermediate exit door plug The aircraft is similar to the Boeing 737-900ER that was grounded after an Alaska Airlines aircraft emergency.
• Archer Daniels Midland – The food processor placed Chief Financial Officer Vikram Luthor on administrative leave amid an investigation into certain accounting practices and announced a lower-than-expected fourth-quarter profit outlook. As a result, the stock price fell nearly 12%.

Read the complete list of transferred stocks here.

— Samantha Subin

Investors are looking to build on last week's strong performance.

Last week ended with gains for the three major indexes, and late gains on Friday pushed the S&P 500 to a new all-time high. The general index ended the week up 1.2%.

Meanwhile, the blue-chip Dow Jones Industrial Average rose 0.7%. The Nasdaq Composite Index, which is heavy on tech stocks, outperformed, rising 2.3%.

After a lackluster start to 2024, all three indexes are now up year-over-year.

— Alex Harring

Boeing shares fell more than 2% in the premarket after the Federal Aviation Administration recommended that airlines using the 737-900ER undergo inspections.

This happened after a door plug on a 737 Max 9 exploded during a flight earlier this month.

“Although the Boeing 737-900ER aircraft is not part of the new MAX fleet, the door plug design is the same,” the FAA said.

Archer Daniels Midland shares rise more than 13% after the food processing company announced that Chief Financial Officer Vikram Luthor has been placed on leave amid an investigation into the company's nutrition business. It fell.

“The board takes these matters very seriously,” lead director Terry Crews said in a statement. “The Board has determined that it is prudent to place Mr. Luther on administrative leave pending the outcome of the investigation. The Board will continue to work closely with ADM's advisors to identify the best path forward and ensure that ADM's processes “We will work to ensure alignment with financial governance” best practices. “

Ismael Roig has been appointed interim CFO.

Hong Kong's Hang Seng Index fell more than 2% led by real estate stocks after the People's Bank of China kept its one-year and five-year loan prime rates unchanged at 3.45% and 4.2%, respectively.

The biggest decliner on HSI was real estate developer China Resources Land, which plunged 9.54%.

The list of biggest losers also includes residential real estate services investment company Longfor Group (down 5.99%) and hot pot chain Hai Dilao (down 6.27%).

Investors will be watching for an update on the one-year and five-year loan prime rates by the People's Bank of China at around 9:15 a.m. Singapore time.

The one-year LPR is currently 3.45% and the five-year LPR is 4.2%, and the market expects the People's Bank of China to keep interest rates unchanged.

The People's Bank of China surprised market participants last week by keeping the interest rate on one-year medium-term lending facility (MLF) loans worth about 995 billion yuan ($138.84 billion) unchanged at 2.50%.

“The market expects the one-year and five-year LPR to be flat at 3.45% and 4.2%, respectively,” analysts at Commerzbank said in a note to clients, at the same time that China's foreign direct investment is likely to increase in 2023. It was also noted that the year-on-year decline was the largest since 2009.

Commerzbank said direct investment in China fell by 8% in Chinese yuan terms last year, due to the country's economic slowdown, high global interest rates, rising regulatory and geopolitical risks, He said that Western countries' hard-line stance toward the technology sector is one of the reasons for this.

— Shreyashi Sanyal

Stock futures opened little changed on Sunday as Wall Street entered a new trading week aiming for new all-time highs for the S&P 500.

Futures tracking the benchmark S&P rose 0.1%, while Nasdaq 100 futures rose 0.2%. Dow Jones Industrial Average futures rose 53 points, or 0.1%.

— Brian Evans