Stock market today: Live updates

Tesla’s stock is on track to match its longest winning streak of 11 straight positive days, should it end the day positive Friday.

The last time the stock sustained as long of a consecutive rally in January 2021. The stock was up about 4% as of Friday afternoon.

— Hakyung Kim, Lauren Feiner

The bulls clearly have the upper hand in this market, Wolfe Research’s Rob Ginsberg wrote.

“The bears are capitulating,” he wrote. “Persistently negative since early ’22, the bulls exploded this week to levels last seen in late ’21, right around the market’s peak. Add into the mix the collapse in the VIX, explosion in IWM call volumes and a drop in put/call ratios, and it’s evident that complacency is rapidly building.”

— Fred Imbert, Michael Bloom

Investors will be watching next week to see how the Federal Reserve moves on interest rates.

One way higher rates has impacted consumers is inside their homes, as the higher borrowing costs change the purchasing equation on everything from decking to solar panels to furniture. CNBC Pro subscribers can dive in to see how these companies and their stocks are faring.

— Alex Harring

Semiconductor stocks are on pace for a record year as investors rotate back into the sector and bet on artificial intelligence.

With the VanEck Semiconductor ETF on pace for its best half ever, CNBC Pro screened for some names Wall Street expects to keep surging.

Read more on the four companies that made the cut.

— Samantha Subin

Bank of America technical strategist Stephen Suttmeier said a rebound in the Farrell Sentiment indicator could mean even more gains for the stock market going forward. More specifically, he noted the jump “favors SPX 4750 to 5000 in 1H 2024.”

Suttmeier said that the indicator — which tracks the 10-week average of investor sentiment, as gauged by the AAII survey — has recovered from its lowest levels since the savings and loan crisis that ran from the 1980s through the 1990s.

“Last year’s lows for Farrell Sentiment coincided with the June and October lows on the S&P 500 (SPX). These lows preceded bullish signals for Farrell Sentiment on moves above the oversold threshold of 0.5 on 2/17 and as of 6/8,” Suttmeier said. “The SPX tends to have strong returns from four weeks to two years after Farrell Sentiment moves above 0.5. The average and median 52-week SPX returns for these signals near 16.3%-16.7% do not rule out SPX 4750 into February 2024 and SPX 5000 into June 2024.”

— Fred Imbert, Michael Bloom

Check out the companies making headlines in midday trading.

• Braze — Shares of the consumer engagement platform rallied more than 18%. On Thursday, Braze posted a non-GAAP loss of 13 cents on revenue of $101.8 million. Analysts called for a loss of 18 cents per share and revenue of $98.8 million, according to FactSet. Goldman Sachs reiterated its buy rating on the stock following the report, noting that artificial intelligence should help the company gain market share.
• Joby Aviation, Archer Aviation — On Friday, Canaccord Genuity initiated coverage of Joby Aviation and Archer Aviation with a buy rating, saying the urban air mobility firms are positioned for the long term. Joby shares jumped about 9%, while Archer shares rose 3.3%.
• Adobe — Shares popped 3.5% after Wells Fargo upgraded the software stock to an overweight rating, saying that artificial intelligence should drive continued upside for the stock.

Read the full list here.

— Sarah Min

Morgan Stanley likes Walmart as a place for investors to hide right now.

The retail giant, which has seen a shift towards consumables and away from discretionary, is well equipped for the current consumer backdrop, the Wall Street firm said in a note on Thursday. Critical to its thesis is the upside expected to Walmart’s fiscal-year 2024 estimates and margin inflection in 2025, analyst Simeon Gutman wrote after the firm hosted investor meetings with Walmart management.

“An inflection point is being reached in the model following years of e-commerce investments, international rationalization, and alternative revenue ramping,” he said. “These attributes should push margins higher (4% average top-line growth with possible 8% EBIT growth, implying ~15 bps of annual EBIT margin expansion).”

— Michelle Fox

Wharton School of Business professor Jeremy Siegel thinks Wall Street expectations that the central bank will hike with a 25-basis point increase in July is elevated.

“July is still pricing in 25 basis-points, I think that that’s going to be too high,” Siegel told CNBC’s ‘Squawk on the Street’ on Friday.

He noted that next week will be key for investors with initial jobless claims date due out on Thursday.

“The initial claims is a very early, sensitive indicator,” he said. “I believe, you know we’re going into political season, they’ve [the Federal Reserve] got to be sensitive to what’s going on in employment [and] if we see any faltering on that labor market, they are going to give up their rate hikes.”

— Brian Evans

Keith Apton, managing director at UBS, said that the bank initially estimated a recession in the first half of 2023. But as the economy demonstrates more resilience, UBS has adjusted its outlook for a recession to happen either in the fourth quarter to the first half of next year — to even the possibility of no recession. In light of this changed outlook, Apton said the bank is adding slight changes to its portfolios.

“We are slightly adding to equities where we’ve been underweight in the past. We’re going to start buying cyclicals. The cyclical should do well in this kind of a market, which get into the industrials, financial energy, small- and mid-caps,” Apton said.

He added that UBS is started to look towards overseas growth as it expects the U.S. dollar to start to decline in value.

“So rather than chasing the tech trade for the seven major names that have really carried the market. … We’re looking for our growth overseas versus domestically.”

— Hakyung Kim

With just hours left in the trading day and week, the three major indexes remain on track to post winning weeks.

The Dow and S&P 500 were on pace to end the week up 0.1% and 0.3%, respectively, shortly after 12 p.m. ET. If the S&P 500’s gains hold, it would be the broad index’s longest weekly winning streak since August at four.

Meanwhile, the Nasdaq Composite was just a hair above its flatline on the week. If the technology-heavy index can finish the week higher, it will mark seven straight winning weeks — the longest weekly streak for the Nasdaq since November 2019, when it last notched seven.

— Alex Harring

— Hakyung Kim, Gina Francolla

As generative artificial intelligence continues its market-wide disruption, Needham views these e-commerce stocks as some of the best names to benefit over the long run.

Analyst Bernie McTernan highlighted Etsy, eBay, Shopify and fashion retailer Revolve as the potential big winners. AI enhancements should help personalize the shopper experience by narrowing search results, and improving efficiencies and conversion rates, he wrote.

“Most of our companies have been experimenting with AI/ML techniques for some time already–and we think Generative AI initiatives will take some time to develop and pay dividends,” McTernan said.

He labeled Etsy as the “leading beneficiary” within the firm’s coverage. Shopify, recently launched a personal shopping assistant that could be a “game changer” in improving conversion for small and medium sized business, McTernan added.

— Samantha Subin

If the Nasdaq Composite holds its week-to-date gains through close, it will mark the seventh straight winning week. That’s the longest streak length since the seven-week stretch end Nov. 15, 2019.

That 2019 streak was broken when the index finished the week ending Nov. 22 down 0.25%.

The current rally comes as investor excitement around artificial intelligence has boosted technology stocks.

— Alex Harring

Bank of America said AbbVie could be due for a bounce as its possible myelofibrosis treatment Navitoclax showed “blockbuster potential.”

Myelofibrosis is a rare type of bone marrow cancer that has a “high unmet need,” the firm said.

Analyst Geoff Meacham said the drug could be “treatment-paradigm changing” and said phase-two data looked “promising.” His price target of $158 implies the stock, which has fallen more than 14.8% this year, could regain 14.8% in the next 12 months.

He reiterated his neutral rating and price target ahead of another part of a trial, noting he doesn’t anticipate approval until 2024 and that risks still remain.

Meacham said Navitoclax could have a risk-adjusted sales peak in 2030 at around $500 million, assuming there’s an addressable patient population between of 9,000 and 11,000 and a 60% probability of success. That statistic also reflects a cost per patient that would be in line with the medication Venclexta and a peak penetration of around 40%.

— Alex Harring

The newly announced partnerships between Tesla and Ford and GM to open up Tesla’s charging network will be a positive for the electric vehicle industry broadly, according to Ark Invest chief investment officer Cathie Wood.

“I think it’s great for America and our transition to the electric future. … I do think it increases the probability of our forecast of 60 million electric vehicle sales by ’27,” Wood said on CNBC’s “Squawk Box.”

Check out the full interview with Wood on CNBC Pro.

— Jesse Pound

Cathie Wood has doubled down on Coinbase this week, buying up more than 300,000 shares of the crypto exchange for her Ark Innovation ETF (ARKK) on Tuesday despite a lawsuit from the Securities and Exchange Commission that threatens the core functions of Coinbase’s business.

Wood said Friday on “Squawk Box” that purchasing more Coinbase stock was “betting on the checks and balances inherit in our government.”

“”We now have the judicial system and the legislative system studying and getting involved in this topic, and I think it’s great. I think we’re going to end up in the right place,” Wood said.

— Jesse Pound

Adobe shares rose more than 3.5% in premarket trading after Wells Fargo said artificial intelligence should boost the stock.

Analyst Michael Turrin upgraded the software stock to overweight from equal weight and raised his price target to $525 from $420. Turrin’s new target implies a 19.6% upside from where the stock closed Thursday.

“The AI debate continues to drive ADBE,” he said in a note to clients Friday. “We come away from recent work more confident Gen AI is a tailwind to ADBE as we expect much of the early value to accrue to established platforms & see potential for further break-out as products are monetized.”

CNBC Pro subscribers can read more about his call here.

— Alex Harring

Corning added more than 3% before the bell after Morgan Stanley got bullish on the glass materials maker stock.

Analyst Meta Marshall upgraded shares to overweight from equal weight and raised her price target by $3 to $38. Marshall’s new target implies a 19.9% upside over Thursday’s close.

“We now see opportunity for positive estimate revisions over the next twelve months, setting up an attractive risk reward,” she said in a note to clients Friday, calling many of Corning’s businesses “derisked.”

CNBC Pro subscribers can click here to read more.

— Alex Harring