Stock Market Today: Live Updates

Carmaker Stellantis on Wednesday reported record full-year results, reporting a 26% increase in net profit to 16.8 billion euros ($17.9 billion) and a 41% annual jump in global battery and electric vehicle sales.

The company, which is based in the Netherlands and was formed in 2021 from the merger of the Italian-American Fiat Chrysler Group and the French PSA Group, said that net revenues increased by 18% to 179.6 billion euros.

The results also show the effectiveness of the company’s electrification strategy in Europe, said Carlos Tavares, Stellantis CEO, with 288,000 battery and electric vehicles (BEVs) sold in 2022 and 23 BEVs now on the market.

“We now have the technology, products, raw materials and complete battery ecosystem to lead the same transformative journey in North America, starting with the first all-electric Ram cars from 2023 and Jeep from 2024,” said Tavares.

Read the full story here.

Palo Alto Networks stock jumped more than 7% in extended trading after the cybersecurity provider beat Wall Street estimates for the fourth quarter and management raised fiscal earnings guidance for the third quarter.

For the most recent quarter, the software manufacturer reported adjusted earnings of $1.05 per share on revenue of $1.66 billion. Analysts had expected earnings per share of 78 cents on $1.65 billion, according to Refinitiv. Revenue also grew by 26% year-over-year.

Management said it expects adjusted earnings for fiscal year 2023 to be between $3.97 and $4.03 per share. That’s up from the $3.37 to $3.44 EPS guidance from November.

– Samantha Sobin, Jordan Novet

Here are some of the stocks that move in extended trading:

Coinbase – Shares of the cryptocurrency trading platform fell more than 1%. The company beat analyst expectations for higher and lower profit, according to Refinitiv.

Toll Brothers – Homebuilder stock added 3% on better-than-expected earnings report. The company also said that it has seen an increase in demand since the beginning of 2023.

CoStar Group Commercial real estate stock fell more than 16% after sharing guidance for the current quarter that fell short of estimates, according to StreetAccount.

Read the full list of stocks that move after the bell here.

– Samantha Sobin

The stock market could see a 5% drop in the near term, while experimental high-tech stocks could drop 5% to 10%, JPMorgan’s Marko Kolanovic told CNBC’s “The Closing Bell: Overtime” on Tuesday.

The chief global market strategist maintains a 4,200 price target on the S&P 500 for 2023. He said that leaves room for a potential near-term sell-off, followed by potential lows, before the Fed starts — or signals — a rate cut.

“We really think the Fed will need to cut interest rates for the market to go higher on a sustainable basis,” Kolanovic said.

The broader index fell 2 percent on Tuesday to close at 3,997.34, completing its worst day since December 15, when it fell 2.5 percent.

– Piya Singh