Stock Market Today: Live Updates

Chipotle announced Tuesday that its board of directors has approved a 50-1 stock split. While this is largely a cosmetic move to make stocks seem more affordable, stock splits have historically promoted outperformance.

CNBC Pro subscribers can click here to see what the stock's history is.

— Alex Harring

TastyLive CEO Tom Sosnoff said Wednesday that Reddit would be a unique stock if it went public this week.

“I think Reddit is going to be a very interesting development because for most investors, it's going to be the only pure social media app that they can trade on,” Sosnoff said on CNBC's “Squawk Box.”

Mr. Sosnoff was already an investor in Reddit, purchasing shares in the company through a private sale last year.

Read Sosnoff's full interview here.

— Jesse Pound

Boeing was the top performer on the Dow Jones Industrial Average on Wednesday, rising more than 2% amid news about struggling airlines.

Bloomberg reported, citing sources familiar with the matter, that Boeing is considering the possibility of selling at least two of its defense businesses. Reuters, citing unnamed sources, reported that Boeing is exploring how Spirit AeroSystems can sever or reduce its relationship with Airbus.

Elsewhere, Boeing said Wednesday that it expects to burn more cash in the first quarter than previously expected, but will limit production of its 737 planes to improve quality.

Boeing stock has fallen nearly 29% this year.

Energy and health care stocks lagged in early morning trading, pushing their respective S&P 500 sectors down about 0.4%.

Halliburton and Hess Corp. were the worst performers in the energy sector, each falling more than 1%. Diamondback Energy and Chevron also each fell about 1%.

In the healthcare sector, Insulet and Moderna each fell more than 3%. AbbVie, Regeneron and Dexcom each fell at least 1%.

— Samantha Subin

Signet Jewelers fell 11.7% during trading on Wednesday, heading for its worst day since September 2022.

The stock price drop came after the jewelry retailer provided first-quarter earnings guidance that fell short of Wall Street expectations. Signet said it expects revenue to be in the range of $1.47 billion to $1.53 billion, compared to FactSet's forecast of $1.61 billion.

The stock price has fallen 15% since the beginning of the year.

Chipotle stock rose more than 7% on Wednesday, hitting a record high of more than $3,000. The increase comes after the fast-casual chain approved a 50-for-1 stock split.

“In theory, a stock split would not change CMG's fundamental economic value, but the move would increase the liquidity of the transaction and ultimately increase investor interest,” said Baird analyst David Tarantino. I think this announcement will be positive for the stock price in the sense that it will expand the market.” Wednesday.

— Fred Imbert

This liquid cooling stock and its derivatives against Nvidia have soared nearly 500% in the last year.

One bull in particular sees the company as a unique vehicle for data center growth and estimates the stock could nearly double in the coming years.

Learn more about stocks poised to benefit from Nvidia's liquid cooling aspirations.

— Samantha Subin

Check out some of the companies making headlines in pre-market trading.

• Chipotle — Shares rose 5% in premarket trading after the Mexican fast-casual chain announced a 50-to-1 stock split. The changes were shared with the public on Tuesday and are expected to take effect in June if approved by shareholders in a vote scheduled for early that month. Additionally, Deutsche Bank raised its price target on the stock, citing strong growth prospects.

• CarMax — Shares of the used car dealer rose 2% following a buy-to-buy upgrade by Needham. The investment firm said the used car market could take several years to recover.

• Riot Platforms — Shares rose 4.1% after JPMorgan upgraded the Bitcoin mining company from neutral to overweight. Analyst Reginald Smith cited Riot's “unique combination of industry-leading power contracts, scale and liquidity” as a catalyst, and the name ranks relatively among the largest U.S.-listed crypto miners. He added that he believes it offers the best upside potential.

Read the full list here.

— Brian Evans

Chipotle shares rose more than 5% in premarket trading after the Mexican fast-casual chain announced a stock split.

The proposed 50-1 split, which was disclosed to the public on Tuesday, is expected to take effect in June if approved by shareholders earlier that month. Chipotle called it one of the biggest breakups in the history of the New York Stock Exchange.

The move comes at a time when the California-based company's stock is performing well. The stock is up more than 20% in 2024 and 70% in the past 12 months.

Additionally, Deutsche Bank raised its price target on the stock, citing Chipotle's strong growth prospects.

— Alex Harring

Intel shares rose more than 3% before the bell on news that the White House would give chipmakers up to $8.5 billion in CHIPS Act funding and up to $11 billion in loans.

The news comes as the Biden administration seeks to strengthen the domestic semiconductor industry and bring production to U.S. soil.

Shares of South Korean giant Samsung Electronics soared after semiconductor giant Nvidia announced that the South Korean chipmaker's high-bandwidth memory chips are in the “eligible” stage for use in Nvidia's graphics processing units. soared more than %.

This comes after rival SK Hynix announced it would offer its high-bandwidth memory (HBM) chips to customers, with Reuters saying Nvidia would be its first customer. SK Hynix's stock price fell by as much as 3.56% on Wednesday.

— Lim Huijie

The People's Bank of China kept the one-year and five-year loan prime rates unchanged at 3.45% and 3.95%, respectively.

The one-year LPR acts as a peg for most household and business loans, and the five-year LPR is the benchmark for most property mortgages.

Separately, Reuters reported that the People's Bank of China reorganized its monetary policy committee, adding Wu Qing, head of the securities regulator, and Xuan Changneng, deputy central bank governor.

The Japanese yen hit a four-month low of 151.3 yen against the dollar on Tuesday, after Japan's central bank made a landmark shift in monetary policy. This is the lowest price since November 13th at 151.71.

If the yen exceeds the November 13 low, it will be the lowest value against the dollar since June 1990, when the asset bubble burst.

The Bank of Japan raised interest rates from -0.1% to around 0%-0.1% and abolished its yield curve control policy.

Trading could be volatile in the coming months, according to RBC Capital Markets.

Technical strategist Robert Sluimer told clients that the S&P 500 and Nasdaq Composite have “only been flat in a narrow, volatile range” for the past two weeks, with no evidence of a true reversal of the uptrend. He said that it has not been done. Looking ahead, he warned that a busy trading period is expected in the second quarter of this year.

“We expect further volatility heading into the second quarter, with both indexes likely to remain in volatile sideways trading ranges,” Sluimer said in a note to clients.

He said stocks should rise further this year, but noted there could be a short pause or pullback in the next quarter.

— Alex Harring