Stock market today: Live updates

Check out the companies making headlines before the bell:

• Goldman Sachs — Goldman Sachs shares rose 1.3% after the Wall Street firm reported $11.32 billion in revenue, topping the LSEG consensus estimate of $10.80 billion. Earnings per share came in at $5.48, but it was not immediately clear if that was comparable to the $3.51 per share estimate.
• Morgan Stanley — Morgan Stanley shares dropped 0.3% even after the bank reported revenue of $12.90 billion, better than the $12.75 billion expected by analysts polled by LSEG. The company reported 85 cents earnings per share, though it was not clear if that was comparable to the $1.01 consensus estimate.
• Tesla — Tesla shares slid 1.5% after CEO Elon Musk said Monday that he wants about 25% voting power over his electric vehicle business. He currently owns about 13% of Tesla.

Read the full list here.

— Sarah Min

The dollar index reached its most expensive level in about one month on Tuesday morning.

The index traded at $103.309 at one point, marking its highest level since moving as high as $104.031 on Dec. 13.

It also briefly surpassed its 50-day moving average level of $103.229, something not seen intraday since Nov. 13. The index has not finished a trading day above its 50-day average since Nov. 10.

Notably, the dollar notched highs against the yen and yuan offshore going back to Dec. 7 and Nov. 20, respectively. On the other hand, the U.S. greenback hits its lowest against the euro back to Dec. 14.

— Alex Harring, Gina Francolla

Shares of Morgan Stanley were up more than 1% in the premarket after the investment bank posted its fourth-quarter results.

The bank earned 85 cents per share on revenue of $12.9 billion. Analysts expected a profit of $1.01 per share, but it wasn’t clear if that estimate was comparable to the results. For revenue, the Street was looking for $12.7 billion.

— Fred Imbert

Goldman Sachs reported fourth-quarter earnings and revenue that beat analyst expectations thanks to a strong performance from the bank’s asset management results.

The bank earned $5.48 per share on revenue of $11.32 billion. Analysts polled by LSEG expected a profit of $3.51 per share, but it wasn’t clear if that estimate was comparable. For revenue, analysts had an average forecast of $10.8 billion.

Shares were up more than 1% in the premarket.

— Fred Imbert

Officials at the European Central Bank reiterated that any changes to monetary policy will be dependent on how much — and how quickly — inflation in the region is improving.

“It’s too early to declare victory … the job is not yet done. That said, interest rate tightening has been quite successful so far, more successful than we thought even at Davos one year ago,” ECB member Francois Villeroy de Galhau said at the World Economic Forum in Davos, Switzerland.

Fellow ECB member Mario Centeno, meanwhile, noted: “We remain data dependent, that’s how we frame our decisions … One of the greatest successes of the ECB lately is being able to anchor expectations for inflation in the medium term at 2%, and this is because we are credible, we have to remain so.”

— Fred Imbert

Shares of Tesla shed 2.3% in pre-market trade, after company CEO Elon Musk on Monday said he wants to assume roughly 25% of voting control over his electric vehicle business.

He already owns 13% of the Tesla, amounting to 411 million shares.

The billionaire sold tens of thousands of billions worth of his shares in the company in 2022, largely in a bid to finance his $44 billion leveraged takeover of social media platform Twitter.

Concerns have mounted over Musk’s divisive public comments and splintered leadership focus, as he simultaneously heads SpaceX.

— Ruxandra Iordache

China has been battling weak domestic demand, and the country has pledged to boost consumption at home.

“Domestic consumer confidence is soft because of the softer labor market and softer incomes,” Eric Robertsen, global head of research at Standard Chartered Bank, told CNBC’s Street Signs Asia.

Due to the softer income levels, Robertsen argued that even with China’s interest rates below 3% and more liquidity in the market, “the Chinese consumer will be inclined more to save than to spend, which will be watched in the first half of the year.”

He said more fiscal and monetary stimulus is expected.

Mainland China’s CSI 300 index shed 11.4% last year, clocking their third straight year in the red. The index was down 0.4% in afternoon trading on Tuesday.

— Shreyashi Sanyal

Australia’s S&P/ASX 200 hit four-week lows Tuesday, dragged by commodity stocks as underlying prices slipped. The index also led losses in the region, falling 1.2%, and hitting its lowest level since Dec. 14.

Iron ore prices fell after China’s central back held its medium-term lending facility rate at 2.5% on Monday. China is the world’s top consumer of iron ore.

The benchmark February iron ore contract on the Singapore Exchange traded at $127.9 a ton, hitting its lowest level since Dec. 5.

Fortescue lead losses among heavyweight miners on the ASX, losing 2.31%. Counterparts Rio Tinto and BHP Group dipped 1.83% and 1.46%, respectively.

— Lim Hui Jie

Japan’s corporate goods price index rose 0.3% month-on-month in December, beating expectations of economists polled by Reuters.

The Reuters poll estimated December CGPI to remain unchanged from November.

The CGPI remained flat in December compared with the same period a year earlier, compared with Reuters expectations of a 0.3% fall.

— Lim Hui Jie

Uber has decided to shut down alcohol delivery service Drizly, which it bought three years ago for $1.1 billion, Axios reported on Monday.

“After three years of Drizly operating independently within the Uber family, we’ve decided to close the business and focus on our core Uber Eats strategy of helping consumers get almost anything—from food to groceries to alcohol—all on a single app,” Uber’s SVP of delivery Pierre-Dimitri Gore-Coty told Axios.

Drizly, which grew to become the nation’s largest online marketplace for alcohol during the pandemic-fueled home delivery sales boom, will officially shut down at the end of March 2024, Uber said.

Shares of Uber, which soared last year, are up more than 2.5% this year. The ride-hailing company joined the S&P 500 on Dec. 18.

— Pia Singh

Initial public offering activity should bounce back in 2024, according to New York Stock Exchange vice chairman John Tuttle.

“We have a robust pipeline from across sectors and geographies,” Tuttle said at the Reuters Global Markets Forum ahead of the World Economic Forum’s annual meeting in Davos. “It’s just finding that time when investors have the appetite for these companies, and companies are ready to go.”

Tuttle said the pickup in IPO activity can be attributed to greater stability in U.S. interest rates, record-high equity indexes and fairly low market volatility. IPO activity reached its lowest level in 2023, after 2016, due to interest rate hikes and broader economic uncertainty.

Read the full story here from Reuters.

— Pia Singh