Stock market today: Live updates

SolarEdge Technologies could face some downside after President-elect Donald Trump’s defeat of Vice President Kamala Harris, according to Bank of America.

The bank downgraded the stock to underperform from neutral and slashed its price target. Its updated target now reflects more than 4% downside from Wednesday’s close. Shares have already fallen more than 84% this year.

Analyst Dimple Gosai said that the former president’s plans to amend the Inflation Reduction Act and raise tariffs could increase risk to the clean energy industry, even though his policies would take time to actualize.

“We think inverter companies (ENPH and SEDG, U/P rated) could be adversely affected in a scenario where we see risk to the domestic content bonuses and reduced residential ITC credits, diminishing the appeal of rooftop solar,” the analyst wrote.

“Solar trackers could also face significant challenges on potentially softer demand from U.S. utility-scale solar developers, especially if tariffs and the loss of domestic content adders inflate project costs,” he continued.

— Sean Conlon

Moderna shares were up 10% in the premarket after the vaccine maker reported a surprise profit for the third quarter along with a revenue beat.

The company earned an adjusted 3 cents per share on revenue of $1.86 billion. Analysts polled by LSEG expected a loss of $1.90 per share on revenue of $1.25 billion.

The results were driven by higher-than-expected Covid vaccine sales.

— Fred Imbert

Asia-Pacific markets mostly rose in choppy trading on Thursday after former President Donald Trump won the White House, defeating Vice President Kamala Harris in the 2024 presidential election.

Mainland China’s CSI 300 reversed losses, leading gains in Asia with a 3.02% rise and closing at 4,145.7. Hong Kong’s Hang Seng index initially fell, but also reversed course to climb 2% as of its final hour of trade.

China reported October exports data that sharply beat market expectations.

Japan’s Nikkei 225 was the only major index in negative territory, losing 0.43% to close at 39,381.41, but the broad-based Topix rose 1% to 2,743.08.

South Korea’s Kospi rose marginally to 2,564.63, but the small-cap Kosdaq lost 1.32% to end at 733.52.

— Lim Hui Jie

With Treasury yields rising on the back of a Trump election victory, expectations have fallen as to how aggressive the Federal Reserve will be in cutting interest rates this winter.

The fed funds rate, which determines what banks charge each other for overnight lending, currently ranges between a targeted 4.75% to 5.0%. At this point, it’s pretty much a foregone conclusion that the U.S. central bank will decide on a quarter-percentage point cut, which equals 25 basis points, at Thursday’s meeting.

Market pricing currently points toward a 71% chance of another quarter-point cut in December, according to the CME FedWatch tool. This probability compares to 77% on Wednesday, and 72% a week ago. Future rate probabilities found in the CME FedWatch tool are derived from trading in 30-day fed funds futures contracts.

On the other hand, expectations for a January rate cut have shifted as a result of Wednesday’s election. The CME FedWatch tool points to market pricing currently favoring an interest rate pause in January.

Indeed, the probability of an additional quarter-point cut in January following a November and December cut has fallen to 29% from 41% on Wednesday and 45% a week ago. Meanwhile, the odds that the Federal Reserve keeps rates the same in January has climbed to 54%, up from 48% on Wednesday and 44% this time last week.

— Lisa Kailai Han

These are some of the stocks making big movers in extended trading:

• Lyft — The ride-hailing company popped nearly 20%. Third-quarter revenue came in at $1.52 billion, topping consensus estimates for $1.44 billion, per LSEG. Guidance for the fourth quarter topped the Street’s expectations, with Lyft forecasting bookings of $4.28 billion to $4.35 billion, despite FactSet consensus estimates calling for just $4.23 billion.
• SolarEdge Technologies — The maker of residential solar power inverters dove 18% after third-quarter revenue missed the Street’s expectations.
• E.l.f Beauty — The cosmetics retail stock jumped 11% after a stronger-than-expected quarterly report and a guidance hike.

See the full list here.

— Alex Harring

Stock futures are neat flat shortly after 6 p.m. ET.

Futures tied to the Dow, S&P 500 and Nasdaq 100 all traded marginally above flat. It comes after the preceding session brought a huge post-election rally for stocks.

— Alex Harring