Stock market today: Live updates

Value investor Bill Nygren told CNBC on Friday that he bought this regional bank stock as turmoil descended on the sector in the first quarter.

“We think it’s an extremely attractive long-term investment that will weather this short-term difficulty just fine,” he said.

Nygren also commented on the role of short sellers in the recent banking turmoil.

Read more on his views toward the sector here.

— Samantha Subin

April’s mix of solid job growth and higher than expected wage increases likely won’t deter the Federal Reserve from holding the line on interest rates at its June meeting, according to Goldman Sachs.

The Wall Street firm’s economists think policymakers could look through the nonfarm payrolls report and instead focus on the 13-month run of interest rate hikes and the ramifications of the banking troubles.

“We continue to expect a pause at the June meeting because of tighter credit conditions, the restrictive level of the funds rate, and [Fed Chairman Jerome] Powell’s view that the May FOMC statement represents a ‘meaningful change,'” Goldman said in a client note.

Market pricing is pointing to a 91.5% chance of a hold in June, with just an 8.5% probability of a quarter percentage point increase, according to the CME Group. Markets also expect the Fed to cut by three quarters of a point from the current fed funds rate target range of 5%-5.25% later this year.

—Jeff Cox

Check out some of the companies making headlines in midday trading.

Apple – The tech giant advanced more than 4%. On Thursday, Apple reported better-than-expected earnings and revenue for its fiscal second quarter, according to Refinitiv, driven by stronger-than-anticipated iPhones sales. The company also flagged strength in emerging markets and improved supply.

Lyft – Stock in the rideshare giant fell 21% on Friday, after reporting quarterly results a day earlier. Weak forward guidance drove the stock lower and stoked investor worry. The company beat expectations on revenue.

Coinbase – Shares of the cryptocurrency platform rose 17% after Wedbush reiterated an outperform rating on the stock earlier on Friday. The company reported beats on quarterly results a day earlier, with a smaller-than-expected loss of 34 cents per share.

The full list can be found here.

— Brian Evans

The recent regional banking crisis — which has led to the collapse of Silicon Valley Bank and Signature bank, along with the JPMorgan Chase takeover of First Republic — has led traders to seek shelter in Treasuries, Gregory Faranello of AmeriVet Securities said.

“In terms of what we’re seeing [in the bond market], it has more to do with the regional banking situation at this point,” said the firm’s head of U.S. rates trading. “The market’s fearful that this situation is going to evolve and ultimately hit the real economy.”

“I think, if we didn’t have these event coming into the marketplace, in terms of the financial system, rates would probably be a lot higher than where they are now,” he said.

Treasury yields popped across the curve Friday after the release of the latest U.S. jobs report. The 2-year rate popped 20 basis points to 3.928%. The 10-year gained 10 basis points to 3.452%.

— Fred Imbert

Friday’s strong job markets report — which showed that unemployment numbers are at 3.4% — means that the Federal Reserve should still be concerned about the path of inflation, said LPL Financial’s Quincy Krosby.

Krosby said that the U.S. hasn’t seen such a powerful labor market “since the 1960s.”

“At the same time, wages are claiming higher. … Amid prices paid in manufacturing [and] prices paid even in the service sector climbing higher. The totality of this is an economy that’s still strong enough for consumers to spend, again as long as the labor market remains intact,” she said.

“You still have an economy that is solid enough for the Fed to be concerned about where inflation is headed. I say this because next week, those reports are the CPI which of course, is backward- looking, but nonetheless important. The PPI [numbers] are also going to be very important.”

— Hakyung Kim

Ahead of Warren Buffett’s annual Berkshire Hathaway’s meeting in Omaha on Saturday, CNBC Pro screened for stocks that meet his buying criteria.

In the past, Buffett has laid out his criteria for acquisitions, noting that he looks for companies with at least $75 million in pretax earnings. He also prefers those that have demonstrated consistent earnings power, as well as good returns on equity.

The “Oracle of Omaha” may also face questions at the meeting about potential acquisitions. His last big purchase was insurance company Alleghany for $11.6 billion, which closed in October.

Berkshire is currently sitting on $128.6 billion in cash, as of Dec. 31. While Buffett’s next acquisition is anyone’s guess, CNBC Pro sought to identify names that fit the criteria he looks for when buying a company, with slight tweaks.

CNBC Pro subscribers can see the list here.

— Hakyung Kim

The regional bank stocks are extending their Friday rebound, led by PacWest with a gain of more than 70%.

The stock still has a long way to go to recover all of its losses from this year, however. In fact, PacWest shares are still trading below where the closed on Wednesday.

A handful of S&P 500 stocks reached record levels on Friday, including these food and beverage names:

• General Mills traded at all-time highs back to when it began trading on the NYSE in 1928
• Monster Beverage hit all-time high levels back to its listing on the NASDAQ in 1992
• Pepsico reached all-time highs back to Pepsi-Cola’s merger with Frito-Lay in 1965 to form Pepsico.

Elsewhere, DraftKings rose to a 52-week high following strong earnings and guidance. Teradata, Eagle Materials and Madison Square Garden Sports also hit 52-week highs.

— Chris Hayes, Tanaya Macheel

Officers and board members at several regional banks have been buying the dip in their own stocks over the past week, according to VerityData.

Zions Bancorp President and COO Scott McLean had one of the biggest buys on the list, scooping about $1 million of the bank’s stock last week.

Check out the full list on CNBC Pro.

— Jesse Pound

While April’s higher-than-expected jobs numbers made headlines on Friday, the wage inflation data stood out to Allianz Investment Management’s head ETF market strategist Johan Grahn.

Wages grew 0.5% last month for employees on private nonfarm payrolls, according to the Bureau of Labor Statistics.

“If you make a bold assumption to say that if it’s 0.5%, that’s an annualized 6%, wage wage increase. And that also speaks to the fact that there’s underlying inflation,” Grahn said. “A lot of firms would try to hold off as long as they can, hoping perhaps that inflation was ‘transitory,’ [but] what they’ve learned is that it’s painfully difficult to find enough people and find the right people. They’re forced into raising the wages.”

He added, “there is a significant time delay to that, and I think that will still go on as long as we see this pressure in the labor market. I think the wage inflation will continue to drive inflation itself, and that, of course, will then in turn, you know, compression on the margins of the firms.”

— Hakyung Kim

The regional bank stocks are extending their Friday rebound, led by PacWest with a gain of more than 70%.

The stock still has a long way to go to recover all of its losses from this year, however. In fact, PacWest shares are still trading below where the closed on Wednesday.

The S&P 500’s rally in trading on Friday marks a turn from the first four sessions this week, during all of which the broad index ended down.

But if the S&P 500 turns and ends Friday’s session in the red, it would be the first time the index finished every trading day in a complete week lower since late February 2020, according to data analyzed by Ryan Detrick, chief market strategist at Carson Group.

And it would be the first time that has happened in the month of May since 2012.

Here’s how much the S&P 500 has lost in each session so far this week:

• Monday: -0.04%
• Tuesday: -1.16%
• Wednesday: -0.7%
• Thursday: -0.72%

— Alex Harring

Analysts at JPMorgan upgraded three regional bank stocks to overweight on Friday, saying in a note to clients that Western Alliance, Zions Bancorp and Comerica all appear to be “substantially mispriced.”

Entering Friday, Western Alliance was down 51% for the week. Shares of Zions and Comerica had each fallen by about 28%.

All three stocks were higher in premarket trading, led by Western Alliance gaining 26%.

— Jesse Pound

Shares of SolarEdge Technologies gained almost 1% Friday after Deutsche Bank upgraded shares to a buy from hold rating, citing fading cost and margin concerns

“The 2Q guide demonstrates the company’s ability to maintain and potentially further improve its gross margin profile, with management commentary sounding solid around the coming quarters,” wrote analyst Corinne Blanchard.

Read more on the upgrade here.

— Samantha Subin

Here are some of the names making the biggest news in the premarket:

• Cigna — Cigna added 3% after beating top- and bottom-line estimates for its latest quarter and raising its full-year forecast. Cigna’s results got a boost from strong growth at its health insurance unit and lower medical costs.
• Warner Bros. Discovery — The media company fell 4.7% in the premarket after reporting a quarterly loss. While its adjusted earnings fell slightly short of expectations, its streaming business did turn around previous losses and reported a quarterly profit.
• DraftKings — The sports betting company’s stock surged 12.7% after DraftKings posted significantly higher than expected revenue for its latest quarter and increased its full-year outlook.

To see more stocks making moves in the premarket, read the full story here.

— Peter Schacknow

The U.S. economy added 253,000 jobs in April, the Labor Department said. Economists polled by Dow Jones expected 180,000 jobs were added. The report comes after the Federal Reserve hiked rates by 25 basis points Wednesday and signaled that a pause may be on the horizon.

— Jeff Cox, Fred Imbert

Ongoing regulatory and legal battles at Coinbase Global are creating an uncertain outlook for the crypto exchange platform despite better-than-expected quarter results, according to many analysts.

The commentary from Wall Street comes after Coinbase reported a smaller-than-expected loss for the recent quarter, boosting shares nearly 9% in the premarket.

Wells Fargo’s Jeff Cantwell called the regulatory backdrop a “major roadblock” for the company.

Read more on what lingers for Coinbase here.

Analysts on Wall Street view the latest results from Apple as yet another sign of the technology giant’s ongoing resilience and defensive positioning.

According to Evercore ISI’s Amit Daryanani, the findings underscore the company’s diverse revenue streams and show the iPhone’s “consumer staple nature.”

The stock rose 2.7% in premarket trading.

Read more on what analysts are saying after Apple’s results here.