Stock market today: Live updates

A rally last week in the S&P 500 helped pull in the most investor cash since October, according to Bank of America.

The bank’s strategists reported that clients put a net $3.7 billion into stocks stocks and ETFs, the fourth consecutive week of inflows despite jangled nerves over the banking tumult. That came during a week when the large-cap stock index rose 1.4%.

Buying occurred over the full range of sources, including hedge funds, private clients and institutional investors.’

From a sector perspective, tech ($808 million) and health care ($758 million) drew the biggest interest, with the latter having the highest inflows since December 2021. Financials ($731 million) and consumer discretionary ($441 million) also continued to pull in cash. Investors drained a net $254 million from energy stocks after the sector saw record inflows of nearly $1.2 billion the previous week.

For the year, tech by far has seen the greatest net inflows at $9.6 billion. Industrials has been the lone sector with net outflows, at $2.3 billion.

—Jeff Cox

The U.S. and Japan announced a trade deal on electric vehicle battery minerals that would grant Japanese automakers access to the Biden administration’s $7,500 EV tax credit scheme as part of the Inflation Reduction Act.

The announcement added that the two countries share a common interested in raising “resilience against threats such as economic coercion and non-market policies.”

The IRA states plug-in electric vehicles much be produced in North America to qualify for the tax incentives.

“This is a welcome moment as the United States continues to work with our allies and partners to strengthen supply chains for critical minerals, including through the Inflation Reduction Act,” U.S. Trade Representative Katherine Tai said in a statement.

She added that the announcement is “proof” of the U.S. government’s “commitment to building resilient and secure supply chains.”

South Korean officials have also been engaging in discussions to adjust regulations to work around the eliminated tax credits for EVs made outside of North America.

– Jihye Lee, Michael Wayland

Prices of bitcoin and ether fell roughly 3% in Asia’s morning trade, according to Coin Metrics – after U.S. officials filed a complaint against crypto exchange Binance and its co-founder Changpeng Zhao.

The filing alleged that the firm actively solicited U.S. users and subverted the exchanges own “ineffective compliance program.”

Bitcoin fell 3.09% in the past 24 hours, according to Coin Metrics, and traded at $27,003 – while ether also fell 2.95% to $1,712.

Bitcoin is up roughly 63% quarter-to-date and on pace to mark the best quarter since the first quarter of 2021, when bitcoin gained 103.73%. It is also on pace to see the third consecutive month of gains.

Ether is also up 41.3% quarter-to-date and on pace for the best quarter since the first quarter of 2021, when the cryptocurrency gained over 150%.

– Rohan Goswami, Gina Francolla, Jihye Lee

Shares of the Calvin Klein owner jumped more than 12% after the bell on a strong earnings report.

PVH Corp. topped earnings expectations by 71 cents a share, while revenue came in a $2.49 billion and above a Refinitiv estimate of $2.37 billion.

The retail company also shares better-than-expected guidance for the first quarter and full year.

Robert J. Shiller, the economics professor at Yale University and co-founder of the Case-Shiller Index, said home prices might start to come down later this year.

“Home prices are very, very high,” Shiller said Monday on CNBC’s “Closing Bell: Overtime.”

“I’m going to extrapolate the downturn somewhat is going to continue. Maybe if you have a chance to delay your purchase, it might be a good, good time to do it. It might get a little cheaper after another six months,” Shiller added.

— Sarah Min

Lyft shares gained nearly 4% in extended trading after the ridesharing company announced a new CEO and said its cofounders would step down from their current positions.

Former Amazon executive David Risher will begin as CEO on April 17 as Logan Green steps down from the position to serve as chair on the board. John Zimmer will serve as vice chair on the board, transitioning out of his president role on June 30.

— Samantha Subin, Rohan Goswami