Stock market today: Live updates

Initial claims for unemployment insurance edged higher for the week ending June 29, the Labor Department reported Wednesday.

First-time filings totaled 238,000 for the period, up 4,000 from the previous week and higher than the Dow Jones estimate for 233,000.

On continuing claims, which run a week behind, the total of 1.858 million represented an increase of 26,000 and was the highest total since Nov. 27, 2021.

—Jeff Cox

Here are the stocks making the biggest moves in premarket trading:

Read the full list of stocks moving here.

— Samantha Subin

The dollar index is poised to snap a four-week positive run.

The index, which measures the U.S. greenback against a basket of foreign currencies, has slipped about 0.2% week to date. If that holds through the week’s end, it would mark its first negative week of the last five.

The dollar has gained ground against the yen this week, but has struggled compared with the euro and British pound sterling.

— Alex Harring, Gina Francolla

Tesla shares popped more than 3% in the premarket, putting the electric vehicle maker on pace for a seventh straight day of gains. That would be the stock’s longest winning streak since a 13-day run seen last year.

“The key for Tesla’s stock is the Street recognizing that Tesla is the most undervalued AI play in the market in our view with a historical Robotaxi Day ahead for Musk and Tesla on August 8th that will lay the yellow brick road to FSD and an autonomous future,” Wedbush analyst Dan Ives wrote in a note dated Tuesday. He has an outperform rating on the stock.

— Fred Imbert

The consumer discretionary sector popped 1.8% to close at its highest level since January 2022.

A 10.2% jump in Tesla shares helped lift the sector. The electric vehicle maker surged as its second-quarter vehicle production and delivery reports surpassed analysts’ expectations.

E-commerce giant Amazon also contributed to the sector’s gains, rising 1.4% and hitting a new all-time high.

Consumer discretionary was the outperformer of the 11 sectors in the S&P 500 on Tuesday, boosting the broad market index to closing record of 5,509.01 and its first close above the 5,500 threshold.

—Darla Mercado, Chris Hayes

The news comes after National Amusements and Skydance called off talks for a deal in June.

Paramount declined to comment to CNBC on the news. National Amusements and Skydance did not immediately return a request for comment.

— Hakyung Kim, Rohan Goswami

The first half of this year has been characterized by a technology-led rally within the equity markets. But as the latter half of the year kicks off, Goldman Sachs foresees the tides turning for investors.

“As we enter the second half of the year, the risks for equity holders are rising,” wrote strategist Peter Oppenheimer. He also pointed to an uncertain backdrop that includes lofty valuations and increasing political risk.

However, Oppenheimer reassured investors by pointing to historical records indicating that a solid second half of the year usually follows a strong first half.

“Nonetheless, it should be stressed that it is unusual for 2H returns to be weak following 1H returns as strong as we have seen this year,” he wrote.

— Lisa Kailai Han