Stock market today: Live updates

Wells Fargo downgraded shares of Bausch + Lomb to an equal weight rating from overweight in a Thursday note.

Simultaneously, analyst Larry Biegelsen reduced his price target on the stock to $15 from $24. Shares of Bausch + Lomb closed at $15 on Thursday, slipping more than 4% during the day’s session after announcing a recall of its enVista intraocular lenses over potential safety concerns due to an increased number of reports of toxic anterior segment syndrome.

Biegelsen cited this recall as the main catalyst for the downgrade. “enVista was an important growth driver and BLCO’s main entry into the fast growing premium IOL segment,” he wrote.

The analyst added that he believes enVista products will eventually return to the market, although it’s still uncertain how long the issue may take to resolve. He also predicted that the product would most likely lose market share.

“We believe the enVista recall and limited visibility on impact/timeline further complicates the outlook and will likely keep BLCO shares range bound. As such, we are stepping to the sideline on BLCO,” the analyst wrote.

— Lisa Kailai Han

The major averages are on pace for a second straight week of gains. As of Thursday’s close, here is where they stand:

— Sarah Min

February’s personal consumption expenditures price index is expected to a show a 0.3% increase last month, and a 2.5% rise from 12 months earlier, according to economists polled by Dow Jones.

The PCE price index reading is due out Friday morning.

— Sarah Min

Stocks could stage a major comeback after April 2, much as they did in 2018 when investors last sought clarity on the tariff front from President Donald Trump, according to Fundstrat’s Tom Lee.

“The odds of a V-shaped recovery in stocks that come after April 2 is just extremely high because we’ve already sequenced a lot of the panic that people saw in 2018,” Lee said Thursday on CNBC’s “Closing Bell: Overtime.”

If that’s the case, Lee expects the “Magnificent Seven” stocks could outperform. As an example, he noted the recent recovery in Tesla, which is up nearly 10% this week after coming under pressure this year from CEO Elon Musk’s involvement with the so-called Department of Government Efficiency, or DOGE. The electric vehicle stock is still off by 32% in 2025.

“I think if Tesla is leading us into this balance, that’s a bold case for Mag Seven to be the group to own in the next few months,” Lee said.

— Sarah Min

Here are the stocks making the biggest moves in extended trading.

• Lululemon — Shares tumbled 10% after the athleisure company issued a weaker-than-expected first-quarter outlook, even as fourth-quarter earnings and revenue topped analysts’ expectations. Lululemon forecasts first-quarter earnings in a range of $2.53 to $2.58 per share, compared to the $2.72 expected by analysts polled by LSEG. First-quarter revenue of $2.335 billion to $2.355 billion was also lower than the $2.39 billion consensus estimate.
• Braze — Shares surged about 9% after the customer engagement platform posted fourth-quarter results that beat analysts’ expectations. Braze posted adjusted earnings of 12 cents per share, topping the FactSet consensus estimate of 5 cents in earnings per share. Revenue of $160.4 million also exceeded the $155.7 million expected by analysts polled by FactSet.

— Sarah Min