Important points
Major U.S. indexes were little changed as of midday Thursday, falling slightly after reports that wholesale inflation in November was higher than expected. The Dow, S&P 500, and Nasdaq all fell.
Adobe (ADBE) stock fell after the software maker gave a weaker-than-expected outlook, raising concerns that the benefits from artificial intelligence (AI) demand will be delayed.
Shares of Oxford Industries (OXM), the parent company of Tommy Bahama, Lilly Pulitzer and Johnny Was apparel brands, cut its earnings outlook after posting an unexpected loss after sales fell due to hurricanes and inflation. As a result, prices fell.
Shares of Nucor (NUE), Steel Dynamics (STLD) and Commercial Metals (CMC) fell after UBS downgraded the ratings of all three steelmakers.
MetLife (MET) stock rose after the insurance company introduced a new five-year strategic plan aimed at increasing profits and return on equity, reducing costs and increasing free cash flow.
Kroger (KR) and Albertsons (ACI) stocks soar after Albertsons abandons merger agreement with rival grocer following judge’s ruling blocking a proposed $20 billion deal rose.
Warner Bros. Discovery (WBD) shares soar after the media conglomerate announced it will split into two divisions, one focused on global linear television and the other responsible for streaming and studio operations. It skyrocketed.
Oil futures and gold futures fell. Yields on 10-year U.S. Treasuries were high. The US dollar rose against the pound, but fell against the euro and yen. The prices of most major cryptocurrencies have increased.
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