Stocks retreat from records
The S&P 500, Nasdaq 100, and Russell 2000 all closed lower.
Stocks slid from yesterday’s highs, as the S&P 500 and Nasdaq 100 dipped and the Russell 2000 underperformed. Gold and oil also took a tumble. Consumer staples was the only sector ETF to finish positively, with PepsiCo popping on an earnings beat after international growth offset weakness in North America.
Stocks that moved higher:
Delta Air Lines climbed after its third-quarter earnings beat on both sales and profit and it forecast for a strong final quarter, also sending United Airlines up.
Tilray flew higher after reporting strong results in its alcohol and distribution businesses, sending other cannabis stocks like SNDL Inc. and Canopy Growth up as well.
Serve Robotics rocketed higher after the maker of sidewalk delivery robots announced a partnership with DoorDash to roll out autonomous robot vehicles across the US, starting with Los Angeles.
Nvidia traded higher after reportedly receiving US government approval to ship some AI chips to the UAE.
Satellite services provider AST SpaceMobile continued to get a lift from its announcement earlier this week that it has signed a deal with telecom giant Verizon to provide some cellular broadband services from its satellites by 2026.
Meta is considering building a dedicated TV app to expand the reach of Instagram’s video content, according to comments by Adam Mosseri, head of Instagram, at a Bloomberg conference.
Stocks that moved lower:
Ferrari sank after unveiling its first electric car, while simultaneously scaling back its electrification plans until 2030 to focus on its gas-powered and hybrid lineup.
Tesla fell after the US National Highway Traffic Safety Administration opened another investigation of the automaker’s self-driving software after 58 reports of traffic violations.
Novo Nordisk slipped as the Ozempic and Wegovy maker is acquiring liver disease drugmaker Akero Therapeutics for up to $5.2 billion.
