Market Falls Thursday, Producer Inflation Grows, and Tech Pulls Back From Records | LiveStock
Happy Thursday, December 12th. The market fell on Thursday after tech stocks hit all-time highs Wednesday, and inflation in the prices companies pay rose more than expected. Here are the stories you might have missed affecting stocks today:
$Warner Bros Discovery (WBD.US)$ climbed 13%, the highest on the S&P 500 by percentage gain after the firm said Thursday it decided to cut its cable TV business from its streaming and studio operations into two segments, possibly planning for a sale of the declining segment under a more deal friend Trump administration. In August, the firm cut its TV assets by $9 billion over uncertainty.
$Adobe (ADBE.US)$ fell 12%, the lowest percentage decliner on the S&P 500 after the Photoshop company posted earnings that beat but offered first-quarter guidance below expectations, with revenue of $5.63-$5.68B compared to conses for $5.7B.
$Ciena (CIEN.US)$ stock was trading higher after the optical networking equipment company missed earnings for the quarter but issued upbeat guidance Thursday morning. For its fiscal fourth quarter ended Nov. 2, the firm pulled in adjusted earnings of 54 cents, missing estimates for 65 cents. For the current quarter, they see revenue of $1.01B-$1.09B, above estimates for $1B.
Within industry themes tracked by moomoo, $Bitcoin (BTC.CC)$ a climb over $102k led to a rise in some Bitcoin stocks. Nvidia portfolio companies also climbed higher.
Elsewhere in the economy, $Crude Oil Futures(FEB5) (CLmain.US)$ remained at $69. Gold and silver fell, and treasuries that were not the 2year climbed
Overall, the market was falling after the Nasdaq hit a record over 20k. Past 11:17 am ET the $S&P 500 Index (.SPX.US)$ traded +0.10%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.01%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.12%.
Thursday's macro in numbers showed PPI Wholesale inflation number rose to 3% in October, above estimates of 2.6%. Core PPI, excluding food and gas, climbed 3.4% year over year, above estimates and closer to Wednesday's CPI core numbers of 3.3% that consumers felt.
Yesterday, I met with new moomoo clients at the New York AI Summit Conference! It was great to talk to customers face to face, and learn how they were investing and what features they wanted at moomoo-- there are so many fun things on the roadmap next year!
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Kevin Travers
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
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Alen Kok : okay
Silverbat : If inflation keeps rising, interest will move higher
Marie Thermidor : Thanks Kevin Travers. You’re rock
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