U.S. equities lost ground at midday Friday, March 15, 2024 as a report showed consumer inflation expectations ticked slightly higher in February.
Shares of Adobe sank after the software maker issued soft guidance for the second quarter.
Jabil shares plunged after the electronic technology firm said “revenue headwinds” hurt sales and guidance.
U.S. equities were falling at midday as a report showed consumer
inflation expectations
ticked slightly higher in February. The Dow, S&P 500, and Nasdaq all declined.
Jabil (
JBL
) was the worst-performing stock in the S&P 500 after the electronic technology company posted sales and guidance that missed forecasts as it said it faced revenue headwinds.
Shares of Adobe (
ADBE
) also sank as the software maker
issued soft guidance for the second quarter
, raising concerns about how quickly it will benefit from its
artificial intelligence (AI)
products.
Ulta Beauty (
ULTA
) shares also fell as the beauty products retailer
gave a weak margin forecast
as it deals with higher costs and increased promotions.
Steel Dynamics (
STLD
) shares jumped as the steelmaker said it expects “meaningfully stronger” profitability on solid demand. Shares of rivals Nucor (
NUE
) and U.S. Steel (
X
) gained as well. U.S. Steel’s slight rise came after shares plunged earlier in the week as the Biden administration
signaled opposition
to the company’s acquisition by Japanese rival Nippon Steel.
Shares of Madrigal Pharmaceuticals (
MDGL
) soared as the
Food and Drug Administration (FDA)
gave accelerated approval to the biotech firm’s treatment for scarring caused by a fatty liver disease.
Rivian (
RIVN
) shares gained on an upgrade from Piper Sandler, which cited excitement surrounding the introduction of
new vehicles
to the electric vehicle (EV) manufacturer’s lineup.
Oil futures, gold prices, and the yield on the 10-year Treasury note were little changed. The U.S. dollar advanced against the pound and yen, but fell to the euro. Bitcoin and most other major digital coins trading lower.
