The Stock Market Update: Adobe, Ulta Beauty, Jabil, and More
Key Takeaways
- 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 Faces Revenue Headwinds
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.
Adobe Issues Soft Guidance
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 Deals with Margin Forecast
Ulta Beauty (ULTA) shares fell as the beauty products retailer gave a weak margin forecast as it deals with higher costs and increased promotions.
Steel Dynamics Expects Stronger Profitability
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.
Madrigal Pharmaceuticals Receives FDA Approval
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 Receives Upgrade from Piper Sandler
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.
Market Trends
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 were trading lower.
For more information, read the original article on Investopedia.
In conclusion, the stock market experienced various movements on March 15, 2024, with some companies facing challenges while others saw significant gains. Investors are closely monitoring these developments to make informed decisions about their portfolios. Stay tuned for more updates on the dynamic world of finance and investing.
