Stock Market Today: ADBE Down, OpenAI Seeks Investor Funds, MRNA Cuts R&D Spending

Published: Sep 11, 2024 Duration: 00:02:18 Category: Education

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welcome to the wrap I'm Caroline Woods here to take you through today's market action stocks rallied once again this time led by small caps with the Russell ending the day up 1.2% the NASDAQ closed up 1% the S&P 500 added 3/4 of 1% the down meanwhile Rose about a half a percent all 11 sectors of the S&P 500 closed in positive territory communication Services led the charge by gaining 2% consumer discretionary added more than 1% energy went from being yesterday's biggest lagger to gaining 1% today turning to some stocks on the move Adobe Shares are falling after its fourth quarter Revenue Outlook fell short of analyst estimates the cloud software company said it expects earnings to come in between $463 to $468 for the corrent coridor on about $5.5 billion in sales analysts were looking for $467 cents per share on $5.6 billion in sales third quarter results topped expectations though with sales growing 11% year-over-year Adobe CEO credited groundbreaking advancements in AI across Creative Cloud document cloud and experience Cloud for that third quarter growth sticking with tech open AI is reportedly in talks to raise another 6 and a half billion dollars with Microsoft Apple and Nvidia possibly participating that could boost its valuation to upwards of 150 billion do was last valued at 86 billion in late 2023 the chat GPT developer is also exploring a $55 billion debt facility according to Bloomberg madna ended at its lowest level since September of 2020 after announcing R&D spending cuts the biotech company said it will reduce expenses by $1.1 billion by 2027 madna said it will discontinue five of its programs including RSV vaccines for infants meanwhile it said 2025 Revenue will come in between 22 and $3.5 billion Wall Street was looking for closer to4 billion there are no earnings of note tomorrow but we will get data on consumer sentiment along with Import and Export prices that'll do it for the wrap I'm Caroline Woods remember to tune in 247 to Schwab network.com

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