The Nasdaq Composite index experienced a decline of 1.1%, with major technology stocks like Meta Platforms, Amazon, and Tesla pulling back. This market struggle occurred despite the recent end of a government shutdown, which removed a previous headwind.
Several companies reported earnings or outlook changes that impacted their stock prices. Disney beat earnings per share expectations but missed revenue targets due to weak programming and television ad revenue. Flutter Entertainment dropped significantly after lowering its full-year outlook to accommodate increased capital expenditures.
In other market news, Elon Musk's AI company xAI raised $15 billion in a new funding round, valuing it at $200 billion and placing it in a similar elite category as OpenAI.
Individual stock movements also contributed to the overall market sentiment. CoreWeave saw a 4.5% loss after its third-quarter earnings. Cisco received a positive rating reiteration from Bank of America analysts, while Oppenheimer maintained an "outperform" rating for... download the app to read more
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