Stock Market Updates Today
The stock market was not able to extend its recovery, as the Nasdaq and S&P 500 reversed lower. Tech stocks also battled to extend Wednesday’s gains. Investors seem to be digesting the latest comments from the Federal Reserve’s latest policy meeting.
Also its likely the COVID-19 variant Omicron making its way through the UK and Canada is contributing to the market pull-back on Thursday. Just yesterday, the UK reported a record day of COVID-19 cases, as well as reporting Omicron is spreading rapidly throughout the country.
Reports have been released that Canada has advised its citizens to avoid non-essential travel as Omicron variant concerns grow.
Furthermore, on Wednesday the Fed announced it is cutting-back its pandemic-era easy-money policies at a quicker rate. Starting in January 2022, the central bank will be purchasing $60 billion of bonds each month, half of what it was buying before the recent November taper.
As of 11:03 a.m. ET, the Dow is trading higher, while the S&P 500, and Nasdaq futures are trading down by 0.53%, 0.09%, and 1.16% respectively.
Adobe Stock Tumbling After Earnings Call
On Thursday, tech giant Adobe Inc. (NASDAQ: ADBE) reported its revenue for the fiscal fourth quarter beat Wall Street expectations. Yet shares of ADBE stock dropped more than 10% on weaker-than-projected guidance.
Adobe offers a suite of software solutions to clients globally. This includes but is not limited to its Adobe Creative Cloud, Document Cloud, and Experience Cloud offerings. All of these allow Adobe to cater to creatives, students, small businesses, government agencies, and even global brands.
Moving along, in its most recent quarterly reporting, ADBE estimated revenue of nearly $17.9 billion and adjusted profit of an estimated $13.70 a share for fiscal 2022. The expectation from Wall Street are revenues of $18.2 billion and earnings of $14.26. Shares of ADBE stock are currently trading at $571.95 a share as of 11:13 am E.T.
[Read More] Top Stock Market News For Today December 16, 2021
EV Automaker Rivian Automotive Set To Report Earnings After The Bell Today
At the end of market close on Thursday, Tesla (NASDAQ: TSLA) rival Rivian Automotive (NASDAQ: RIVN) will report their company’s first earnings report since its IPO in November, and since it started its limited deliveries of its R1T pickup. Founded in 2009, Rivian makes all-electric pickup trucks and SUVs.
Investors are likely keeping a close eye on what the company has to say about its production plans for the R1T, its upcoming R1S sport-utility electric vehicle, and delivery vans for e-commerce giant Amazon.com (NASDAQ: AMZN). For the uninitiated, Amazon is a big investor in Rivian Automotive. The company is anticipated to reveal its plans for a second assembly plant and a battery factory. This is expected to be built near the Atlanta, GA area.
Shares of RIVN stock dropped a modest 2.17% as of 11:21 am E.T trading at $112.48 a share. The company has priced its IPO at $78 a share just last month, then saw it jump to $179.47 in only 5 trading sessions. Since then shares have dropped, and the stock has been consolidating for the last few weeks.
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