:max_bytes(150000):strip_icc()/GettyImages-2235091044-effa7623aa7944919d9e54118e7b8135.jpg "Warner Bros Discovery, Rocket Lab, Steel Dynamics, and More")
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Key Takeaways
- The S&P 500 and Nasdaq slipped from their record highs Tuesday as the Federal Reserve’s two-day meeting kicked off.
- Warner Bros. Discovery shares fell as the stock was downgraded by TD Cowan, citing concerns the stock could tumble if a takeover by Paramount Skydance isn’t carried out.
- Shares of Dave & Buster’s Entertainment also plunged after the arcade and restaurant chain missed profit and sales estimates.
The S&P 500 and Nasdaq slipped from record highs Tuesday as the Federal Reserve’s two-day meeting kicked off. The Dow also edged lower.
Warner Bros. Discovery (WBD) was the worst-performing stock in the S&P 500. TD Cowen issued a downgrade to “hold” from “buy,” citing concerns gains from a recent runup tied to reports of a sale to Paramount Skydance (PSKY) could be lost if the deal fails to materialize.
Shares of Dave & Buster’s Entertainment (PLAY) plunged after the arcade and restaurant chain missed profit and sales estimates as comparable store sales declined and it warned that inflation and tariffs might negatively affect its business.
Rocket Lab (RKLB) shares lost altitude as the rocket launch company announced it has struck agreements to sell $750 million in stock in order to raise cash.
Novo Nordisk (NVO) shares rose after the drugmaker reported positive results from a Phase 3 trial of a weight-loss drug that works in a different way than Wegovy and other traditional GLP-1 inhibitors.
Steel Dynamics (STLD) shares advanced after the steelmaker gave a better-than-expected outlook on improved performance across its units.
Oil and gold futures climbed. The yield on the 10-year Treasury note was little changed. The U.S. dollar lost ground to the euro, pound, and yen. Prices for most major cryptocurrencies were lower.
