The S&P 500 saw a decline of 0.5% as markets concluded on 10-13-2023. The Dow Jones Industrial Average, however, finished 0.12% higher, while the Nasdaq Composite fell by 1.25%. The 10-year Treasury yield fell 1.05% to 4.619.
Camera company Snap (SNAP, Financial) has reportedly laid out its goals for 2024, including growing advertising revenue by more than 20%. The company, which has struggled since Apple (AAPL, Financial) introduced its App Tracking Transparency policy, aims to end next year with more than 475M daily active users. Snap is also looking to grow its content viewers to roughly 80% of its daily active users.
Artificial intelligence company OpenAI, backed by Microsoft (MSFT, Financial), is reportedly in talks to sell shares to investors that will value the company at $90 billion. A private stock tender offer is expected to close next Thursday, with significant interest from investors in the Middle East.
UBS’s investment analysts believe that the U.S.’s economy is on track for a “softish” landing, with economic growth slowing in the upcoming months and stocks rising in the next year. They expect the S&P 500's profits to increase at a low single-digit pace, driven by earnings beats of around 3%.
Shares of Cassava Sciences (SAVA, Financial) fell 15% Friday following a news report that a CUNY researcher associated with the research program for its Alzheimer’s drug candidate simufilam had been investigated for possible data manipulation.
As the tech-heavy Nasdaq Composite (COMP.IND) edged lower on Friday, Cathie Wood's flagship ARK Innovation ETF (ARKK, Financial) slipped as well, threatening to break to a five-month low. ARKK remains higher by 18.6% in 2023, but has given back a large portion of its gains over the past couple of months.
The Department of Justice's trial to block JetBlue's (JBLU, Financial) planned purchase of Spirit Airlines (SAVE, Financial) has been delayed for a second week. The trial is now delayed until Oct. 30 after it was originally postponed to Oct. 23 from Oct. 16 due to criminal trials to be held prior to the start of the SAVE/JBLU trial.
