The stock market saw various sectors making significant moves, with energy companies entangled in legal disputes and technology firms experiencing shifts in their stock prices. Energy Transfer (ET, Financial) and Williams (WMB, Financial) are embroiled in a court battle over natural gas projects in Louisiana, with accusations of stifling competition and regulatory skirting. Meanwhile, tech stocks like Twilio (TWLO, Financial) and The Trade Desk (TTD, Financial) faced different fortunes, with TWLO shares dropping due to weak guidance and TTD shares climbing after reporting earnings. In the automotive sector, Ford Motor (F, Financial) CEO discussed the company's labor challenges and strategic manufacturing decisions amidst the transition to electric vehicles. Additionally, Cleveland-Cliffs (CLF, Financial) and US Steel (X, Financial) received downgrades from Morgan Stanley, citing modest steel demand growth and rising capacity leading to declining prices.
Toast (TOST, Financial) experienced a significant stock price drop after announcing layoffs of about 550 workers, reflecting the broader industry challenges and competition from companies like Block (SQ). The company is expected to provide updates during its Q4 earnings call. In the social media realm, Meta (META, Financial) announced plans to add a 30% fee to advertisers and influencers on its iOS apps, complying with Apple's (AAPL, Financial) App Store guidelines. Coca-Cola (KO) declared an increased quarterly dividend, signaling confidence in its financial stability and growth prospects.
Super Micro Computer (SMCI) saw its shares rise as Bank of America initiated coverage, highlighting the company's potential benefit from AI-driven demand growth. AbbVie (ABBV) maintained its quarterly dividend, reflecting a steady income stream for investors. New York Community Bancorp (NYCB) reassured investors of its stability by disclosing its capacity to offer expanded deposit insurance. Google (GOOG) (GOOGL) faced potential competition as OpenAI, backed by Microsoft (MSFT), is reportedly working on a web search product.
In the broader market, notable stock movements included gains for SoundHound AI (SOUN) and losses for Beamr Imaging (BMR). The S&P 500 Information Technology Sector saw a slight decline, with mixed performance across its subsectors. U.S. stock index futures indicated a mixed opening, with economic data such as retail sales influencing market sentiment. Deere (DE) and SunPower (SPWR) were among the stocks to watch, with DE issuing disappointing profit guidance and SPWR's stock soaring after positive earnings.
OpenAI introduced a new video-generation model called Sora, which can create videos from text instructions, showcasing the company's advancements in AI technology. Lastly, the stock market saw a mix of gainers and losers, with China Natural Resources (CHNR) and JX Luxventure Limited (JXJT) experiencing significant gains, while Earlyworks Co Ltd (ELWS) and Renalytix (RNLX) faced steep declines.
