Key Takeaways

Major U.S. indexes were little changed and slightly lower at midday Thursday following a report showing wholesale inflation grew more than expected in November. The Dow, S&P 500, and Nasdaq all slid.

Adobe ( ADBE ) shares slumped after the software maker gave a weaker-than-expected outlook , raising concerns that the benefits from artificial intelligence (AI) demand may be delayed.

Shares of Oxford Industries ( OXM ) sank after the parent of Tommy Bahama, Lilly Pulitzer, and Johnny Was apparel brands posted an unexpected loss and slashed its guidance as hurricanes and inflation reduced sales.

Shares of Nucor ( NUE ), Steel Dynamics ( STLD ), and Commercial Metals ( CMC ) tumbled after UBS cut its rating on all three of the steel makers.

MetLife ( MET ) shares gained after the insurance provider introduced a new five-year strategic plan aimed at boosting profit and return on equity, lowering costs, and increasing free cash flow .

Shares of Kroger ( KR ) and Albertsons ( ACI ) advanced after Albertsons broke off its merger agreement with the rival grocer following a judge’s ruling blocking the proposed $20 billion deal.

Warner Bros. Discovery ( WBD ) shares jumped when the media conglomerate said it was splitting into two separate divisions , with one focused on global linear TV and the other housing its streaming and studios business.

Oil and gold futures fell. The yield on the 10-year Treasury note was higher. The U.S. dollar gained on the pound, but lost ground to the euro and yen. Prices for most major cryptocurrencies climbed.

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