U.S. stocks on the move: FedEx Freight, AbbVie, Intel
SPY•SPY•SPY•SPY•At 11:30 a.m. EDT, the Dow was down 0.60%, the S&P 500 fell 1.46% and the Nasdaq dropped 2.36%. FedEx Freight rose 14.7% after its Q4 profit forecast topped estimates, AbbVie gained after lifting its full-year profit forecast, and Intel fell 28.3%.
The Nasdaq dropped to its lowest in nearly three months on Friday as Amazon’s aggressive AI spending plan and Intel’s cash-burn warning intensified concerns about AI infrastructure costs and the timeline for returns. At 11:30 a.m. EDT, the Dow Jones Industrial Average was down 0.60% at 52,027.05, the S&P 500 was down 1.46% at 7,607.92, and the Nasdaq Composite was down 2.36% at 25,567.38.
FedEx Freight rose 14.7% after its Q4 profit forecast topped estimates, while AbbVie gained after lifting its full-year profit forecast. Intel fell 28.3%, the biggest S&P 500 percentage decline; the article cited its cash-burn warning as a source of concern. Reddit fell 28.2%, while Regeneron was among the S&P 500’s top gainers, up 11.9%.
