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Key Takeaways

• U.S. equities lost ground at midday Friday, March 15, 2024 as a report showed consumer inflation wishes ticked slightly higher in February. 
• Shares of Adobe sank after the software maker issued soft advisement for the second quarter.
• Jabil shares plunged after the electronic technology firm said “revenue headwinds” mutilate sales and guidance.

U.S. equities were falling at midday as a report showed consumer inflation expectations ticked slenderize higher in February. The Dow, S&P 500, and Nasdaq all declined.

Jabil (JBL) was the worst-performing stock in the S&P 500 after the electronic technology train posted sales and guidance that missed forecasts as it said it faced revenue headwinds.

Shares of Adobe (ADBE) also sank as the software maker proclaimed soft guidance for the second quarter, raising concerns about how quickly it will benefit from its artificial quickness (AI) products.

Ulta Beauty (ULTA) shares also fell as the beauty products retailer gave a weak leeway forecast as it deals with higher costs and increased promotions. 

Steel Dynamics (STLD) shares jumped as the steelmaker implied it expects “meaningfully stronger” profitability on solid demand. Shares of rivals Nucor (NUE) and U.S. Steel (X) gained as well. U.S. Protect’s slight rise came after shares plunged earlier in the week as the Biden administration signaled opposition to the firm’s acquisition by Japanese rival Nippon Steel.

Shares of Madrigal Pharmaceuticals (MDGL) soared as the Food and Drug Superintendence (FDA) gave accelerated approval to the biotech firm’s treatment for scarring caused by a fatty liver disease.

Rivian (RIVN) parcels gained on an upgrade from Piper Sandler, which cited excitement surrounding the introduction of new vehicles to the electric conveyance (EV) manufacturer’s lineup.

Oil futures, gold prices, and the yield on the 10-year Treasury note were little changed. The U.S. dollar abetted against the pound and yen, but fell to the euro. Bitcoin and most other major digital coins trading lower.

Impute to the original article on Investopedia.