Hey there, readers!
Today, we have some exciting news and updates from the world of stocks and technology. Let's dive right in!
First up, let's talk about Intel. Unfortunately, the chip maker's stock took a hit recently, plunging nearly 12% after releasing disappointing sales forecasts. The company cited a mix of factors, including seasonal declines in its core business units and an inventory pileup at auto-chip maker Mobileye. This selloff also affected other chip makers like Advanced Micro Devices, Nvidia, and Micron Technology.
In other news, shares of Spirit Airlines dropped after JetBlue warned that it might end its attempted takeover of the company. JetBlue informed Spirit that certain conditions required to close their troubled deal may not be met by the airlines' deadline.
Switching gears to the economic data front, the Federal Reserve's preferred inflation gauge showed that price pressures remained mostly subdued in December. Consumer prices rose 0.2% from November, putting it 2.6% above its year-earlier level. With inflation under control, the Fed's decision on when to cut rates will likely depend on what the job market is signaling.
Now, let's take a look at the stock market. Stocks finished mixed after wavering for much of the day. The S&P 500 slipped 0.1%, the Nasdaq ended down 0.4%, and the Dow closed up 0.2%. However, all three indices logged gains for the week.
That's all for today's update! Stay tuned for more exciting news and updates in the world of stocks and technology.
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