Stocks fell Friday as traders took a breather ahead of next week’s interest rate decision from the Federal Reserve and weighed the impact of the strike at the Big Three auto makers.Ford fell 0.1%, General Motors gained 0.8%, and Stellantis closed up 2.2%.
Walt Disney gained 1.3% after a spokesman said the entertainment giant hasn’t yet decided what it will do with ABC and other traditional broadcast television channels. That followed a report from Bloomberg that said the company had held talks with Nexstar Media about selling the stations. Apellis Pharmaceuticals jumped 2.6% after shares of the drug developer were upgraded to Overweight from Equal Weight at Wells Fargo.
Adobe reported fiscal third-quarter adjusted earnings of $4.09 a share on revenue of $4.89 billion, higher than analysts’ estimates of $3.98 a share on revenue of $4.87 billion. The software company said it expects fourth-quarter earnings of $4.10 to $4.15 a share on revenue of $4.98 billion to $5.03 billion, versus Wall Street forecasts of $4.06 a share on revenue of $5 billion. Adobe shares fell 4.2%.
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