Market Retreats as Fed Meeting Begins; Warner Bros. Discovery and Dave & Buster’s Lead Declines
The S&P 500 and Nasdaq retreated from record highs as the Federal Reserve's two-day policy meeting commenced. Warner Bros. Discovery (WBD) emerged as the S&P 500's worst performer after TD Cowen downgraded the stock, citing risks tied to a potential collapse of its rumored acquisition by Paramount Skydance.
Dave & Buster’s Entertainment (PLAY) shares plummeted following disappointing earnings and revenue figures, compounded by declining same-store sales and warnings about inflationary pressures. Rocket Lab (RKLB) declined after announcing a $750 million stock sale to bolster liquidity.
Novo Nordisk (NVO) bucked the trend, rising on positive Phase 3 trial results for a novel weight-loss drug. The broader market's pullback reflects investor caution ahead of the Fed's policy decision, with particular scrutiny on interest rate projections.