Stock Market Today: ORCL & ADBE Earnings, AEO Plunges Near 52-Week Low

Marley Kayden (0:00)

Welcome to The Wrap. I'm Marley Kayden, here to take you through today's market action. Let's take a look at where the markets closed. The S&P 500 fell for a fourth straight session, dropping half a percent as oil hit $100 a barrel for the first time since May. The 10-year treasury yield climbed above 4.9%, its highest level in more than two years. Communication services and consumer staples were the only sectors to finish higher, while materials and utilities each dropped at least 1%.

As we look at stocks that were on the move, American Eagle fell 15% today after reporting better-than-expected earnings with tariff-free funds accounting for much of the profit beat. The apparel retailer's growth continues to be driven by its Aerie brand, while comparable sales at American Eagle's brand fell year-over-year. The stock closed at an 11-month low. Oracle shares fell 5% during the session, but traded higher after hours following strong fiscal first-quarter results. Adjusted earnings of $1.92 a share beat estimates, as did revenue of $19.35 billion. Cloud infrastructure revenue more than doubled from a year earlier to $7.39 billion.

Oracle also raised its full-year adjusted earnings outlook and said it expects at least $90 billion in annual revenue. Adobe shares reversed earlier losses to trade higher after hours, following better than expected fiscal third-quarter results. Adjusted earnings came in at $6.13 a share on revenue of $6.76 billion. Both were above estimates. Adobe also raised its full-year adjusted earnings outlook. It expects fourth-quarter revenue between $6.8 and $6.85 billion.

Coming up tomorrow, we will get the CPI report. Of course, expectations high with today's PPI coming in hotter than expected. We'll also get the September preliminary consumer sentiment survey results and we will have earnings from Kroger in the morning. That is going to do it for the wrap. I'm Marley Kayden. Thanks so much for joining us. You can tune in to Schwab Network 24-7 on schwabnetwork.com and subscribe to our YouTube channel.