• US markets close lower on Friday, with chipmakers and megacaps leading the decline. The Dow Jones Industrial Average fell 288.87 points, or 0.83%, to 34,618.24. The S&P 500 was lower by 1.22% to 4,450.32, and the Nasdaq Composite dropped 1.56% to 13,708.33.

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  • Adobe falls after earnings as macroeconomic and acquisition headwinds loom. The software giant reported mixed earnings results for the third quarter, and its guidance for the fourth quarter fell short of analyst expectations. Adobe also announced that it was delaying the completion of its acquisition of Figma by one year.
  • Arm shares jump 25% after largest IPO in nearly two years. The British chipmaker’s stock began trading on the Nasdaq on Thursday, and it closed the day at a 25% premium to its IPO price. Arm’s IPO was the largest in nearly two years, and it raised over $24 billion for the company.
  • Investors cautious ahead of Federal Reserve meeting next week. The Fed is widely expected to raise interest rates by 75 basis points at its next meeting, but investors are concerned about the potential for a more aggressive rate hike. Higher interest rates can make it more expensive for companies to borrow money and invest in their businesses.
  • Global markets mixed on Friday. European stocks closed mostly lower, but Asian stocks were mixed. The Japanese Nikkei 225 index closed up 0.5%, while the Chinese CSI 300 index closed down 0.3%.

Other Notable News:

  • Tesla CEO Elon Musk has sold another $735 million worth of Tesla shares. This brings Musk’s total stock sales since August to over $15 billion.
  • Rivian Automotive has cut its production forecast for the year by 50%. The electric vehicle maker is facing supply chain challenges and higher costs.
  • Netflix has announced that it is planning to launch an ad-supported subscription tier. The new tier is expected to be available in early 2023.
  • Alphabet has reported mixed earnings results for the third quarter. The Google parent company’s revenue and earnings beat analyst expectations, but its advertising revenue growth slowed.

Overall, investors are cautious ahead of the Federal Reserve meeting next week. The Fed’s decision on interest rates could have a significant impact on the stock market in the coming months.