The Dow Jones Industrial Average was down, while the S&P 500 and Nasdaq Composite were also lower in late-morning trading Thursday, as Oracle's (ORCL) earnings report dragged down tech stocks despite the Federal Reserve interest rate cut on Wednesday.

In company news, Oracle reported fiscal Q2 adjusted earnings late Wednesday of $2.26 per diluted share, up from $1.47 a year earlier and above the FactSet consensus analyst estimate of $1.64. Fiscal Q2 revenue was $16.06 billion, up from $14.06 billion a year ago but below the FactSet consensus of $16.19 billion. On the company's earnings call, Principal Financial Officer Douglas Kehring said fiscal 2026 capital expenditure will likely be about $15 billion higher than its Q1 forecast. Oracle shares were down 14.1% around midday.

Eli Lilly (LLY) said Thursday the two highest investigational doses of its drug retatrutide met their primary endpoints of "significant" weight loss and reduced pain in obese or overweight adults with knee osteoarthritis in a phase 3 clinical trial. Both the 9 milligram and 12 mg doses of retatrutide delivered weight loss by up to an average of 28.7%, the company said. Eli Lilly shares were up 3.8%.

Walt Disney (DIS) will make a $1 billion equity investment in Microsoft-backed (MSFT) OpenAI as part of a new three-year licensing agreement, the companies said Thursday. Under the deal, Disney will become the first major content licensing partner on OpenAI's short-form generative artificial intelligence video platform, Sora, the companies said. Disney shares were up 1.3%, while those of Microsoft were up 0.3%.

Rezolute (RZLT) said its phase 3 sunRIZE study evaluating ersodetug in patients with congenital hyperinsulinism did not meet its primary or key secondary endpoints. Rezolute shares were down 89.2%.

Adobe (ADBE) reported fiscal Q4 non-GAAP earnings late Wednesday of $5.50 per diluted share, up from $4.81 a year earlier and above the FactSet consensus of $5.40. Fiscal Q4 revenue was $6.19 billion, up from $5.61 billion a year ago and above the FactSet consensus of $6.11 billion. For fiscal Q1, the company said it expects non-GAAP earnings of $5.85 to $5.90 a share on revenue of $6.25 billion to $6.30 billion. Analysts polled by FactSet expect $5.67 and $6.23 billion, respectively. For full-year guidance, the company expects adjusted EPS of $23.30 to $23.50 on revenue of $25.90 billion to $26.10 billion. Analysts expect $23.38 and $25.89 billion, respectively. Adobe shares were up 1.1%.

Price: 191.45, Change: -31.56, Percent Change: -14.15