In today's stock market update, the S&P 500 and Nasdaq Composite experienced gains, while the Dow Jones Industrial Average saw a slight decline. The S&P 500 edged up by 0.17% to reach 5,078.18, while the Nasdaq climbed 0.37% to 16,035.30. 

However, the Dow Jones slipped 0.25%, closing at 38,972.41. Traders are eagerly awaiting the release of the Federal Reserve's preferred measure of inflation, which is expected to provide crucial insights into the economy's health and future monetary policy decisions.

Warner Bros. Discovery Halts Paramount Merger Talks

On the corporate front, Warner Bros. Discovery has halted talks with Paramount Global regarding a potential merger. Despite preliminary discussions last year, the companies have cooled off their negotiations this month (via CNBC). 

Paramount, which has received offers from media mogul Byron Allen and interest from David Ellison's Skydance Media, is now in the process of evaluating bids. 

The decision to pause merger discussions comes as Warner Bros. Discovery trades at a 52-week low, and experts caution against a deal that could potentially burden both companies with unsustainable debt.

READ MORE: IPO Market Outlook: Companies to Watch in 2024

Apple Axes Electric Car Project 

In technology news, Apple has made a significant decision to wind down its project aimed at developing an electric car to rival Tesla. Project Titan, which involved thousands of employees under Apple's Special Projects Group, will be stopped entirely. 

While some employees will be laid off, others will be transferred to different departments within the company. Tesla CEO Elon Musk has publicly acknowledged Apple's move, indicating his approval with a signature memeified celebratory post on X.

OpenAI Fights Back Against New York Times Lawsuit

In case you missed it, OpenAI has been embroiled in a lawsuit with the New York Times over allegations of copyright infringement and misuse of intellectual property. 

Now, OpenAI has countered these accusations by claiming that the Times engaged in deceptive practices to gather evidence for its case. According to OpenAI, the Times "paid someone to hack OpenAI's products" to create examples of copyright infringement. 

The New York Times is demanding billions of dollars in damages, claiming that unlawful use of its content has hurt its readership and revenue streams.

Norwegian Cruise Line Holdings Reports Profitable Year

Lastly, in the travel sector, Norwegian Cruise Line Holdings has reported its first profitable year since 2019. Despite challenges posed by the pandemic, the company's fourth-quarter earnings exceeded expectations, with revenue totaling $1.99 billion. 

Although the loss per share for the quarter ending in December was worse than expected, the company forecasts a promising adjusted profit of approximately $635 million for the full year of 2024. 

This positive report has boosted Norwegian Cruise Line Holdings' shares and contributed to gains in Carnival Corp. and Royal Caribbean Cruises.

READ NEXT: Morgan Stanley's Investment Chief Offers Stock Market Playbook for 3 Economic Scenarios in 2024