11:53 AM EDT, 05/15/2024 (MT Newswires) -- The S&P 500 and Nasdaq Composite both hit record highs Wednesday as investors responded warmly to a slower-than-expected consumer price index inflation report.

In company news, Netflix ( NFLX ) and the National Football League announced Wednesday that the streaming service secured broadcast rights to two Christmas Day games. Netflix ( NFLX ) will also stream at least one NFL game on Christmas Day in 2025 and 2026, the company said. Shares of the company were down 0.4%.

Shares of AMC Entertainment ( AMC ) and GameStop ( GME ) slumped on Wednesday after the companies experienced significant gains amid the "meme stock" run seen earlier this week. AMC's stock was down 21.5%, while GameStop's ( GME ) was down 32.5% in late-morning trading.

Walt Disney ( DIS ) will cut its marketing expenses for its Disney+ streaming service as it seeks to reach a profit on that business, Chief Executive Bob Iger said Wednesday. The reduction in marketing expenses will coincide with the company's efforts to increase engagement and a crackdown on password sharing, Iger said. Disney ( DIS ) shares were down 2.8%.

Roughly half of Amazon.com's ( AMZN ) frontline warehouse workers are struggling with housing and food insecurity, as well as being able to pay their bills, according to a report by the University of Illinois Chicago's Center for Urban Economic Development. The report details the results of a survey of 1,484 Amazon ( AMZN ) workers across 451 facilities in 42 states. Shares of Amazon ( AMZN ) were down 0.7%.

Tesla (TSLA) denied that Elon Musk attempted to bully or threaten a retired law professor from speaking out against its plan to let shareholders validate the chief executive's $56 billion pay package that was struck down by a judge, Bloomberg reported Wednesday. The letter came a day after Charles Elson stated in a court filing that Musk attempted to block his friend-of-the-court brief by threatening to fire Holland & Knight LLP as its law firm representing it on an unrelated matter. Holland & Knight has a 30-year consulting relationship with Elson, according to Bloomberg. Tesla shares were down 1.7%.

DoorDash ( DASH ) agreed to pay $75,000 to delivery worker applicants found to be illegally rejected by the company, New York Attorney General Letitia James said Wednesday. The company rejected about 3,000 applicants with criminal records without a fair assessment, in violation of state human rights and corrections laws and the New York city Fair Chance Act, James said. Shares of the company were up 0.4%.

Uber Technologies ( UBER ) announced a new shuttle service that will allow customers to reserve a seat on a local shuttle service at a much lower cost than the price of an UberX. The company also unveiled a new partnership with Costco (COST) that will allow Uber Eats to deliver Costco products to customers. Uber ( UBER ) shares were up 1.3%, while those of Costco were up 1% around midday.

Price: 611.31, Change: -2.35, Percent Change: -0.38