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Markets Close Mixed; Adobe Beats in Q2, Jumps +14%
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Thursday, June 13th, 2024
Markets were mixed in Thursday’s session. This is pretty much how we started the day, as well — with Producer Price Index (PPI) figures showing inflation metrics incrementally coming down, with jobless claims pushing higher week over week. Both of these data sets would point toward the economic “soft landing” the Fed has long been attempting to engineer, but the bullish A.I. trade seems to have take precedence, leaving the blue-chips and small-caps in negative territory.
Both the blue-chip Dow and small-cap Russell 2000 were in the red from the start of the day. Both finished off session lows, with the Dow -65 points, -0.17%, and the Russell -0.85%. The S&P 500 gained +0.23% on the day and the Nasdaq outperformed the field, +59 points or +0.34%. Less than a headline-commanding session, in any case. Over the past five days of trading, the Nasdaq is up another +3%, the S&P is +1.5%, the Russell +0.20% and the Dow -0.5%.
Adobe (ADBE - Free Report) shares are up +14% in late trading. After the close, the Silicon Valley-based content software producer beat fiscal Q2 estimates on both top and bottom lines: earnings of $4.48 per share outpaced the $4.39 in the Zacks consensus, on a record-high $5.31 billion in quarterly sales. Digital Experiences grew an impressive +9% year over year, with notable earnings upgrades on guidance for the present quarter and full year. The company has not missed on earnings since 2018, and today’s surge makes up a large chunk of its -20% selloff year to date.
Tomorrow morning brings us Import and Export data. Expectations are for headline Imports to come down to 0.0% from +0.9% posted a month ago. Year over year, imports only cracked back into positive territory as of March after spending a full year in the red. Exports, now off record highs established two years ago, but have been ticking up every month of this year so far. This data does not have same impact as a Consumer Price Index (CPI) or a change in the Fed funds rate would have, but can add to the pile of economic understanding to complete another trading week.
Image: Shutterstock
Markets Close Mixed; Adobe Beats in Q2, Jumps +14%
Thursday, June 13th, 2024
Markets were mixed in Thursday’s session. This is pretty much how we started the day, as well — with Producer Price Index (PPI) figures showing inflation metrics incrementally coming down, with jobless claims pushing higher week over week. Both of these data sets would point toward the economic “soft landing” the Fed has long been attempting to engineer, but the bullish A.I. trade seems to have take precedence, leaving the blue-chips and small-caps in negative territory.
Both the blue-chip Dow and small-cap Russell 2000 were in the red from the start of the day. Both finished off session lows, with the Dow -65 points, -0.17%, and the Russell -0.85%. The S&P 500 gained +0.23% on the day and the Nasdaq outperformed the field, +59 points or +0.34%. Less than a headline-commanding session, in any case. Over the past five days of trading, the Nasdaq is up another +3%, the S&P is +1.5%, the Russell +0.20% and the Dow -0.5%.
Adobe (ADBE - Free Report) shares are up +14% in late trading. After the close, the Silicon Valley-based content software producer beat fiscal Q2 estimates on both top and bottom lines: earnings of $4.48 per share outpaced the $4.39 in the Zacks consensus, on a record-high $5.31 billion in quarterly sales. Digital Experiences grew an impressive +9% year over year, with notable earnings upgrades on guidance for the present quarter and full year. The company has not missed on earnings since 2018, and today’s surge makes up a large chunk of its -20% selloff year to date.
Tomorrow morning brings us Import and Export data. Expectations are for headline Imports to come down to 0.0% from +0.9% posted a month ago. Year over year, imports only cracked back into positive territory as of March after spending a full year in the red. Exports, now off record highs established two years ago, but have been ticking up every month of this year so far. This data does not have same impact as a Consumer Price Index (CPI) or a change in the Fed funds rate would have, but can add to the pile of economic understanding to complete another trading week.
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