Dow Tumbles Over 200 Points; Adobe Earnings Top Views

U.S. stocks traded mostly lower this morning, with the Dow Jones index dipping more than 200 points on Friday.

Following the market opening Friday, the Dow traded down 0.60% to 38,415.98 while the NASDAQ rose 0.01% to 17,669.62. The S&P 500 also fell, dropping, 0.27% to 5,419.25.

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Leading and Lagging Sectors

Communication services shares jumped by 0.4% on Friday.

In trading on Friday, industrials shares fell by 1.3%.

Top Headline

Adobe Inc. ADBE posted upbeat results for its second quarter and also issued a strong forecast on Thursday.

Adobe reported second-quarter revenue of $5.31 billion, beating the consensus estimate of $5.292 billion. The company reported quarterly adjusted earnings of $4.48 per share, beating analyst estimates of $4.39 per share, according to data from Benzinga Pro.

Adobe also introduced full-year 2024 guidance. The company expects full-year revenue to be between $21.4 billion and $21.5 billion versus estimates of $19.98 billion. Adobe sees full-year adjusted earnings in the range of $18 to $18.20 per share versus estimates of $16.78 per share, according to Benzinga Pro.

Equities Trading UP
                       

• Kaival Brands Innovations Group, Inc. KAVL shares shot up 365% to $6.37.
• Shares of SRIVARU Holding Limited SVMH got a boost, surging 161% to $0.4028 after the company announced it will begin accepting paid reservations and bookings for its flagship product, the PRANA 2.0, on June 16th.
• FOXO Technologies Inc. FOXO shares were also up, gaining 36% to $0.3246 after the company announced it entered into share exchange agreements with Rennova Health.

Equities Trading DOWN

• Nexalin Technology, Inc. NXL shares dropped 32% to $0.9336.
• Shares of Kyverna Therapeutics, Inc. KYTX were down 29% to $10.19.
• Gain Therapeutics, Inc. GANX was down, falling 28% to $1.36 after the company announced the pricing of a $11 million public offering of 7,116,547 shares at $1.35 per share and pre-funded warrants.

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Commodities

In commodity news, oil traded up 0.1% to $78.71 while gold traded up 1.1% at $2,343.00.

Silver traded up 0.7% to $29.275 on Friday, while copper rose 0.2% to $4.4890.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 1.1%, Germany's DAX dipped 1.4% and France's CAC 40 tumbled 2.5%. Spain's IBEX 35 Index fell 1.4%, while London's FTSE 100 slipped 0.5%.

The Eurozone recorded a trade surplus of EUR 15 billion in April versus a year-ago gap of EUR 11.1 billion. The annual inflation rate in France accelerated to 2.3% in May from 2.2% in April.

Asia Pacific Markets

Asian markets closed mostly higher on Friday, with Japan's Nikkei gaining 0.24%, Hong Kong's Hang Seng Index declining 0.94%, China's Shanghai Composite Index gaining 0.12% and India's S&P BSE Sensex gaining 0.24%.

Indian merchandise trade deficit widened to a seven-month of $23.8 billion in May, while wholesale prices increased by 2.61% year-over-year in May. Manufacturing production in Hong Kong increased 1.8% year-over-year in the first quarter versus a 4.1% rise in the prior period. Chinese vehicle sales gained by 1.5% year-over-year to 2.42 million in May.

Industrial production in Japan fell 0.9% month-over-month in April. The Bank of Japan held its key short-term interest rate at about 0% to 0.1% at its recent meeting.

Economics

• Import prices in the U.S. declined by 0.4% month-over-month in May.
• U.S. export prices declined by 0.6% month-over-month in May compared to a revised 0.6% gain in the prior month.

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