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Adobe Inc.

Adobe Inc.

$ADBE
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Adobe's CEO Appointment Could Lead to 'Strategic Messaging' Around Experience Cloud Business, RBC Says
US Markets

Adobe's CEO Appointment Could Lead to 'Strategic Messaging' Around Experience Cloud Business, RBC Says

Adobe's (ADBE) appointment of Anil Chakravarthy as its next chief executive could lead to strategic messaging around the company's experience cloud business, RBC Capital Markets said in a note emailed Friday.Chakravarthy, currently president of Adobe's customer experience orchestration business and worldwide field operations, will become president and CEO, effective Dec. 1, the company announced Thursday.Chakravarthy joined Adobe in 2020 and has led the company's digital experience business. He later took on responsibility for Adobe's worldwide field operations serving enterprise customers. He replaces Shantanu Narayen, who announced in March to step down from the top role."The appointment of Mr. Chakravarthy may lead to more prominent strategic messaging around the experience cloud which we continue to feel is the core to establishing and expanding the (total addressable market) for GenAI creative," RBC said Friday. "We would expect strategy to align with recent product and partnership announcements with an emphasis on eco-system and the role that plays in pushing to be the orchestration layer for marketing and creativity."Adobe Experience Cloud is a suite of applications to personalize marketing and manage customer experiences across channels. In June, Adobe said it was expanding its creative tools across third-party AI and workplace platforms, including ChatGPT, Claude, Copilot, Gemini and Slack.Adobe's shares fell 6.8% in Friday trading. The stock is down about 20% so far this year.Leveraging its differentiated strengths in scale, breadth, compliance, governance and interconnectivity will be key for Adobe to maintain its competitive position in the enterprise market, RBC said.RBC has an Outperform rating and a $315 price target on Adobe.Adobe also announced in June that Chief Financial Officer Daniel Durn would step down, with Steven Day appointed as interim CFO.In July, BofA Securities said in an analyst note that the simultaneous turnover of CEO and CFO introduces structural risks to the company's long-term strategy.The Photoshop maker is scheduled to release its quarterly financials on Sept. 10.Price: $265.82, Change: $-19.93, Percent Change: -6.97%

$ADBE
Adobe Poised for Solid Third Quarter as ARR Seen Topping Views, RBC Says
US Markets

Adobe Poised for Solid Third Quarter as ARR Seen Topping Views, RBC Says

Adobe (ADBE) is expected to report solid fiscal third-quarter results, with its annual recurring revenue likely to exceed Wall Street's estimates, RBC Capital Markets said Wednesday in a client note.The Photoshop maker is scheduled to release its quarterly financials on Sept. 10, with analysts in a FactSet poll looking for ARR of $27.47 billion.RBC expects Adobe to deliver upside to third-quarter ARR consensus estimates.The brokerage is projecting earnings per share of $6.08 on sales of $6.7 billion. The consensus on FactSet is for EPS of $6.07 on an adjusted basis and revenue of $6.69 billion.Amid near-term ARR headwinds, an update on the company's pricing and go-to-market strategy will be in focus when Adobe releases its results, according to RBC analysts, including Matthew Swanson."Recent stock performance has been driven in large part by improving (software-as-a-service) sentiment, as we continue to feel a path to ARR re-acceleration remains the key to company-specific multiple expansion," Swanson wrote.Adobe's share price closed 2.2% lower on Wednesday, and are down 20% this year.While year-to-date stock values of SaaS companies are still down, they have stabilized since the start of July, with Adobe up 36%, according to RBC."We continue to feel that Adobe needs to lean into platform breadth and the differentiation that comes from scale, compliance, governance and interconnectivity to deepen enterprise moats while the (return on investment) proposition of experience cloud is in our view the best path to ARR re-acceleration," Swanson said.The market is also awaiting announcements on new chief executive and chief financial officer, the brokerage said.In March, Adobe announced that Shantanu Narayen would step down as CEO after a successor has been named.CFO Dan Durn resigned in June to take the same role at Marvell Technology (MRVL), with Steve Day, CFO of Adobe's customer experience orchestration unit, stepping in as interim finance chief.RBC reiterated its outperform rating on Adobe's shares and raised the price target to $315 from $285.Some of Adobe's competitors in the broader enterprise software space have announced their quarterly financials, with Microsoft's (MSFT) fiscal fourth-quarter results topping the Street's expectations late in July. Salesforce (CRM) increased its full-year revenue guidance toward the end of August after the customer relationship management platform delivered a fiscal second-quarter beat.Price: $280.69, Change: $-5.39, Percent Change: -1.88%

$ADBE$CRM$MRVL$MSFT
Wire

Adobe Likely to Post In-Line Fiscal Q3 Results, RBC Says

Adobe (ADBE) is expected to report in-line fiscal Q3 results Sept. 10, with annual recurring revenue delivering upside to consensus estimate of $27.5 billion, RBC said in a Wednesday note.The note said ARR guidance and an update on pricing and go-to-market will be in focus amid near-term ARR headwinds. Others include announcements on a new CEO and/or CFO.The report also said recent stock performance has been driven in large part by improving software as a service sentiment."We continue to feel a path to ARR re-acceleration remains the key to company-specific multiple expansion," it said.RBC kept its outperform rating and raised its price target to $315 from $285 on the back of peer multiple expansion.Price: $282.77, Change: $-3.31, Percent Change: -1.16%

$ADBE
Wire

Market Chatter: Adobe Acquires Indian Startup Rilo

Adobe (ADBE) has acquired Rilo, an India-based market intelligence startup, TechCrunch reported Wednesday.Rilo will shut following the acquisition, and Adobe plans to integrate the startup's technology and six-member team, the report said. Terms weren't disclosed.Adobe and Rilo did not immediately respond to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $282.49, Change: $-3.59, Percent Change: -1.25%

$ADBE
Sectors

Sector Update: Tech Stocks Mixed Pre-Bell Monday

Technology stocks were mixed pre-bell Monday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.4% and the State Street SPDR S&P Semiconductor ETF (XSD) advancing by 0.1%.Science Applications International (SAIC) stock was up more than 12% after the company reported higher fiscal Q2 revenue and raised its fiscal 2027 outlook.CrowdStrike (CRWD) and Clear (YOU) said they teamed up to combine biometric identity verification with cybersecurity threat detection software. Shares of Clear were up more than 2% premarket.Adobe (ADBE) has expanded its partnership with Saudi Arabia's Ministry of Communications and Information Technology and HUMAIN, the companies said. Adobe stock was down more than 1% pre-bell.

$ADBE$CRWD$SAIC$XLK$XSD$YOU
Wire

Stagwell, Adobe Expand Strategic Partnership

Stagwell (STGW) said Thursday it is expanding its strategic partnership with Adobe (ADBE) to build enterprise marketing.The multi-year collaboration embeds Stagwell's data and AI capabilities into Adobe's enterprise engine, the company said.Price: $8.91, Change: $+0.27, Percent Change: +3.12%

$ADBE$STGW
Wire

Adobe's Freemium, Management, Reinvestment Transitions Compound Execution Risk, Morgan Stanley Says

Adobe's (ADBE) transitions in its freemium business model, management, and AI reinvestments compound execution risk as generative AI disruption obscures the path to annual recurring revenue reacceleration, Morgan Stanley said in a Tuesday research report.The uncertainty around organizational restructuring and execution risk is likely to weigh on investor sentiment, "keeping the multiple depressed and range-bound," the brokerage stated.While each company transition could be managed in isolation, a convergence raises the bar for execution when other segments of software offer "cleaner evidence" of durable growth and operating leverage, according to the note.The company does not lack innovation, but translation of that innovation into durable ARR acceleration is increasingly difficult to underwrite as pools of creative cloud ARR become more exposed to GenAI substitution risk, analysts wrote.The brokerage said it downgraded the stock to underweight from equalweight and cut its price target to $240 per share from $365.Price: $229.14, Change: $-5.60, Percent Change: -2.39%

$ADBE
Research

Morgan Stanley Downgrades Adobe to Underweight From Equalweight, Adjusts Price Target to $240 From $365

Adobe (ADBE) has an average rating of hold and mean price target of $252.86, according to analysts polled by FactSet.

$ADBE
Research

HSBC Upgrades Adobe to Buy From Hold, Adjusts Price Target to $308 From $282

Adobe (ADBE) has an average rating of hold and mean price target of $269.14, according to analysts polled by FactSet.

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Research

Phillip Securities Downgrades Adobe to Neutral From Buy, Adjusts Price Target to $203 From $368

Adobe (ADBE) has an average rating of hold and mean price target of $267.75, according to analysts polled by FactSet.

$ADBE
Wire

Adobe to Acquire Topaz Labs

Adobe (ADBE) said Thursday that it has signed a definitive agreement to acquire Topaz Labs, an AI software firm specializing in video and image enhancement models.Financial terms of the deal, which Adobe expects to close H2, were not disclosed.The company said that when the acquisition is completed, Topaz Labs products will still be available as standalone offerings through its website, and Topaz Labs Chief Executive Eric Yang will continue to lead the Topaz Labs team.Price: $195.29, Change: $-1.26, Percent Change: -0.64%

$ADBE
Wire

Top Midday Stories: Energy Department to Provide $17.5 Billion in Loans for Nuclear Reactors; Oracle Shrank Workforce by 13% in Fiscal 2026

The Nasdaq Composite and S&P 500 Index were down in late-morning trading Tuesday, while the Dow Jones Industrial Average was roughly flat, as chip-related shares tumbled.The Trump administration is expected to announce a new deal Tuesday through which the Department of Energy will make available low-interest loans amounting to $17.5 billion for utilities to finance equipment orders for Westinghouse Electric's flagship nuclear reactor, The Wall Street Journal reported, citing the DOE and Energy Secretary Chris Wright. The loans are intended to accelerate the construction of 10 reactors in the US, and five loans will be available for projects with two reactors each, the report said, citing the DOE.In company news, Oracle's (ORCL) total workforce fell by about 21,000 employees, or 13%, in fiscal 2026 to 141,000 as of May 31, Reuters reported Monday. Oracle shares were down 3.5% around midday.SpaceX (SPCX) is set to launch the first mission of its Starfall program on Tuesday, sending a reusable capsule into orbit that can be recovered on Earth, Bloomberg reported Tuesday. The capsule will launch aboard a Falcon 9 from Florida and is expected to splash down off the West Coast of the US, the report said. SpaceX shares were up 2.4%.Carnival (CCL) reported fiscal Q2 adjusted earnings Tuesday of $0.41 per diluted share, up from $0.35 a year earlier and above the FactSet consensus analyst estimate of $0.34. Fiscal Q2 revenue was $6.66 billion, up from $6.33 billion a year ago but below the FactSet consensus of $6.69 billion. For fiscal Q3, the company said it expects adjusted EPS of about $1.35, below the FactSet consensus of $1.42. For fiscal 2026, Carnival expects adjusted diluted EPS of about $2.22, up from its previous guidance of $2.21 but below the FactSet consensus of $2.23. Carnival shares were down 6.0%.The US Supreme Court on Tuesday reversed and remanded ruling by lower courts, reviving Exxon Mobil's (XOM) lawsuit seeking more than $1 billion in damages from Cuban government-owned companies over assets confiscated following Fidel Castro's seizure of power in 1959. Separately, the Supreme Court sided with Cisco Systems (CSCO), reversing a federal appeals court ruling that had allowed claims that the company aided human-rights abuses in China to proceed. Exxon shares were up 1.2%, while Cisco shares down 1.2%.Amazon (AMZN) must bargain with warehouse workers at a California delivery facility after a US labor board judge ruled that the tech giant violated federal labor law by refusing to recognize the Teamsters union after it secured majority support among employees in 2024, Bloomberg reported Tuesday. Separately, Amazon and competing retailers are expected to generated record US online sales of $26.3 billion during the four-day Prime Day event starting Tuesday, representing a 9% increase from last year's event, Bloomberg reported Monday, citing Adobe (ADBE) data. Amazon shares were up 0.3%.Price: $157.67, Change: $+3.07, Percent Change: +1.98%

$ADBE$AMZN$CCL$CSCO$ORCL$SPCX$XOM
Wire

Adobe Offers an Attractive Risk/Reward to Long-Term Thesis, RBC Capital Markets Says

Adobe (ADBE) offers an attractive risk/reward to the long-term thesis despite near-term risks around the freemium model transition that involves offering free tiers of artificial intelligence tools to drive adoption, RBC Capital Markets said in a research note emailed Thursday.Key positives from Q2 results revolved around over $500 million of AI-first annual recurring revenue along with an acceleration of traffic and intent-based spending, but dynamic user expectations with the traffic flowing into a freemium model will take time to monetize, analysts wrote.GenAI attribution and performance measurement remains a priority for Adobe as it will likely help establish the enterprise total addressable market for creative, according to the note.The brokerage said it reiterated its outperform rating on the stock and price target of $285 per share.Price: $196.34, Change: $+0.06, Percent Change: +0.03%

$ADBE
Wire

Adobe Poised to Outperform Peers on AI Growth, Cloud Synergies, RBC Capital Markets Says

Adobe (ADBE) is expected to outperform its software peers over the next 12 months, driven by "growing synergies" between its Experience Cloud and Creative Cloud businesses and the potential for generative artificial intelligence to boost revenue growth and investor sentiment, RBC Capital Markets said in a note Tuesday.The firm said it is hosting a "virtual fireside chat" with Adobe President of Creativity and Productivity David Wadhwani to discuss the company's generative AI monetization strategy, AI-driven revenue opportunities, evolving pricing models and the expansion of its total addressable market across "enterprise and consumer segments" following its fiscal Q2 results.While Adobe delivered solid fiscal Q2 results, " investor focus" shifted to the departure of Chief Financial Officer Dan Durn and the complexities of the company's annual recurring revenue guidance, the note said.Despite near-term revenue headwinds from Adobe's "strategic" shift toward a freemium model and delayed price optimizations, the firm said AI-first annual recurring revenue, led by Firefly and Express, more than tripled year over year to over $500 million and added that generative AI will serve as a long-term catalyst for revenue growth through 2026, according to the note.RBC Capital Markets maintained an outperform rating on Adobe with a price target of $285.Shares of Adobe were down more than 2% in Wednesday trading.Price: $202.02, Change: $-5.30, Percent Change: -2.56%

$ADBE
Update: Equities Rise as SpaceX Soars; Wall Street Logs Weekly Gain Amid Iran Deal Optimism
US Markets

Update: Equities Rise as SpaceX Soars; Wall Street Logs Weekly Gain Amid Iran Deal Optimism

(Updates with market moves at the end of the day.)US equities advanced Friday to lock in a weekly gain for Wall Street as Space Exploration Technologies' (SPCX) blockbuster debut and a potential Middle East peace deal buoyed sentiment.The Dow Jones Industrial Average closed 0.7% higher at 51,202.3, while the S&P 500 rose 0.4% to 7,431.4. The Nasdaq Composite added 0.3% to 25,888.8. Barring healthcare, all sectors ended in the green, led by materials.SpaceX -- Elon Musk's rocket and satellite company -- ended its first trading day 19% above its initial public offering price of $135. The rally pushed the company's market capitalization above $2 trillion, placing it among the 10 most valuable public companies in the US, even more valuable than Musk's electric vehicle maker, Tesla (TSLA).The three major Wall Street indexes posted a weekly gain of 0.7% each, rebounding after last week's declines."It was a dizzying week in financial markets," Sal Guatieri, senior economist at BMO Capital Markets, said in a report. "After closing above 7,600 for the first time ever on June 2, the S&P 500 was headed for a second weekly decline, until Thursday afternoon. That's when President (Donald) Trump called off plans to strike Iran "very hard" as a potential peace deal emerged, with hopes of both sides signing off in Geneva this weekend.""Investor spirits were also stoked by the world's largest initial public offering, SpaceX, which blasted off on Friday," Guatieri said.West Texas Intermediate crude oil was down 3.9% at $84.30 a barrel in Friday late-afternoon trade, while Brent fell 4% to $86.79. The benchmarks were headed for weekly falls after last week's gains.The US and Iran are edging closer to an interim agreement to reopen the Strait of Hormuz, Bloomberg News reported Friday, citing senior officials. The agreement would extend the existing ceasefire by around two months and open further negotiations over Iran's nuclear program, according to the report.Pakistani Prime Minister Shehbaz Sharif said Friday that "final" text of a peace deal has been reached."Pakistan is now working closely with both sides to finalize the next steps," Sharif said in a social media post Friday. "Peace has never been this close as it is now."US Treasury yields were higher, with the 10-year rate last up 1.5 basis points at 4.49% and the two-year rate rising 1.9 basis points to 4.09%.In economic news, US consumer sentiment rebounded in June as gasoline prices eased, while the inflation outlook dropped, the University of Michigan's latest survey showed."Sentiment and spending have become disconnected," Oxford Economics said in a note. "Still, higher gas prices will take a bite out of consumers' real disposable incomes, forcing them to reel in spending."In other company news, Adobe (ADBE) shares fell 6.8%, the second-steepest drop on the S&P 500. The software maker reported solid quarterly results that were overshadowed by the departure of its finance chief and lingering questions about the company's growth trajectory, RBC Capital Markets said in a note.Lennar (LEN) dropped 4.9%, among the worst performers on the S&P 500, as the homebuilder issued a downbeat fiscal third-quarter home delivery outlook.Gold was last up 2.9% at $4,231,10 per troy ounce, while silver jumped 6.1% to $67.90 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADBE$LEN$SPCX$TSLA
International

Update: US Equity Indexes Rise After Iran Says Peace Deal With Washington in Final Stage of Discussions

(Updates with index/price moves, analyst comment, and other information from the first paragraph.)US equity indexes rose amid growing expectations that the Iran interim peace deal is in the final stretch and an 19% surge in Space Exploration Technologies (SPCX) shares on its Nasdaq debut.The Dow Jones Industrial Average rose 0.7% to 51,202.26, followed by a 0.5% increase in the S&P 500 to 7,431.46, and a 0.3% increase in the Nasdaq Composite to 25,888.84 on Friday. All sectors except consumer discretionary and healthcare advanced. Materials, financials, and utilities led the gainers.Iran is in the final stages of discussing the terms of an agreement with the US, CNN cited Iranian Foreign Ministry spokesperson Esmaeil Baghaei as saying in state media on Friday. "At present, understanding has been reached on the majority of issues, and we are in the final stage of internal deliberations," CNN cited Baghaei as saying."With close observation of the other side's positions, we will announce our stance according to circumstances," the spokesperson was cited as saying. "Even as I am speaking with you now, meetings among the relevant institutions are underway."Crude oil futures slumped, with front-month global benchmark North Sea Brent sliding 3.7% to $87.02 per barrel. The US West Texas Intermediate dropped 3.6% to $84.54 per barrel."Oil slumped after President Trump talked up another peace deal, with markets this time appearing increasingly willing to believe it may be for real, despite the lack of confirmation from Tehran," Saxo Bank said in a note. "Brent crude fell to a two-month low amid expectations of a surge in supply from tankers currently stranded in the Gulf."In precious metals, gold futures jumped 2.7% to $4,226.8, while silver futures surged 5.9% to $67.77.In company news, shares of Space Exploration Technologies (SPCX) or SpaceX closed at $160.95, 19.2% above its initial public offering price of $135, making Elon Musk the world's first trillionaire.Adobe's (ADBE) Chief Financial Officer Dan Durn's departure and fiscal 2026 organic annual recurring revenue outlook have created more uncertainty for the company, outweighing its fiscal Q2 results, RBC Capital Markets said in a note. Shares dropped 6.8%, among the worst performers on the S&P 500 and the Nasdaq.In economic news, the University of Michigan's preliminary consumer sentiment index rose to 48.9 in June from 44.8 in May, topping expectations of 46.0 in a Bloomberg-compiled survey. One-year inflation expectations fell to 4.6% from 4.8%, while five-year inflation expectations dropped to 3.4% from 3.9%."Even with June's early gains, however, views of the economy are still relatively dour," the University of Michigan said Friday in a statement. Consumers "feel burdened by the recent escalation in inflation and worry that higher inflation could remain stubborn going forward, particularly in the short run," the university said.Most US Treasury yields rose, with the 10-year up two basis points to 4.49% and the two-year climbed 1.5 basis points to 4.09%.

Dow JonesNasdaq CompositeS&P 500$ADBE$SPCX
International

US Equity Markets End Higher After Iran Confirms Progress on Peace Agreement, Crude Oil Prices Fall

US equity indexes were higher on Friday after Iran confirmed discussions on a peace treaty and crude oil prices fell.* Iran is in the final stages of discussing the terms of an agreement with the US, CNN cited Iranian Foreign Ministry spokesperson Esmaeil Baghaei as saying in state media on Friday. The draft deal includes a commitment that the US will lift oil sanctions, final negotiations will not begin until half of Iran's frozen funds are released, and a US naval blockade ends, CNBC reported, citing Iran's Mehr News Agency.* The University of Michigan's preliminary consumer sentiment index rose to 48.9 in June from 44.8 in May, beating expectations for 46.0 in a Bloomberg-compiled survey.* July West Texas Intermediate crude oil fell $3.27 to settle at $84.44 per barrel, while August Brent crude, the global benchmark, was last seen down $3.45 at $86.93.* Seagate Technology (STX) shares were up about 7.3%, among the top gainers on the S&P 500, after the company said its Seagate HDD Cayman unit issued a notice to redeem all outstanding 3.50% exchangeable senior notes due 2028 that have not been exchanged.* Adobe's (ADBE) CFO departure and fiscal 2026 organic annual recurring revenue outlook have created more uncertainty for the company, outweighing its fiscal Q2 results, RBC Capital Markets said in a note emailed Friday. The company's shares were down nearly 6.8%, the steepest decline on the Nasdaq.

Dow JonesNasdaq CompositeS&P 500$ADBE$STX
Update: Equities Rise Intraday Amid SpaceX's Blockbuster Debut, US-Iran Deal Prospects
Wire

Update: Equities Rise Intraday Amid SpaceX's Blockbuster Debut, US-Iran Deal Prospects

(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday as Space Exploration Technologies (SPCX) rallied on its market debut, while oil prices fell as traders tracked reports of a potential deal between Washington and Iran.The Dow Jones Industrial Average was up 0.8% at 51,260.8 after midday Friday, while the S&P 500 rose 0.6% to 7,436.6. The Nasdaq Composite added 0.5% to 25,930.1. Barring consumer discretionary and healthcare, all sectors were in the green, led by materials.SpaceX -- Elon Musk's rocket and satellite company -- opened trade at $150 and moved as high as $176.52, after having priced its initial public offering at $135. The rally pushed the company's market capitalization above $2 trillion, placing it among the 10 most valuable public companies in the US, even more valuable than Musk's electric vehicle maker, Tesla (TSLA).The IPO drew more than $350 billion in orders from institutions and retail investors, with the former accounting for over $250 billion, Bloomberg News reported, citing unnamed sources. The IPO, which would raise a record $75 billion, is expected to close Monday.West Texas Intermediate crude oil was down 3.4% at $84.67 a barrel intraday Friday, while Brent fell 3.5% to $87.20.The US and Iran are edging closer to an interim agreement to reopen the Strait of Hormuz, Bloomberg News reported Friday, citing senior officials. The agreement would extend the existing ceasefire by around two months and open further negotiations over Iran's nuclear program, according to the report."We can confirm that a final, agreed upon text of the peace deal has been reached, and Pakistan is now working closely with both sides to finalize the next steps," Pakistani Prime Minister Shehbaz Sharif said in a social media post Friday. "Peace has never been this close as it is now.""Unlike previous (potential US-Iran deal) announcements that were met with considerable skepticism, markets this time appear increasingly willing to price in a meaningful probability of success," Saxo Bank said in a report.US Treasury yields were higher intraday, with the 10-year rate up 1.4 basis points at 4.48% and the two-year rate rising one basis point to 4.08%.In economic news, US consumer sentiment rebounded in June as gasoline prices eased, while the inflation outlook dropped, the University of Michigan's latest survey showed."Sentiment and spending have become disconnected," Oxford Economics said in a note. "Still, higher gas prices will take a bite out of consumers' real disposable incomes, forcing them to reel in spending."In other company news, Adobe (ADBE) shares were down 7.2% intraday, the second-steepest drop on the S&P 500. The software maker reported solid quarterly results that were overshadowed by the departure of its finance chief and lingering questions about the company's growth trajectory, RBC Capital Markets said in a note.Lennar (LEN) was down 4.3%, among the worst performers on the S&P 500, as the homebuilder issued a downbeat fiscal third-quarter home delivery outlook.Gold was up 3% at $4,237.50 per troy ounce, while silver jumped 6% to $67.86 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADBE$LEN$SPCX$TSLA
Wire

Top Midday Decliners

Adobe's (ADBE) CFO departure and fiscal 2026 organic annual recurring revenue outlook have created more uncertainty for the company, outweighing its fiscal Q2 results, RBC Capital Markets said in a note emailed Friday.Shares of Adobe dropped 7%, with intraday trading volume rising to more than 19.0 million from the stock's daily average of about 5.71 million.Aspire Biopharma (ASBP) agreed to acquire Dura Driver Control Systems, a manufacturer of automotive driver control systems, for $30 million in cash, according to a statement on Friday.Shares slumped 19%. Intraday trading volume stood at more than 10.0 million, versus a daily average of about 13.1 million.Price: $201.17, Change: $-17.63, Percent Change: -8.06%

$ADBE$ASBP
International

Update: US Equity Indexes Advance Amid Hopes of Iran Peace Deal, SpaceX Shares Surging in Nasdaq Debut

(Updates with index/price moves, macroeconomic data, and political/company news from the first paragraph.)US equity indexes rose while crude oil slumped amid hopes that an interim deal between Tehran and Washington to end the war is close, and shares of Space Exploration Technologies (SPCX) soared in its Nasdaq debut on Friday.The Dow Jones Industrial Average rose 0.7% to 51,220.4, followed by a 0.5% increase in the S&P 500 to 7,430.8, and a 0.3% increase in the Nasdaq Composite to 25,895.5. All sectors except consumer discretionary advanced. Materials, financials, and energy led the gainers.Iran's foreign minister said a deal "has never been closer," CNN reported Friday. President Donald Trump decried Tehran as "dishonorable" for what he said were inaccurate state media descriptions of a potential interim US-Iran agreement, the news report said.The draft deal includes a commitment that the US will lift oil sanctions, final negotiations will not begin until half of Iran's frozen funds are released, and a US naval blockade ends, CNBC reported, citing Iran's Mehr News Agency. The deal also includes, among other things, Iran's pledge to reopen the Strait of Hormuz within 30 days of deal signing, according to Mehr's report."What they said, including their weak and pathetic statement on having a deal, bears no relation to the truth," Trump said in a Truth Social post Friday.Nevertheless, crude oil futures slumped. Front-month global benchmark North Sea Brent slid 3.6% to $87.15 per barrel, and US West Texas Intermediate dropped 3.4% to $84.70 per barrel.In precious metals, gold futures jumped 3.1% to $4,239.10, while silver futures surged 5.9% to $67.81.In company news, shares of Space Exploration Technologies or SpaceX opened at $150, above its initial public offering price of $135 apiece, making Elon Musk the world's first trillionaire. Shares traded more than 29% after midday.Adobe's (ADBE) Chief Financial Officer Dan Durn's departure and fiscal 2026 organic annual recurring revenue outlook have created more uncertainty for the company, outweighing its fiscal Q2 results, RBC Capital Markets said in a note. Shares dropped 7.2%, among the worst performers on the S&P 500 and the Nasdaq.In economic news, the University of Michigan's preliminary consumer sentiment index rose to 48.9 in June from 44.8 in May, topping expectations for 46.0 in a Bloomberg-compiled survey. One-year inflation expectations fell to 4.6% from 4.8%, while five-year inflation expectations dropped to 3.4% from 3.9%."Even with June's early gains, however, views of the economy are still relatively dour," the University of Michigan said Friday. Consumers "feel burdened by the recent escalation in inflation and worry that higher inflation could remain stubborn going forward, particularly in the short run," the university said.Most US Treasury yields rose, with the 10-year up 1.6 basis points to 4.48% and the two-year climbed 1.3 basis points to 4.08%.

Dow JonesNasdaq CompositeS&P 500$ADBE$SPCX

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