Dow Tumbles Over 200 Points; Adobe Earnings Top Views

Author: Avi Kapoor | June 14, 2024 10:01am

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. (NASDAQ: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. (NASDAQ:KAVL) shares shot up 365% to $6.37.
Shares of SRIVARU Holding Limited (NASDAQ: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. (NASDAQ: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. (NASDAQ:NXL) shares dropped 32% to $0.9336.
Shares of Kyverna Therapeutics, Inc. (NASDAQ:KYTX) were down 29% to $10.19.
Gain Therapeutics, Inc. (NASDAQ: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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Posted In: ADBE FOXO GANX KAVL KYTX NXL SVMH