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U.S. stocks traded mixed this morning, with Dow Jones gaining around 50 points on Friday.
Following the market opening Friday, the Dow traded up 0.16% to 34,464.01 while the NASDAQ fell 0.14% to 13,763.40. The S&P 500, also rose, gaining, 0.10% to 4,430.43.
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Adobe Inc. (NASDAQ:ADBE) reported better-than-expected results for its second quarter and issued strong earnings forecast.
Adobe said second-quarter revenue increased 10% year-over-year to $4.82 billion, which beat the consensus estimate of $4.43 billion. The creative software company reported quarterly adjusted earnings of $3.91 per share, which beat estimates of $3.79 per share.
Adobe expects third-quarter revenue to be in the range of $4.83 billion to $4.87 billion versus estimates of $4.86 billion. Third-quarter adjusted earnings are expected to be between $3.95 and $4 per share versus estimates of $3.89 per share.
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In commodity news, oil traded down 0.1% to $70.55 while gold traded up 0.1% at $ 1,971.60.
Silver traded up 0.8% to $24.13 on Friday while copper rose 0.1% to $3.9010.
European shares were higher today. The eurozone’s STOXX 600 rose 0.7%, London’s FTSE 100 rose 0.3% while Spain’s IBEX 35 Index rose 0.7% The German DAX gained 0.8% French CAC 40 climbed 1.4% and Italy’s FTSE MIB Index gained 0.7%.
The consumer price inflation in the Eurozone came in at 6.1% in May, recording the lowest level since Feb. 2022. Wages and salaries in the Eurozone increased by 4.6% year-over-year in the first quarter, while hourly labor costs rose by 5 % year-over-year. The annual inflation rate in Italy eased to 7.6% in May from 8.2% in the prior month.
Asian markets closed higher on Friday, with Japan’s Nikkei 225 gaining 0.66%, Hong Kong’s Hang Seng Index gaining 1.07% and China’s Shanghai Composite Index gaining 0.63%. India’s S&P BSE Sensex rose 0.8%.
The Bank of Japan maintained its key short-term interest rate at -0.1% at its June meeting.
The University of Michigan's Consumer sentiment for June will be released at 10:00 a.m. ET.
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The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,201,630 cases with around 1,166,890 deaths. India confirmed a total of at least 44,993,280 cases and 531,890 deaths, while France reported over 40,119,160 COVID-19 cases with 167,500 deaths. In total, there were at least 690,387,000 cases of COVID-19 worldwide with more than 6,891,720 deaths.
