Down day for the major US stock indices

It is a down day for the major US stock indices. The broader indices are now down for the 4th day in 5. THe higher PPI data put buyers on the defensive. Yields moved higher with the 10 year up about 10 basis points. The 2 year is up by 7 basis points today.

The final numbers are showing:

• Dow Industrial Average is closing down -137.66 pointed or -0.35% at 38905.65
• S&P is closing down -14.83 points or -0.29% at 5150.47
• Nasdaq is closing down -49.25 points or -0.30% at 16128.52

The Russell 2000 tumbled -40.53 or -1.96% at 2031.17 as it reacted negatively to the higher rates.

After the close Adobe announced earnings:

Adobe Inc (ADBE) Q1 2024 Earnings:

• Adj. EPS: $4.48 (BEAT) expectations of $4.38.
• Revenue: $5.18 billion (BEAT) expectations of $5.14 billion.
• Announced a new USD 25 billion share repurchase program.

Q2 Guidance:

• Adj. EPS: Expected to be between $4.35 and $4.40, MET expectations of $4.39.
• Revenue: Projected to be between $5.25 billion and $5.30 billion, slightly MISSED expectations of $5.30 billion.

This article was written by Greg Michalowski at www.forexlive.com.