Stocks retreated from record highs on Friday as risk appetite waned amid a political crisis in France and falling U.S. consumer confidence. However, stocks overcame a more hawkish stance from the Federal Reserve and ended the week with gains.
The market ended a strong week on a pessimistic note. Stocks in Europe sold off ahead of the US open after French President Emmanuel Macron's call for early elections stoked fears that his centrist, pro-business Renaissance party could lose parliamentary seats to the far-right National Rally party. or a left coalition.
In economic news in the US, a measure of consumer confidence unexpectedly fell to a seven-month low as people continued to struggle with higher prices. He University of Michigan Consumer Sentiment Index
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"High prices and weakening income opportunities caused respondents to report sour feelings about personal finances," writes Josรฉ Torres, senior economist at Interactive corridors
Although stocks struggled on Friday, major benchmarks ended the week with solid gains despite the central bank's decision. Rate-setting committee takes more aggressive turn federal funds rate before the end of the year.
As of June 14, futures traders assigned a 61% probability that the Federal Reserve would implement its first interest rate cut in September, according to the CME Group report. FedWatch Tool
He earnings schedule Next week it is relatively light, as is the economic calendar โ leaving market participants free to react to scheduled interviews and speeches from seven different Federal Reserve officials.
ADBE Shares Rebound on Outlook
Adobe (ADBE ) had its best session in four years, jumping 14.5% after the company raised its full-year revenue forecast. The software maker first announced its foray into generative artificial intelligence (AI) a year ago, but investors have been waiting to see if Adobe's Firefly AI tools will help boost the bottom line.
"We see a decent chance that investors are currently stuck in a point of Firefly disillusionment, and our sense is that monetization could gradually start to build in the second half and next year," he wrote J.Morgan
Adobe stock has lagged the market in recent years, but has been a winning choice for long-term shareholders. In fact, anyone who puts $1,000 worth of ADBE stock 20 years ago
Regarding the main indices, the blue chip Dow Jones Industrial Average S&P 500 fell fractionally to 5,431. heavy technology Nasdaq Compound
Coming soon: the earnings schedule economic calendar
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