Wall Street Falls; Adobe Shares Surge Over 14%

The U.S. stock market is retreating this Friday, taking a breather after three days of record highs in two of its indices.

Wall Street is trading lower this Friday morning, pausing after three consecutive days of record highs in two of its indices. Investors are meanwhile updating their forecasts for interest rates in a slowing economy.

The leading Dow Jones index, composed of 30 blue-chip stocks, is down 0.42% to 38,485.93 points. Similarly, the S&P 500 has dropped 0.42% to 5,410.95 points. The tech-heavy Nasdaq Composite has fallen 0.39% to 17,597.80 points.

The indices have reacted throughout the week to inflation figures indicating a slowdown in the economy. This has bolstered hopes that the Federal Reserve might cut interest rates more than once this year.

Despite the declines, Adobe shares are mitigating the drop in the tech sector, gaining over 14%, their biggest advance in four years, after raising their earnings expectations for the year due to increased demand for artificial intelligence.

By sector, losses are predominant, led by industrials (-1.11%). In the Dow Jones index, Salesforce (1.39%) and Chevron (0.27%) are leading the gains, while Caterpillar (-2.06%) and Travelers (-1.03%) are the biggest losers.

Meanwhile, oil prices were edging lower this Friday but remained on track for their best week in over two months, supported by strong demand forecasts for crude and fuel.