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SanDisk Jumps 10%, Lululemon Crashes 17%: Stock Market Today
A blowout August jobs report pushed traders to price a coin-flip chance of a Federal Reserve rate hike this month, dragging the S&P 500 and Dow lower by midday Friday.
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Adobe Stock Gains Ground Thursday: What's Happening?
Adobe Inc (NASDAQ:ADBE) shares are climbing Thursday as investors pull money out of debt-heavy AI names and put it into enterprise software.
Shares of enterprise software companies are trading higher amid an investor rotation from highly leveraged AI-exposed names into the legacy tech services sector. Fears of persistently high inflation and interest rates may increase the appeal of the industry's proven business models.
Shares of semiconductor and chip companies are trading lower as rising inflation concerns and elevated energy prices fuel expectations for further Fed rate hikes. Elevated borrowing costs could pressure semiconductor manufacturing and AI infrastructure investments while straining customer budgets. The Philadelphia Semiconductor Index (SOX) has declined for seven consecutive trading sessions, matching its longest losing streak since the 2008 financial crisis.