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Pig-Market Down

US markets fell; Adobe shed 9.3% on FY22 forecast downgrade; Boeing shares dip as crash investigation continues

  • The Nasdaq fell 1.32% to close the midweek session at 13,923 points.
  • Adobe plunged 9.3% on FY22 forecast downgrade due to halt in sales to Russia.
  • Boeing shares continue to dip as investigations ramp up into China Eastern plane crash.

The US markets dipped more than 1% across each of the key indices as investor confidence was dampened by rising energy prices, rising inflation and ongoing geopolitical tensions with Russia. Brent crude oil, the international benchmark, rose 5.3% to US$121.60/barrel, the third highest settlement value of the year.

The Dow Jones fell 1.29% to finish the trading day down 449 points to close at 34,359 points.

The tech heavy NASDAQ fell 1.32% to finish the trading day down 186 points to close at 13,923 points.

One bitcoin is worth US$42,514 going into the Asian trading day.

The Australian dollar is stronger against the major currencies and is buying 74.87 US cents.

Shares in Adobe tumbled 9.3% on Wednesday after the computer software giant released first-quarter results that topped analysts expectations but missed estimates on the forecast issued. For the quarter, Adobe reported an adjusted EPS of US$3.37/share on sales of US$4.26bn. Despite the results, investors sold out of Adobe shares after the company said it was reducing its forecast for annual recurring revenue by US$75m for FY22 due to the pullback of sales to Russia and Belarus following Russia’s invasion of Ukraine.

Boeing shares continued to decline on Wednesday as investors keep a close eye on the investigation of the China Eastern Airlines flight that crashed in southern China on Monday. One of the two black boxes from the Boeing 737 passenger jet has been found in the wreckage of the crashed plane which could reveal the reason for the plane plummeting into the mountains.

And Toyota and Aurora Innovation Inc. have begun testing autonomous ride-hailing fleets in Texas with two safety operators and no passengers on board.

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