Tech Stocks Lift Nasdaq to Fifth Straight Record

The tech-heavy Nasdaq Composite rose 0.1% on Friday, marking its fifth consecutive record close. This surge was fueled by robust earnings reports from major tech companies, including Adobe. The S&P 500 gained 1.6% this week, while the Dow Jones Industrial Average shed 0.2%.

Tech stocks on the rise

Adobe’s AI-Fueled Earnings Beat

Adobe’s shares surged nearly 15% in extended trading on Thursday after the software maker reported earnings that topped Wall Street’s estimates. The company’s robust outlook for its generative artificial intelligence (AI) digital media products fueled its higher-than-forecast results and raised earnings and sales guidance.

Adobe’s AI-powered success

Tesla’s Shareholders Approve Elon Musk’s $56 Billion Compensation Package

Tesla’s shareholders handed Elon Musk a huge win on Thursday, voting to reapprove his $56 billion compensation package. However, Tesla’s shares fell after the news.

Tesla’s electric ambitions

Treasury Yields Decline for Third Day

Treasury yields declined for a third day, with the 10-year yield at a three-month low. While Federal Reserve officials projected just one interest rate cut this year, market participants were heartened that signs of cooling inflation may prompt the central bank to cut rates as soon as September.

Interest rates on the decline

Apple and Nvidia in Focus

All eyes were on Apple and Nvidia on Friday as the two companies jockeyed to be America’s second-most valuable company by float-adjusted market capitalization.

The battle for second place

Arm Holdings to Join the Nasdaq-100 Index

Arm Holdings could get a boost after the Nasdaq announced that the British semiconductor and software design company would be added to the Nasdaq-100 Index.

Arm Holdings’ Nasdaq debut

RH Posts Bigger-Than-Expected Loss

Shares of RH sank on Friday, a day after the upscale home furnishings retailer posted a bigger-than-expected loss and gave soft guidance as the tight housing market squeezed demand.

RH’s housing market woes

Stellantis to Shift Some EV Production

Stellantis shares fell on Friday after the automaker announced it would be moving some electric vehicle (EV) production out of China to Europe following threats by European regulators of big tariffs on Chinese-made EV imports.

Stellantis’ EV shift

Stocks Making the Biggest Move in Early Trading

Gains: Adobe (ADBE), Shopify (SHOP), Arm Holdings (ARM) Losses: Stellantis (STLA), RH (RH)

Stocks on the move