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Dow falls 290 pts as oil climbs, Adobe drops; focus on US rate outlook

GameStop jumps after chairman picks up more shares; Adobe falls on lackluster current-quarter forecast

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US stock indexes fell on Wednesday as oil prices climbed and Adobe shares tumbled on a disappointing forecast, while investors assessed the outlook for U.S. interest rates following calls from Federal Reserve policymakers for bigger increases.
Ten of the 11 major S&P sectors were down, with financial and healthcare shares declining the most. Bank stocks fell 1.7%.
Adobe Inc slid 9.9% to weigh the most on the S&P 500 and the Nasdaq after the Photoshop maker forecast downbeat second-quarter revenue and profit and sees an impact on fiscal 2022 revenue due to the Russia-Ukraine crisis.

Still the tech-heavy Nasdaq fared better than its

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mar 23 2022 | 8:25 PM IST

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