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Adobe Contributed to the NASDAQ’s Third Straight Fall on Tuesday


Jun. 27 2019, Updated 2:27 p.m. ET

Nasdaq fell 1.4% on Tuesday

The tech-rich NASDAQ Composite Index fell for the third session in a row on Tuesday, June 25. The index fell by a steep 1.4% on Tuesday (as of 3:00 PM EST), falling below the 8,000 level. Tech stocks were laggards, as the broad S&P 500 index fell only 0.7%.

Stocks fell after Fed official James Bullard, who is usually against rate hikes, said that it was too early to cut rates by 50 basis points. The possibility of a rate cut has been the main factor driving stocks in June so far.

Gold prices have surged to a six-year high on the back of geopolitical tensions. Investors are also fleeing to gold, which acts as a safe haven. The risk-off trade comes given the looming uncertainty of the US-China trade war. Trump is set to meet Xi Jinping in this week’s G20 summit in Japan.

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Tech stocks dragged broader markets down on Tuesday

On Tuesday, stocks like Facebook, Google-parent Alphabet and Amazon, who have been probed by regulators for privacy practices, were laggards. Tech stocks have still outperformed the broader markets year-to-date though.

Adobe’s (ADBE) stock rallied recently after reporting another stellar quarter. The stock reached its all-time high of $304.0 on June 17. However, the stock fell by over 4% on Tuesday, as investors booked profit. The stock is up 30% year-to-date.


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