NEW YORK, January 1, 2026, 05:28 ET — Market closed.
- Adobe ended the last session of 2025 slightly lower in thin year-end trading.
- Wall Street’s major indexes finished 2025 with big annual gains despite a softer final day.
- The next focus is early-January U.S. data and Adobe’s March earnings update.
Adobe Inc (ADBE) shares fell 0.7% to $349.99 at Wednesday’s close, ending the last U.S. trading session of 2025 on a softer note. The stock ranged from $349.69 to $352.88, with about 2.1 million shares changing hands. 1
The move matters because the first trading days of the new year often set the tone for risk appetite, especially in technology-heavy names. Adobe is also treated as a read-through on corporate spending for design, marketing and productivity software.
That scrutiny is amplified by the industry’s push to monetize generative AI — software that can create images, video or text from user prompts — inside subscription products. Investors are watching whether those tools lift recurring revenue without sparking a price war.
U.S. stock and bond markets are closed on Thursday for the New Year’s Day holiday and will reopen on Friday. The bond market also ended Wednesday with an early close, thinning liquidity around the turn of the year. 2
On Wednesday, the Dow fell 303.77 points, or 0.63%, to 48,063.29, the S&P 500 lost 50.74 points, or 0.74%, to 6,845.50 and the Nasdaq Composite dropped 177.09 points, or 0.76%, to 23,241.99. All three finished 2025 just below record highs after double-digit annual gains, while Treasury yields rose, with the benchmark 10-year yield at 4.163%. 3
Tech has remained sensitive to any hint of rotation after a year-end rally cooled, with investors weighing how long lofty valuations can hold if growth rates converge across sectors. “It’s just a healthy rebalancing of allocations more so than an emotionally driven sell-off (in tech),” Mark Hackett, chief market strategist at Nationwide, said. The Federal Reserve meets next on Jan. 27-28, and investors have been expecting it to leave rates unchanged. 4
There was no fresh Adobe-specific headline driving the shares into the close. Traders instead pointed to broad risk-off positioning and reduced liquidity around year-end.
Adobe’s last major catalyst came with its quarterly results in December, when it forecast fiscal 2026 revenue of $25.90 billion to $26.10 billion and adjusted earnings per share of $23.30 to $23.50. The company also said it would adjust reporting and forecasts to focus on subscription revenue and year-ending annual recurring revenue — a measure of contracted subscription sales expected to repeat each year. 5
Other software names were also lower into the year-end close, with Intuit down 1.11% and Oracle off 1.17%, according to MarketWatch data. 6
From a chart perspective, Adobe is about 25% below its 52-week high of $465.70 and about 12% above its 52-week low of $311.59. The shares sit roughly 3% above the 50-day moving average of $339.46, a widely watched technical indicator that smooths price swings by tracking the average close over the past 50 sessions. 7
Before the next session, investors will weigh fresh signals on rates after new U.S. jobless claims fell to 199,000 for the week ended Dec. 27, below economists’ expectations for 220,000. The report was released a day early because of the holiday. 8
The next Manufacturing ISM PMI report for December data is due at 10:00 a.m. ET on Monday, Jan. 5, according to the Institute for Supply Management. 9
The Labor Department’s employment report for December is scheduled for Friday, Jan. 9 at 8:30 a.m. ET, according to the Bureau of Labor Statistics release calendar. 10
For Adobe, the next major company marker is its first-quarter fiscal 2026 earnings call on March 12 at 2:00 p.m. Pacific time, the company’s investor relations site shows. Investors will be listening for updates on subscription demand, pricing tied to AI features and any signs of budget tightening among marketing and design customers. 11
