NEW YORK, January 1, 2026, 15:22 ET — Market closed.
- Adobe ended the last session down about 0.7%, with U.S. markets shut for the New Year’s Day holiday.
- Tech shares weighed on a soft final session for 2025 in thin trading.
- Traders now look to early-January data and Adobe’s March earnings date for the next catalyst.
Adobe Inc (ADBE) closed down 0.7% at $349.99 in Wednesday’s final trading session of 2025, leaving the stock just under the $350 mark as U.S. stock markets closed on Thursday for New Year’s Day. 1
The move matters now because holiday-thin liquidity can magnify swings in widely held software names, and investors are resetting positions into 2026 after a tech-led year.
For Adobe, the near-term setup is also shaped by a gap between company catalysts. With the next earnings report not due until March, the stock can trade more on broader risk appetite and shifts in interest-rate expectations.
Wall Street’s major indexes ended lower in the year’s final session, with the S&P 500 down 0.74% and the Nasdaq off 0.76%, extending a late-December slide that defied the usual “Santa Claus rally” — a seasonal stretch that often brings gains into early January. “It’s perfectly fine in any bull market to have moments of cost,” said Giuseppe Sette, co-founder and president of Reflexivity, pointing to profit-taking in low-liquidity conditions. 2
Software peers also finished in the red. Autodesk fell about 1.2% and Oracle slid about 1.2%, while Adobe dropped roughly 0.7% in the same session. 3
Adobe’s most recent company-specific catalyst came on Dec. 10, when it forecast fiscal 2026 revenue of $25.90 billion to $26.10 billion above Wall Street expectations, citing demand for its creative tools and growing monetization of its Firefly generative AI offerings. The company also said it would change reporting in fiscal 2026 to emphasize subscription revenue by customer group and year-ending annual recurring revenue. 4
Annual recurring revenue, or ARR, is a common software metric that annualizes subscription contracts to show the scale of recurring business.
Adobe has also agreed to acquire SEO platform Semrush in an all-cash deal valued at about $1.9 billion, as it pushes deeper into marketing tools tied to how brands show up in online search. 5
In December, Adobe said it would integrate Photoshop, Adobe Express and Acrobat into ChatGPT, letting users edit images, design graphics and handle PDFs inside the chatbot. 6
The next scheduled test is Adobe’s first-quarter fiscal 2026 earnings call on March 12, according to its investor calendar. Investors typically focus on subscription momentum, any shift in AI-related pricing, and how the new reporting framework changes growth comparisons. 7
Before the next session, traders will watch whether ADBE can hold the $350 area when U.S. markets reopen on Friday, after the stock traded between roughly $349.69 and $352.88 on Wednesday. 8
Macro data can also move software valuations by shifting bond yields and discount rates. The U.S. employment report is scheduled for Jan. 9, followed by the consumer price index on Jan. 13, the Labor Department’s release calendar shows. 9
Early January also brings manufacturing sentiment data. ISM’s release calendar shows its January manufacturing PMI report will be issued on Jan. 5, with ISM citing an internal holiday-related shift to that date. 10
With the stock hovering near $350, Adobe starts 2026 with investors balancing upbeat guidance against heightened competition as generative AI lowers barriers for rivals. Any fresh signals on AI-driven upsell, subscription traction, or deal progress on Semrush are likely to shape the next leg.
