Wall Street experienced a downturn with the Dow Jones Industrial Average down about 0.5%, the S&P 500 off 0.4%, and the Nasdaq Composite falling roughly 0.5%. Investor confidence wavered following mixed inflation data, with a hotter-than-expected producer price index raising concerns about the Federal Reserve's interest rate decisions. Additionally, Adobe's disappointing revenue forecast, revealing struggles with AI investments, contributed to the negative sentiment, causing its shares to plummet by about 14%.
