New York, February 22, 2026, 14:29 EST — Market closed.
Adobe shares ended Friday down 0.23% at $258.61, after trading as low as $254.36. The stock is down about 2% from a week earlier and about 26% from its Dec. 31 close. (StockAnalysis)
The broader market moved the other way. U.S. stocks closed higher after the Supreme Court struck down President Donald Trump’s global tariffs, and Trump said he would replace the emergency duties with a 10% global tariff for 150 days. “Today is a removal of some uncertainty,” said Mike Dickson, head of research and quantitative strategies at Horizon Investments. (Reuters)
Software has still been a soft spot. Reuters recently tagged it the “AI scare trade” — investors dumping names they think could get squeezed by fast-improving artificial intelligence tools — and Barclays strategist Emmanuel Cau said fear has kept investors in “sell first think later” mode. (Reuters)
Adobe’s argument is that AI is a tailwind, not a wrecking ball. In December, CFO Dan Durn told Reuters the company was seeing “significant strength” in Creative Cloud Pro and key apps as it embeds its Firefly tool, and Adobe projected fiscal 2026 revenue of $25.90 billion to $26.10 billion. (Reuters)
Next up, traders get a budget check from enterprise software. Workday is set to report results after market close on Tuesday, Feb. 24. (Workday Investor Relations)
Salesforce follows on Wednesday, Feb. 25, also after the close. Its commentary on customer spending tends to ripple across the software tape, even for companies that don’t sell the same thing. (Salesforce Investor Relations)
Nvidia reports on Feb. 25 as well, the company said, and it has become a market event in its own right. Investors have been using it as a rough gauge for how durable the AI spending cycle really is. (NVIDIA Newsroom)
There is a cleaner downside case than usual. If tariff headlines flare again or rate-cut bets unwind, the market can keep compressing software valuations, and Adobe can slide on sentiment alone.
For Adobe, the next hard catalyst is its quarterly report; earnings calendars such as MarketBeat peg it around March 12, though the company has not confirmed the date. Investors will look for growth in annual recurring revenue (ARR) — a measure of subscription run-rate — and signs Firefly features are pushing paid upgrades, not just clicks. (Marketbeat)
