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Tech Giants Oracle and Adobe Set to Reveal Earnings Performance – Watch Closely!

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Market Recap and Investor Sentiment Dance

Trading this week displayed the typical seesaw of investor emotions that has characterized the 2024 market. Following strong gains in the prior sessions, major stock averages saw a decline on Friday, a move partially triggered by Nvidiaโ€™s pullback. Nvidia experienced a brief 3% dip at the end of a remarkable AI-driven surge, which had seen the stock soar nearly 30% in the past month alone. This surge propelled Nvidiaโ€™s market cap by over $1 trillion in a mere twelve months, shaping it as an AI juggernaut.

Jobs Report Impact on Stock Market Indices

Fridayโ€™s decline caused the S&P 500 and the Nasdaq Composite to retreat from their recent record highs. The S&P 500 lost 33.67 points or 0.65%, closing at 5,123.69, while the Nasdaq Composite dropped 1.16%, closing at 16,085.11. The market reaction was partly in response to the February jobs report, which left investors uncertain about the Federal Reserveโ€™s rate-cutting timeline.

Oracleโ€™s Earnings Report Outlook

Oracle (ORCL) โ€“ Earnings Release: Monday, Mar. 11.

Analysts estimate Oracle will post earnings of $1.38 per share on revenue of $13.31 billion. This marks an improvement from earnings of $1.22 per share and revenue of $12.40 billion in the same quarter last year.

Oracle stock, although lagging behind the AI-focused companies, has displayed growth potential. The companyโ€™s strategic shift towards cloud products such as Fusion, NetSuite, and OCI has positively impacted its revenue line and cloud business. Furthermore, strategic partnerships with Microsoft and Nvidia underscore Oracleโ€™s commitment to the AI space. To maintain its upward momentum, Oracle will need to exceed expectations in its upcoming earnings report.

Adobeโ€™s Earnings Report Anticipation

Adobe (ADBE) โ€“ Earnings Release: Wednesday, Mar. 14.

Wall Street anticipates Adobe to report earnings of $4.38 per share on revenue of $5.14 billion, an improvement from $3.80 per share and $4.66 billion in revenue from the previous year.

Despite Adobeโ€™s innovative integration of AI across its product suite, the stock has faced recent setbacks. Investors are closely monitoring Adobeโ€™s ability to monetize generative AI and sustain its growth trajectory. The upcoming earnings announcement will provide insight into Adobeโ€™s revenue streams and the impact of AI services in driving customer engagement and financial performance.

The opinions expressed are the authorโ€™s and do not represent Nasdaq, Inc.

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