Stock Market Today: Nasdaq Sinks Below Key Level As War Stokes Volatility, Adobe Plunges (Live Coverage)

Stubbornly high oil prices kept stocks down again Friday as the Dow Jones Industrial Average and other major indexes wrapped up a third week of losses, with the Nasdaq showing technical damage. Also on the stock market today, Adobe (ADBE) plunged.

The Dow ended 0.3% lower Friday, giving back opening gains. The S&P 500 slid 0.6%, hitting a new low for the year.

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The tech-heavy Nasdaq composite suffered a 0.9% slump and sliced below its 200-day moving average. Adobe put in the worst performance, sliding 7.6% on a pending C-suite change.

The Russell 2000 small-cap index closed with a loss of 0.4%, fading from an intraday gain of 1.2%.

Volume on the New York Stock Exchange and on the Nasdaq was lower compared with the same time on Thursday. Decliners outnumbered advancers by more than 3-to-2 on the NYSE and nearly 5-to-3 on the Nasdaq.

The yield on the benchmark 10-year Treasury note rose one basis point to 4.28%.

Oil rose to trade near $98.15 a barrel – a 2.5% jump – despite Treasury Secretary Scott Bessent saying late Thursday the U.S. Treasury is providing a “temporary authorization to permit countries to purchase Russian oil currently stranded at sea.”

Among the S&P 500’s 11 sectors, technology, communication services and materials fell 1% or more. Consumer staples and utilities rose 0.5% and 0.9%, respectively.

3:53 p.m. ET

Judge Blocks Subpoenas Vs. Powell

On Friday, a federal court blocked subpoenas in a criminal probe of Federal Reserve Chair Jerome Powell.

“There is abundant evidence that the subpoenas’ dominant (if not sole) purpose is to harass and pressure Powell either to yield to the President or to resign and make way for a Fed chair who will,” U.S. District Judge James Boasberg said in a written statement, according to The Wall Street Journal.

Powell will be in the spotlight next week when the Fed is expected to hold its benchmark interest rate steady.

Futures: Oil Prices, Iran Drive Stocks Lower; Nvidia GTC, Micron Earnings Due

3:05 p.m. ET

AI Stock Jumps On Key Metric Growth

SentinelOne (S) jumped nearly 4%, rebounding from its 50-day moving average after fourth-quarter results. Earnings of 7 cents per share increased 75% during the January-ended period while sales grew 20% to $271 million.

Annual recurring revenue, a key metric, grew 22% to $1.1 billion. However, the cybersecurity company gave a first-quarter outlook of 2 cents in earnings per share, missing estimates of 3 cents.

Shares have been falling along a downward sloping 50-day moving average since February last year.

SentinelOne provides artificial intelligence-enabled cybersecurity products for enterprises.

2:07 p.m. ET

IPO Stock Undercuts Base

Recent new issue and organic foods name, Once Upon A Farm (OFRM) plunged more than 8%, undercutting a recently formed IPO base despite posting a profit during its fourth-quarter. Earnings of 54 cents per share reversed from a loss of 29 cents in the prior year while sales grew 30% to $64 million.

However, the company’s sales outlook of $306 million for 2026 at the midpoint calls for a 27% increase. That suggested decelerating growth after a 54% rise in 2025.

Shares started trading on Feb. 9 on the New York Stock Exchange and formed an IPO base with a buy point of 27.

1:23 p.m. ET

Insulet Plunges

Shares of Insulet (PODD) took a dive after the company identified a manufacturing defect in some of its insulin delivery products.

The company said a small tear in the internal tube in some devices may lead to a leak of insulin. The company announced a voluntary medical device correction to address the issue.

Insulet stock, which has been in a downtrend after a breakout in November failed, plunged nearly 7%.

11:17 a.m. ET

These Stocks Outperformed, Lagged

Boeing (BA), Sherwin-Williams (SHW) and 3M (MMM) outperformed in the Dow Jones industrials with gains of at least 1.5%. Broadcom (AVGO), Meta Platforms (META) and Palantir (PLTR) lagged in the Nasdaq 100 with losses of 3% to 4%.

Nvidia (NVDA) turned lower after trying to move above its 50-day moving average. The company’s GTC 2026 AI conference kicks off Monday in San Jose, Calif., at 1 p.m. ET.

Micron (MU) rallied 4%. Wedbush maintained an outperform rating and lifted Micron’s price target to 500 from 320 ahead of next week’s earnings report. Analysts expect Micron to report triple-digit earnings growth over the next four quarters. Results are due Wednesday after the close.

Micron’s data storage industry group was the top-performing group in Investor’s Business Daily’s database, up 3.2%.

A couple of stocks tried to break out of bases but turned lower as the major stock indexes pulled back. In the oil-and-gas sector, LandBridge (LB), a member of the Leaderboard Watchlist, was off highs but still rallied 0.5% after trying to clear a 76.08 buy point.

Dell (DELL), meanwhile, tried to break out over a 153.72 entry, but it reversed lower and was down 1%.

11:17 a.m. ET

Adobe Slumps, These Dow Stocks Rose

Verizon (VZ), JPMorgan (JPM) and UnitedHealth (UNH) were early gainers in the Dow Jones industrials with gains of 1% to 1.5% each.

Adobe slumped more than 6% despite reporting better-than-expected earnings. Longtime Chief Executive Shantanu Narayen said he’s stepping down after 18 years in the role.

Inside the IBD 50, telecom infrastructure firm Ubiquiti (UI) was off highs but still gained 0.8% as it sets up in a bullish cup-with-handle base just below the 800 level. The buy point is 803.47.

Also in the IBD 50, contract manufacturer Fabrinet (FN) added 2% early but reversed for a fractional loss. After a recent breakout over the 600 level, Fabrinet pulled back to retest the top of a prior base, but support is holding so far at the 50-day moving average. Group peer Jabil (JBL) is due to report earnings next week.

10:22 a.m. ET

Stock Market Today: Economic Data Weighs In

The stock market digested a flurry of economic data relatively well. Bond yields have risen precipitously in recent days, but the market got a tame reading on inflation with the release of the Personal Income & Spending report for January. Inside the report, the core personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge, rose 3.1% year over year, just above the 3% consensus.

Meanwhile, the second estimate to 2025 fourth-quarter gross domestic product came in at 0.7%, below the first estimate of 1.4%. Finally, durable goods orders for January were flat, below economists consensus estimate for an increase of 0.5%. The 10-year Treasury yield, up 17 basis points last week and another 14 basis points this week, gave back nearly three basis points to around 4.24%.

In stocks, medical device maker Insulet (PODD), which has been on a sharp downtrend since November, plunged more than 4%. The maker of continuous glucose monitoring devices for diabetics said it’s recalling certain batches of its Omnipod 5 devices.

PayPay (PAYP) soared another 15% after jumping more than 10% in its initial public offering Thursday. The Softbank-backed, Japanese fintech priced Wednesday night at 16, below the expected range of 17-20.

In other IPO news, Once Upon A Farm (OFRM) plunged more than 10% after delivering its first earnings report as a publicly traded company. Earnings and revenue came in slightly better than expected and the company’s full-year revenue outlook also topped views, but investors still sold the stock. The Jennifer Garner-backed organic baby food company debuted on Feb. 6 at 18 a share.

9:43 a.m. ET

Nasdaq 100 Winners, Losers: Strategy, Western Digital, Meta

Among the Nasdaq 100 stocks, bitcoin play Strategy (MSTR) and Western Digital (WDC) jumped roughly 4% and 5%, respectively, making them some of the best performers just after the market open.

Meanwhile, Meta Platforms (META) and Fortinet (FTNT) lost nearly 3% and more than 1%, respectively, in morning trading.

9:19 a.m. ET

Dow Jones Movers: Amazon, Nvidia, Chevron

Inside the Dow Jones industrials, Amazon (AMZN) and Nvidia (NVDA) climbed 0.5% and 1%, respectively, in early morning action.

On the downside, Chevron (CVX) and Salesforce (CRM) declined 0.3% and 0.5%, respectively.

8:55 a.m. ET

Stock Market Today: Inflation, GDP Data

Early Friday, the core personal consumption expenditures price index rose 0.4% on the month, with a year-over-year rise of 3.1%. The core PCE price index was anticipated to rise 0.4% in January, with an annual increase of 3%, according to estimates from Econoday.

Meanwhile, the second estimate for fourth-quarter GDP came in at 0.7%, cooler than expected. The first estimate, which came in last month, called for a growth rate of 1.4%.

8:01 a.m. ET

Adobe Dives On Earnings

Software maker Adobe (ADBE) plunged more than 7% in premarket trading even after the company topped estimates for its fiscal first quarter and with its outlook. Chief Executive Shantanu Narayen announced his plans to step down.

The company earned an adjusted $6.06 a share on sales of $6.4 billion in the fiscal quarter. Analysts polled by FactSet had expected Adobe earnings of $5.87 a share on sales of $6.28 billion.

Other key earnings movers Friday morning included Rubrik (RBRK) and Ulta Beauty (ULTA).

Rubrik stock climbed 1% in early morning action, while shares of Ulta Beauty tumbled 7% in premarket trade.

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Stock Market Today: Inflation Gauge, GDP Data

Set for release at 8:30 a.m. ET Friday is the Fed’s favored inflation reading for January, the core personal consumption expenditures price index. The core PCE price index is anticipated to rise 0.4% in January, with an annual increase of 3%, according to estimates from Econoday.

Further, the Commerce Department’s second preliminary reading of fourth-quarter GDP is also due out at 8:30 a.m. ET. The consensus sees no revision from the 1.4% growth rate in the first estimate last month.

Natural Gas Stock Ignites Breakout, Fuels AI With Middle East In Turmoil

Please follow VRamakrishnan on X/Twitter for more news on the stock market today.

Follow Ken Shreve on X @IBD_KShreve for more stock market analysis and insight.

_Be sure to follow Scott Lehtonen on X _at @IBD_SLehtonen for more on growth stocks, the Dow Jone__s Industrial Average and the stock market today.

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