Upcoming Fed meeting, Adobe, Bitcoin - what's moving markets

investing.com:

Investing.com — U.S. equity futures are set to end the week in a subdued manner as investors look forward to next week's Federal Reserve policy-setting meeting. Adobe slumps on weak guidance, while Bitcoin hands back some of its sharp previous gains. 

U.S. stock futures traded in a subdued manner Friday, as investors await more economic data in the wake of another hotter-than-expected inflation report cast doubt over whether the Federal Reserve will start a rate-cutting cycle anytime soon.

By 05:00 ET (09:00 GMT), the Dow futures contract was up 30 points, or 0.1%, S&P 500 futures had gained 3 points or 0.1%, and Nasdaq 100 futures traded largely unchanged.

The major indexes suffered a losing day on Thursday after February’s producer price index came in stronger than expected, adding to the hot CPI release earlier in the week, suggesting inflation remains very sticky ahead of next week’s Federal Reserve’s policy meeting.

There is more data to digest Friday, including numbers on consumer sentiment, import prices and industrial production.

The Fed is widely expected to keep interest rates unchanged next week, and the central bank’s dot plot at the conclusion of its policy meeting next Wednesday is now crucial for guessing just how cautious the officials will be.

Adobe Systems (NASDAQ:ADBE) stock slumped over 10% premarket after the software provider reported late Thursday softer-than-expected guidance for the current quarter, adding to concerns that rising competition is stifling growth.    

Adobe forecast second-quarter revenue between $5.25 billion and $5.30 billion, below estimates of $5.31 billion, according to LSEG data. 

Companies and individuals have shifted focus to cutting costs amid high interest rates and a