Adobe Inc. (NASDAQ:ADBE) shares traded higher Thursday as part of a broader rally in software stocks. This movement comes amid a decline in yields, which typically benefits growth stocks like those in the software sector.

What’s Going On: Thursday’s economic indicators, including an upward revision in first-quarter GDP growth to 1.4% and mixed consumer spending data, have influenced market sentiment. Despite the modest GDP growth, concerns over weakening consumer spending have been highlighted by economists, potentially signaling a slower economic trajectory for the rest of the year.

Investors in tech stocks, including Adobe, Salesforce and Meta Platforms, have responded positively, with these stocks seeing strong gains on Thursday. The outperformance in the tech sector is reflected in indices such as the SPDR S&P 500 ETF Trust (NYSE:SPY), which closed up 0.17% and the Invesco QQQ Trust (NASDAQ:QQQ), which closed up 0.26%.

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