Adobe Stock News

India has accused U.S. Vice President JD Vance of using "terminology that carries painful historical and colonial legacy connotations," which was "deeply offensive." Vance warned companies on Thursday that they "cannot lay off American workers and then replace them with foreign indentured servants.

Adobe and Microsoft were hit by the same US immigration crackdown on Thursday, but Wall Street treated their shares very differently. Adobe stock (NASDAQ: ADBE) jumped 3.56% to $241.05 on October 8, while Microsoft fell 1.35% to $522.61.

The Trump administration suspended Microsoft, Adobe, and others from the PERM program. VP JD Vance said Microsoft abused the PERM program more than any other company.

The Trump administration is suspending Microsoft, Adobe, and several other technology companies from a program that helps skilled foreign workers obtain permanent residency in the United States, accusing the companies of fraud.

The U.S. Labor Department announced it would suspend Microsoft and Adobe from its Permanent Labor Certification. Labor Secretary Keith Sonderling said Cognizant, Infosys, Capgemini, Tata, Wipro and HCL were also suspended from the program.

September has reminded investors that the S&P 500 is heavily weighted at the top. The becnhmark index has risen slightly, but 75% of its component stocks were down for the month.

Sales technology company Outreach confirmed plans to move its headquarters from Interbay to Seattle's Fremont neighborhood early next year, joining a campus that Adobe has anchored since the late 1990s.

Adobe's analytics division projected $275.1 billion in U.S. online sales between Nov. 1 and Dec. 31, up 6.7% from the same period last year.