Archives June 2025

Written by the Market Insights Team

Geopolitical tensions to center stage. Israel has launched a major attack on Iran, striking military bases and nuclear sites. Iranian state media reports that three top generals were killed. Tehran responded with drone attacks on Israel. Netanyahu vowed the strikes would continue “as many days as it takes.” Meanwhile, failed U.S.-Iran nuclear talks under the Trump administration have left tensions high. The rising tension has pushed oil prices higher and given the dollar a boost. The VIX index spiked and has risen back above 20.

Double blow to USD: bearish forces at play

Antonio Ruggiero – FX & Macro Strategist

A double hit of disappointing trade news and heightened Fed rate cut expectations fueled a broad-based selloff in the dollar this week. The greenback fell against all G10 currencies, with the Bloomberg Dollar Index sliding as much as 0.8% yesterday – one of its weakest levels in three years. Overnight, the greenback received some support – DXY up 0.4% – as traders moved toward safe-haven demand sparked by heightened tensions in the Middle East.

Soft inflation data has reinforced expectations of further easing. Core CPI rose just 0.1% month-over-month, while PPI remained muted at +0.1% for May, pushing traders to price in additional rate cuts ahead of the Fed’s June 18 meeting.

Despite this, the dollar still holds a yield advantage against its peers, leading some to argue that the sharp decline may be overdone. However, we suspect that recent speculations over the next Fed chair has likely amplified the bearish move. Whether Bessent or another Trump appointee takes the helm, a more dovish stance seems inevitable – reinforcing the case that downward pressure on the dollar could prove more lasting than anticipated.

On the trade front, uncertainty remains high. No concrete news on a US-China deal, while Trump’s new threat of expanding steel tariffs starting June 23 on imported “steel derivative products”, were inevitable contributors to the dollar’s extended decline.

USD/CAD hits lowest since last October

Kevin Ford – FX & Macro Strategist

Wednesday’s soft US CPI data has reset rate expectations, returning them to levels seen at the end of last month, with two rate cuts now projected by year-end. Additionally, the US producer price index inched up 0.1% in May, reflecting subdued inflation with no signs of tariff-driven price shocks. Some sectors showed hints of tariff-related increases, but these were offset by moderate price growth elsewhere, keeping inflation in check. As a result, investors have strengthened bets on a potential Fed rate cut later this year, while analysts shift their focus to the upcoming personal consumption expenditures price index for further inflation signals.

Despite falling yields across the curve, there’s still no clear evidence of economic deterioration, keeping bearish sentiment firmly in control of USD trading across G10 currencies. The Canadian dollar spent most of the week fluctuating within a narrow range of 1.365 to 1.369, but on Thursday, it slipped below 1.365, hitting a new 2025 low of 1.3592. The 1.365 level remains a critical short-term support/resistance, with multiple closes below potentially paving the way for a move toward the 1.36–1.355 range. However, buying interest could emerge around the 1.36 zone, as the pair nears oversold territory based on the Relative Strength Index (RSI), potentially limiting further downside momentum. During Asia-Pacific trading, the USD/CAD rebounded back to 1.365 on fears the Israel-Iran conflict will escalate further.

Meanwhile, bullish sentiment in options markets has eased, reflecting a more cautious outlook. Notably, Canadian pension funds and asset managers, traditionally known for low hedge ratios on U.S. assets, have ramped up hedging activity since late April. Given the sizeable presence of the pension and insurance sector, these moves have had a notable market impact.

Sentiment vs. fundamentals: the euro’s fragile rise

Antonio Ruggiero – FX & Macro Strategist

The euro’s rally gained momentum this week, with EUR/USD comfortably surpassing April’s highs of $1.515 and briefly testing the $1.16 level—its highest since October 2021. However, the pair pared back some of its gains during Asian trading as geopolitical tensions escalated following Israel’s preemptive attack on Iran, amplifying risk-off sentiment.

While the broader trend remains bullish, signs of short-term exhaustion have emerged throughout May, with spot prices falling below shorter-term moving averages. The narrative remains clear: broader US sentiment is dictating euro price action. When positive trade developments emerge, as seen in May with the US negotiations with the EU and China, euro momentum fades. When sentiment deteriorates, as witnessed this week, the currency strengthens.

This latest push higher was amplified by a narrower rate gap favoring the euro, following soft inflation prints from the US. Although rate differentials have played a smaller role in driving EUR/USD recently, their impact was more pronounced this week as dovish Fed expectations combined with a hawkish ECB stance last week.

Meanwhile, Eurozone industrial activity for April, released later today, is expected to have slowed significantly, following a surge in March as producers rushed to adjust ahead of new tariffs. Data from Germany, France, and Spain have already shown signs of weakening momentum, with soft April figures hinting at a broader slowdown across the region. While a weak print is unlikely to have a major impact on the euro, it remains a valuable gauge of overall economic activity, offering insight into whether Lagarde’s recent hawkish stance is justified.

Geopolitical tensions and surging oil prices drag on pound

George Vessey – Lead FX & Macro Strategist

The British pound has weakened across the board, pressured by surging oil prices and plunging risk sentiment amid the Iran-Israel geopolitical flare-up. Sterling’s high beta to risk makes it particularly sensitive to global uncertainty, prompting investors to sell GBP in favour of safe-haven assets like the Japanese yen, Swiss franc, gold, and sovereign bonds. However, the US dollar has also absorbed a significant share of haven flows too, hence the sharp reversal from fresh 3-year highs clocked yesterday.

Beyond geopolitics, GBP/USD’s bullish outlook in the first half of 2025 was supported by stronger-than-expected UK economic performance, but recent data has disappointed. The UK-US economic surprise differential has narrowed, making it harder for GBP/USD to sustain gains above $1.36. If bearish sentiment on the dollar persists, fresh highs for GBP/USD remain possible, but UK domestic growth and fiscal risks could weigh on GBP/EUR until the UK’s economic outlook improves.

Looking ahead, the Bank of England (BoE) is expected to hold rates at 4.25% next week, but money markets have already priced in two additional rate cuts by year-end, following lackluster UK data. This has kept sterling’s gains in check, reinforcing investor caution.

For now, though, geopolitics remains the dominant market driver, with traders hesitant to hold risk assets over the weekend due to uncertainty surrounding further escalation. If oil prices continue soaring, we expect sterling weakness to persist.

Oil up almost 13% over the past 7 days

Table: 7-day currency trends and trading ranges

Key global risk events

Calendar: June 9-13

All times are in ET

Have a question? [email protected]

*The FX rates published are provided by Convera’s Market Insights team for research purposes only. The rates have a unique source and may not align to any live exchange rates quoted on other sites. They are not an indication of actual buy/sell rates, or a financial offer.

U.S. stock futures are dropping and oil futures are jumping following Israel’s attack on Iran’s nuclear facilities and military leadership; Adobe (ADBE) posts better-than-expected fiscal second-quarter results; preliminary consumer sentiment data for June is expected to have risen from May’s reading; Oracle (ORCL) shares are pulling back from all-time highs in premarket trading; and Advanced Micro Devices (AMD) unveils its latest artificial intelligence (AI) chips. Here’s what investors need to know today.

1. US Stock Futures Drop, Oil Spikes on Iran-Israel Conflict

U.S. stock futures are falling and oil prices are spiking Friday as Israel’s attacks on Iran’s nuclear program and military leadership are sparking worries of a broader Middle East conflict and are driving investors into safe-haven assets. Dow Jones Industrial Average and Nasdaq futures are 1% lower, and S&P 500 futures are down 1.2%. Oil prices are jumping more than 8%. Gold is rising roughly 1% to around $3,433 an ounce. The 10-year Treasury yield is little changed at 4.37%. The U.S. dollar, which hit a three-year-low Thursday, is gaining ground against the euro, pound, and yen. Bitcoin (BTCUSD) is falling almost 2% to trade below $105,000.

2. Adobe Reports Better-Than-Expected Results, Lifts Outlook

Adobe (ADBE) delivered better-than-estimated fiscal second-quarter results on record-high sales and raised its full-year revenue and profit projections. However, the Creative Cloud developer’s shares are slipping more than 3% in premarket trading, and Citi analysts called the results “fairly straight down the middle” and noted that “overall AI usage appears to be leveling off.”

3. June Consumer Sentiment Data Due

June consumer sentiment data is due at 10:00 a.m. ET today, and analysts expect an improvement from May’s reading, according to a survey of economists by Dow Jones Newswires and The Wall Street Journal. President Donald Trump’s tariffs will be a key topic in the report, which dropped for four straight months before leveling out in May. The University of Michigan Index of Consumer Sentiment is expected to show a preliminary reading of 54.0, an improvement from the May reading of 52.2.

4. Oracle Stock Edges Lower After Hitting All-Time High

Oracle (ORCL) shares are pulling back slightly in premarket trading after soaring 13% to an all-time high Thursday, a day after the company’s fiscal fourth-quarter results and sales outlook sailed past Wall Street expectations. The enterprise software giant said it expects “dramatically higher” revenue growth this fiscal year, driven by strength in its cloud infrastructure segment, a bullish projection that prompted analysts to increase price targets.

5. AMD Unveils Next-Gen AI Chips

Advanced Micro Devices (AMD) unveiled its next-generation MI400 chips at its “Advancing AI” event Thursday. The chip isn’t expected to launch until 2026, but it already has some high-profile customers, including ChatGPT maker OpenAI. The event also brought the launch of AMD’s Instinct MI350 Series GPUs, which it claims offers four times more computing power than its previous generation. AMD shares, which entered Friday down 2% this year, are 2.5% lower in premarket trading.

Global stocks are falling and oil prices are spiking Friday as Israel’s attacks on Iran’s nuclear program and military leadership sparked worries of a broader Middle East conflict and drove investors into safe-haven assets.

Iran reportedly has launched more than a hundred drones in response. Secretary of State Marco Rubio distanced the U.S. from the attacks and warned Iran not to target American forces.

“Tonight, Israel took unilateral action against Iran. We are not involved in strikes against Iran and our top priority is protecting American forces in the region,” Rubio said in a post on X. “Israel advised us that they believe this action was necessary for its self-defense. President Trump and the Administration have taken all necessary steps to protect our forces and remain in close contact with our regional partners. Let me be clear: Iran should not target U.S. interests or personnel.”

U.S. stock futures are dropping, with Dow Jones Industrial Average and Nasdaq futures 1.1% lower, and S&P 500 futures down 1.4%. The Stoxx Europe 600 index is almost 1% lower, while Japan’s Nikkei and Hong Kong’s Hang Seng, where the biggest Chinese companies are listed, finished down 0.9% and 0.6%, respectively.

Oil prices jumped more than 6% and the 10-year Treasury yield fell to 4.35%, while the flight from risk drove safe-haven gold up more than 1% to around $3,440 per troy ounce level. The U.S. dollar, which hit a three-year-low Thursday, gained ground against the euro, pound, and yen. 

“The developments could provide a timely test of the US dollar’s traditional safe haven appeal after it hit fresh year to date lows yesterday prior to Israel’s military strikes,” MUFG senior currency analyst Lee Hardman wrote. 

Fintech firm Chime opened at $43 per share in its Nasdaq trading debut Thursday, well above its initial public offering (IPO) price of $27 per share. Shares recently were trading hands at $40.50, up 50%.

The online banking startup, which started trading under the ticket symbol “CHYM, raised around $700 million from the sale of 25.9 million shares in its IPO, while existing investors sold about 6.1 million shares for nearly $165 million.

Last week, Chime said the IPO price was expected to be between $24 and $26 per share.

IPO Market Has Been Picking Up Recently

Shares of companies that debuted recently, like USDC stable coin issuer Circle Internet Group (CRCL), Israel-based retail trading platform eToro (ETOR), and space and defense tech firm Voyager Technologies (VOYG), all soared in their first day of trading.

Deal volumes are also at a multi-year high. So far in 2025, U.S. IPOs have raised $26.5 billion, the largest level since 2021, when a record $147.6 billion of funds were raised in the same year-to-date period, according to Dealogic data.

In its prospectus last month, Chime reported 2024 revenue of $1.67 billion and a $62.2 million loss from operations. The company noted that it averaged $251 in revenue for each of its 8.6 million active members.

UPDATE—June 12, 2025: This article has been updated to reflect that shares have started trading. 

Oracle shares rallied to a record high on Thursday, moving co-founder Larry Ellison ahead of two other tech multi-billionaires for the spot of the world’s second-richest person.

According to Forbes’ billionaire index, Ellison’s gain of at least $26 billion from Thursday’s rally moved him past Amazon (AMZN) founder Jeff Bezos and Meta Platforms (META) CEO Mark Zuckerberg, putting his net worth at $243 billion.

Zuckerberg is worth roughly $239 billion, surpassing Bezos, who stands at $227 billion, according to Forbes. None of the three founders come close to Tesla (TSLA) CEO Elon Musk’s net worth above $400 billion.

The estimated net worth of all four men depends to varying degrees on the stock prices of their respective companies, depending on how much of the company they still own. Ellison owns 41% of Oracle (ORCL), according to Forbes, and is still its chief technology officer and board chair, but stepped away from the chief executive officer role in 2014.

Oracle shares rose Thursday after the company’s fiscal fourth-quarter results topped estimates after the bell Wednesday. Analysts cheered the latest results, with several lifting their price targets for Oracle stock after hearing the company’s “stunning” growth projections.

Oracle shares closed 13% higher, earlier hitting a record high of above $202.

Written by the Market Insights Team

Double blow to USD: bearish forces at play

Antonio Ruggiero – FX & Macro Strategist

A double hit of disappointing trade news and heightened Fed rate cut expectations fueled a broad-based selloff in the dollar this week. The greenback fell against all G10 currencies, with the Bloomberg Dollar Index sliding as much as 0.8% yesterday – one of its weakest levels in three years. Overnight, the greenback received some support – DXY up 0.4% – as traders moved toward safe-haven demand sparked by heightened tensions in the Middle East.

Soft inflation data has reinforced expectations of further easing. Core CPI rose just 0.1% month-over-month, while PPI remained muted at +0.1% for May, pushing traders to price in additional rate cuts ahead of the Fed’s June 18 meeting.

Despite this, the dollar still holds a yield advantage against its peers, leading some to argue that the sharp decline may be overdone. However, we suspect that recent speculations over the next Fed chair has likely amplified the bearish move. Whether Bessent or another Trump appointee takes the helm, a more dovish stance seems inevitable – reinforcing the case that downward pressure on the dollar could prove more lasting than anticipated.

On the trade front, uncertainty remains high. No concrete news on a US-China deal, while Trump’s new threat of expanding steel tariffs starting June 23 on imported “steel derivative products”, were inevitable contributors to the dollar’s extended decline.

Sentiment vs. fundamentals: the euro’s fragile rise

Antonio Ruggiero – FX & Macro Strategist

The euro’s rally gained momentum this week, with EUR/USD comfortably surpassing April’s highs of $1.515 and briefly testing the $1.16 level—its highest since October 2021. However, the pair pared back some of its gains during Asian trading as geopolitical tensions escalated following Israel’s preemptive attack on Iran, amplifying risk-off sentiment.

While the broader trend remains bullish, signs of short-term exhaustion have emerged throughout May, with spot prices falling below shorter-term moving averages. The narrative remains clear: broader US sentiment is dictating euro price action. When positive trade developments emerge, as seen in May with the US negotiations with the EU and China, euro momentum fades. When sentiment deteriorates, as witnessed this week, the currency strengthens.

This latest push higher was amplified by a narrower rate gap favoring the euro, following soft inflation prints from the US. Although rate differentials have played a smaller role in driving EUR/USD recently, their impact was more pronounced this week as dovish Fed expectations combined with a hawkish ECB stance last week.

Meanwhile, Eurozone industrial activity for April, released later today, is expected to have slowed significantly, following a surge in March as producers rushed to adjust ahead of new tariffs. Data from Germany, France, and Spain have already shown signs of weakening momentum, with soft April figures hinting at a broader slowdown across the region. While a weak print is unlikely to have a major impact on the euro, it remains a valuable gauge of overall economic activity, offering insight into whether Lagarde’s recent hawkish stance is justified.

Geopolitical tensions and surging oil prices drag on pound

George Vessey – Lead FX & Macro Strategist

The British pound has weakened across the board, pressured by surging oil prices and plunging risk sentiment amid the Iran-Israel geopolitical flare-up. Sterling’s high beta to risk makes it particularly sensitive to global uncertainty, prompting investors to sell GBP in favour of safe-haven assets like the Japanese yen, Swiss franc, gold, and sovereign bonds. However, the US dollar has also absorbed a significant share of haven flows too, hence the sharp reversal from fresh 3-year highs clocked yesterday.

Beyond geopolitics, GBP/USD’s bullish outlook in the first half of 2025 was supported by stronger-than-expected UK economic performance, but recent data has disappointed. The UK-US economic surprise differential has narrowed, making it harder for GBP/USD to sustain gains above $1.36. If bearish sentiment on the dollar persists, fresh highs for GBP/USD remain possible, but UK domestic growth and fiscal risks could weigh on GBP/EUR until the UK’s economic outlook improves.

Looking ahead, the Bank of England (BoE) is expected to hold rates at 4.25% next week, but money markets have already priced in two additional rate cuts by year-end, following lackluster UK data. This has kept sterling’s gains in check, reinforcing investor caution.

For now, though, geopolitics remains the dominant market driver, with traders hesitant to hold risk assets over the weekend due to uncertainty surrounding further escalation. If oil prices continue soaring, we expect sterling weakness to persist.

Oil up almost 13% over the past 7 days

Table: 7-day currency trends and trading ranges

Key global risk events

Calendar: June 9-13

All times are in BST

Have a question? [email protected]

*The FX rates published are provided by Convera’s Market Insights team for research purposes only. The rates have a unique source and may not align to any live exchange rates quoted on other sites. They are not an indication of actual buy/sell rates, or a financial offer.

Presales for the limited-edition 250th Anniversary U.S. Army 2025-W Proof American Silver Eagle begin today, June 13, at noon ET from the United States Mint.

Struck at the U.S. Mint’s West Point facility in one ounce of .999 fine silver, the new Silver Eagle features a special privy mark honoring the 250th anniversary of the U.S. Army, which falls on Saturday, June 14. Mintage for the coin is limited to 100,000.

Aside from the privy mark, the coin shares the same specifications and imagery as the standard annual proof Silver Eagle, the 2025 version of which debuted in January. This includes the classic “Walking Liberty” design by Adolph A. Weinman, featured on the obverse (heads side).

The historic design, originally seen on the 1916–1947 half dollar, portrays Liberty in full stride, enveloped in folds of the flag, with her right hand extended and branches of laurel and oak in her left. It was adopted for the American Silver Eagle series in 1986 and has appeared on the coins ever since. In 2021, the Mint introduced subtle modifications to the image, using historical assets and modern technology to more closely reflect Weinman’s original vision.

Obverse inscriptions include “LIBERTY,” “IN GOD WE TRUST,” and “2025.” The special privy mark, which incorporates elements of the U.S. Army’s official seal, appears to the right of Liberty.

The reverse (tails side) design, introduced in 2021, features an eagle as it approaches a landing, carrying an oak branch as if to add it to a nest. Created by artist Emily Damstra and sculpted by Michael Gaudioso, this design replaced John Mercanti’s original heraldic eagle, which had appeared on the coin since the series launched in 1986. Inscriptions on the reverse read “UNITED STATES OF AMERICA,” “E PLURIBUS UNUM,” “1 OZ. FINE SILVER,” and “ONE DOLLAR.”

As an anti-counterfeiting measure, each coin includes a reeded edge variation.

Coin Specifications

Ordering, Price, and More 2025 Privy-Marked Silver Eagles

Orders for the 250th Anniversary United States Army 2025-W Proof American Silver Eagle will be accepted directly from the U.S. Mint through its American Eagle product page.

For the first 24 hours, the coin will have an initial household order limit of one, recently reduced from three. Shipments are expected to begin July 29.

The coin is priced at $105, reflecting a $10 increase over the standard proof Silver Eagle issued earlier this year, which remains available and has recorded sales of 265,950 through June 8.

In addition to this release, three other limited-edition 2025-W Proof American Silver Eagles are scheduled to launch later this year, each featuring a unique privy mark. These include Navy and Marine Corps editions, to be produced at the San Francisco and Philadelphia Mints, respectively, in recognition of their 250th anniversaries on October 13 and November 10. The other coin, set for release on August 20, is listed as featuring a “Laser Beam” privy mark.

During the COVID-19 pandemic, the real estate market boomed as record-low interest rates and lifestyle shifts created intense competition that helped drive housing prices to record highs across the U.S.

Now, however, home values are falling in some areas, which could put some buyers underwater, meaning they owe more than their homes are worth. Falling home prices aren’t rare—markets often have ups and downs—but if the recent changes put you underwater, that can be concerning and limit financial flexibility. Fortunately, there are ways to get above the surface.

What Does It Mean to Be Underwater on a Mortgage?

Being underwater on a mortgage means the loan amount is higher than the home’s current market value, so if you sold it, you couldn’t fully pay off the mortgage with the proceeds.

Being underwater can happen when buyers pay high prices. That can happen if there is overbidding as some experienced during Covid, and if the market softens. Then, homeowners might see their home value increase and owe more than their mortgage amount. 

Putting in a low down payment also increases the risk of being underwater, as the mortgage funds more of the home’s value. So, even a slight dip in prices can create this dynamic, whereas with a standard 20% down payment, prices would have to fall by over 20% to put you underwater.

Being underwater can create both financial and psychological challenges. For one, it limits your ability to sell your home, as you might not have enough money to cover the shortfall while also affording all the costs associated with buying a new home. You also typically can not refinance your mortgage or access equity, since you actually have negative equity if you’re underwater.

The COVID Housing Bubble—What Happened?

A convergence of factors during the early days of the pandemic caused many homebuyers to pay higher prices.

For one, interest rates plummeted as the Federal Reserve tried to boost the economy during this period. However, this contributed to ultra-low mortgage rates that enabled many homeowners to increase their buying power. Paying tens of thousands of dollars over ask might not have seemed like a big deal if you were saving so much money on interest charges compared to historical mortgages.

Meanwhile, demand outpaced supply, with buyers eager to use their purchasing power and with changes like remote work causing spikes in home searches in certain suburbs that may have previously been more affordable. At the same time, housing inventory remained tight, in part because previous years of limited home building meant that supply could not keep up with a growing population and the needs of young adults shifting from renting to owning, even with construction picking up during the pandemic era.

This all led to occurrences like bidding wars and waived contingencies that caused some homebuyers to pay more. 

Is It Common to Be Underwater on Your Mortgage?

In several major markets, housing prices peaked around 2022-2023 and have dipped over 10% since. That said, some housing markets continue to climb, reducing the odds of homeowners there going underwater.

For example, some Sun Belt cities such as Austin boomed during the pandemic but have been cooling lately. In May 2022, median Austin sale prices peaked at $667,000 and have since fallen to $562,495, a drop of over 15%. In New Orleans, prices are down about 10% since June 2022.

Another pandemic-era hotspot, Boise, dropped around 23% from a peak in May 2022 to a recent low in February 2024. Although it has since recovered somewhat, it is now down about 8% from the peak.

So, if you bought a home in one of these areas or several others that have suffered a post-pandemic slump, you might already be underwater, or close to it.

That said, being underwater is relatively rare, as home equity levels remain strong in general. In the U.S., the percentage of seriously underwater homes—meaning the homeowner owes at least 25% more than the current estimated property value—is 2.8% for the first quarter of 2025, though that’s up from 2.5% the previous quarter.

What You Can Do If You’re Underwater

While being underwater can feel scary, it’s not necessarily insurmountable. Some options, depending on if you’re planning to move or just want to get out of the hole, include:

• Keep up with mortgage payments: If you’re not looking to move, continuing to pay your mortgage as usual will build equity and help get you above the surface over time, especially if home prices rise again. 
• Add value: If you’re planning to move or want more flexibility, you could also make home improvements that build equity by raising your home’s value, but be mindful that many renovations do not have a positive ROI. 
• Rent your home: If you want to generate extra income and delay selling, you might rent out your home until you get back above water.
• Contact your lender or assistance programs: Your lender might be able to help you out, such as by putting your mortgage into forbearance if you’re dealing with a hardship, which can buy you time to improve your finances and later chip away at your mortgage balance. Other assistance programs, such as from your state or local government, might also help if you’re in a difficult financial situation.

How to Protect Yourself Going Forward

Whether you’re currently underwater or concerned about this situation, you can protect yourself in several ways. One is to be patient and not panic and sell. Even if home prices are dipping, that doesn’t necessarily mean it’s a good decision to move. Try to act rationally and consult experts for their advice, and with time, you might be able to get ahead again.

Another strategy is to build a financial buffer, ideally before times get tough, as emergency savings can be used to make extra mortgage payments, for example, to get out of the hole.

Tracking your home’s value, such as through online appraisal tools or insights from a local realtor can help you understand the gravity of your situation. If you’re getting close to going underwater, for example, you might decide it’s best to refinance now, such as to a shorter loan term with lower rates to save money overall and build up equity faster.

The Bottom Line

Although going underwater on a mortgage can be scary or frustrating if you bought during a Covid-era peak, that doesn’t mean you will suffer a permanent loss. History suggests that asset prices rise over time. So if you can ride it out, your home’s value may go up in the future, and if you keep making mortgage payments, you can build up positive equity. Instead of panicking, know your options and consider how you can make rational, proactive choices.

Adobe (ADBE) delivered fiscal second-quarter earnings that topped analysts’ expectations as sales climbed to a record high, and raised its full-year outlook.

The Creative Cloud developer posted record quarterly revenue of $5.87 billion, up 11% year-over-year and above the analyst consensus from Visible Alpha. Its adjusted net income of $2.17 billion, or $5.06 per share, rose from $2.02 billion, or $4.48 per share, in the year-ago quarter, beating estimates. 

The gains came as Adobe’s Digital Media arm, which includes Creative Cloud subscriptions, saw its revenue rise 11% to $4.35 billion, exceeding analysts’ expectations.

Looking ahead, Adobe raised its full-year revenue outlook to $23.5 billion to $23.6 billion from $23.3 billion to $23.55 billion. It sees adjusted earnings per share of $20.50 to $20.70, compared to $20.20 to $20.50 previously. The tech giant projected third-quarter adjusted earnings of $5.15 to $5.20 per share on revenue of $5.88 billion to $5.93 billion, above consensus projections.

Adobe shares ticked 1% lower in after-hours trading following the release. The stock was down about 7% for 2025 through Thursday’s close.