Wells Fargo double-downgraded Adobe to Underweight from Equal Weight with a $225 price target, citing deteriorating underlying growth, AI competition and weaker positioning for corporate artificial-intelligence budgets. HSBC subsequently downgraded Adobe to Hold from Buy and cut its target to $267 from $310, adding to scrutiny of the software maker despite fiscal third-quarter revenue of $6.76 billion and AI-first annual recurring revenue growth of more than 150%. U.S. index futures traded mixed before third-quarter earnings reports from four large-cap financial companies, including JPMorgan Chase & Company, which missed expectations. Bitcoin traded at $83,360 after recovering from an $80,400 intraday low reached during a liquidation-driven selloff last week.