Bitcoin (BTCUSD) is slumping off its record highs above $73,000 and is now around $67,000; shares in Adobe (ADBE) and Ulta Beauty (ULTA) are both falling on their disappointing outlooks; Japan’s Honda Motor (HMC) and Nissan are planning to explore an electric-vehicle partnership; and McDonald's (MCD) customers in Australia, Japan, and Hong Kong are reportedly having trouble ordering at their restaurants. U.S. equity futures were little changed ahead of March consumer sentiment numbers, which come after Thursday's hot inflation data gave the Federal Reserve another reason to potentially hold off on cutting interest rates. Here’s what investors need to know today.

1. Bitcoin Tumbles as Worries of Frothy Markets Drag Cryptocurrencies Lower

Bitcoin (BTCUSD) extended a retreat from its latest record high, currently trading around $67,000 after hitting records above $73,000 this week. Other cryptocurrencies also fell, as investors increasingly worried that the recent rally had overrun. Thursday’s hot inflation data also contributed to some of the slump, as investors worry that persistent price pressures could keep the Federal Reserve from cutting interest rates soon. The inflation numbers drove up Treasury yields, which typically leads risk-averse traders to shift their investments into safer assets like Treasurys from riskier assets like crypto. Ether, the second-largest cryptocurrency by market capitalization, was also sharply lower. 

2. Adobe Plummets After Issuing Disappointing Outlook

Adobe (ADBE) shares tumbled more than 10% in premarket trading after the company issued a disappointing outlook for the current quarter that offset an earnings beat for the fiscal first quarter. The creator of the AI-image creation tool Firefly said it expects second-quarter revenue of between $5.25 billion and $5.3 billion. However, analysts had anticipated guidance at the higher end of this range at $5.3 billion.

3. Japan’s Honda and Nissan Explore EV Partnership 

Honda Motor (HMC) and Nissan are planning to explore an electric-vehicle (EV) partnership that will bring together two of Japan’s largest automakers at a time when many companies are scaling back their EV expansion plans amid soaring costs and slowing demand. The two companies said Friday in a statement that they signed a memorandum of understanding to begin a feasibility study into a strategic partnership. “It is important to prepare for the increasing pace of transformation in mobility in the mid-to-long-term, and it is significant that we have reached this agreement based on a mutual understanding that Honda and Nissan face common challenges,” Honda CEO Makoto Uchida said in a statement.

4. Ulta Beauty Slumps on Weak Guidance, Competitive Industry 

Shares of Ulta Beauty (ULTA) fell more than 6% in premarket trading after the beauty retailer forecast full-year profit that was a bit below expectations. “Beauty is an attractive category, and competitive intensity continues to increase as channels blur and distribution expands,” CEO Dave Kimbell said during the company’s earnings call. Ulta Beauty said it expects to earn between $26.20 and $27 a share this year, slightly below forecasts.

5. McDonald’s Stores in Japan, Australia, Hong Kong Suffer Technical Issues 

McDonald's (MCD) customers in Australia, Japan, and Hong Kong were reportedly having trouble ordering at the fast-food restaurants on Friday, as some operators cited technical problems with ordering systems. In posts on X cited by The New York Times, McDonald’s Japan said its restaurants were having technical difficulties because of a system failure and “many” stores were suspended across the country. McDonald's has roughly 2,900 restaurants in Japan, its biggest market outside the U.S. and China. The company's shares were little changed in premarket trading but slumped earlier this week after its finance chief said at an investor conference that its lower-income customers have been pulling back spending on fast food.