Adobe Inc. (NASDAQ:ADBE) stock rose on Thursday, driven by a combination of an analyst upgrade, macroeconomic data, and investor sentiment.Despite the Thursday morning gains, the software company’s stock remains down 34.04% year to date.Software-as-a-service (SaaS) equities faced broader selloffs during the first half of the year due to market concerns regarding artificial intelligence disruptions to traditional business models.The Nasdaq is down 1.97% while the S&P 500 has shed 0.52%.On Thursday, HSBC upgraded Adobe from its previous Hold rating to a Buy. Along with the rating upgrade, the financial institution raised its price forecast for the technology company to $308 per share.Labor Market Data Lowers Interest Rate ExpectationsOn Thursday, slowing U.S. labor market report provided upward momentum for rate-sensitive equities.The Bureau of Labor Statistics reported that the U.S. economy added 57,000 jobs in June, missing economist expectations of 110,000 jobs.Additionally, the bureau revised previous data to cut a combined 74,000 jobs from the prior two months.Following the release, the CME FedWatch Tool indicated the probability of a Federal Reserve interest rate hike at the July 29 meeting fell to approximately 20%.Burry Identifies Software Company as AI BeneficiaryThe upward movement follows earlier market context from Scion Asset Management’s Michael Burry.While Burry highlighted short positions against several semiconductor and technology firms in a Wednesday Substack post, his previous commentary noted exceptions in the software sector.In a May blog post, Burry specifically named Adobe, Intuit Inc. and Autodesk Inc. as software firms he viewed as structural beneficiaries of artificial intelligence developments.Adobe Stock: Key Technical Levels To WatchAdobe is trading 3.1% above its 20-day SMA ($214.10), which is a near-term positive, but the bigger trend remains pressured with the stock 6% below its 50-day SMA ($234.94) and 23.5% below its 200-day SMA ($288.68). Those bearish moving-average crossovers (20-day below 50-day, and 50-day below 200-day) keep rallies vulnerable to selling into overhead supply.RSI is the cleaner momentum read right now: at 51.21.