September Nasdaq 100 E-Mini futures (NQU23) are trending up +0.40% this morning as market participants awaited crucial quarterly results from industry stalwarts Nvidia and Analog Devices while also gearing up for U.S. business activity data.
In Tuesday’s trading session, Wall Street’s major averages closed mixed. Dick’s Sporting Goods Inc (DKS) tumbled about -24% after the company posted downbeat Q2 results and slashed its FY23 EPS forecast. Also, bank stocks retreated after S&P Global Ratings lowered the credit ratings of five regional U.S. banks amid “tough operating conditions,” with Comerica (CMA) and KeyCorp (KEY) falling more than -4%. In addition, Macy’s Inc (M) plunged over -14% following the department store chain’s warning of weak consumer spending during the crucial holiday shopping season. On the bullish side, Lowe’s Companies Inc (LOW) rose more than +3% after the home improvement retailer posted a lesser-than-expected drop in quarterly comparable sales and topped estimates for profit.
