December Nasdaq 100 E-Mini futures (NQZ24) are trending down -0.23% this morning as Treasury yields continued to rise on the prospect of less aggressive Federal Reserve interest rate cuts, while investors awaited a slew of corporate earnings reports, with a particular focus on results from “Magnificent Seven” member Tesla.
In yesterday’s trading session, Wall Street’s main stock indexes ended little changed. Philip Morris International (PM) surged over +10% and was the top percentage gainer on the S&P 500 after the company posted upbeat Q3 results and lifted its full-year EPS forecast. Also, General Motors (GM) climbed more than +9% after the legacy carmaker reported stronger-than-expected Q3 results and raised the lower end of its full-year adjusted EPS guidance. In addition, Zions Bancorporation (ZION) advanced over +6% after reporting better-than-expected Q3 adjusted net interest income. On the bearish side, Genuine Parts Co. (GPC) tumbled about -21% and was the top percentage loser on the S&P 500 after cutting its full-year adjusted EPS guidance. Also, Verizon Communications (VZ) slid over -5% and was the top percentage loser on the Dow after the telecom giant reported weaker-than-expected Q3 revenue.
