March S&P 500 E-Mini futures (ESH24) are trending up +0.44% this morning as market participants awaited testimony from Federal Reserve Chair Jerome Powell while also bracing for the release of second-tier U.S. jobs data.
In Tuesday’s trading session, Wall Street’s major indexes closed in the red, with the benchmark S&P 500, blue-chip Dow, and tech-heavy Nasdaq 100 dropping to 1-1/2 week lows. Albemarle Corp (ALB) plunged over -17% and was the top percentage loser on the S&P 500 following the announcement of a public offering of $1.75 billion in depositary shares. Also, Tesla Inc (TSLA) slid more than -3% after the electric vehicle maker was compelled to halt production at its European Gigafactory near Berlin following a suspected arson attack on a nearby electricity pylon. In addition, Apple Inc (AAPL) fell over -2% following a report from research firm Counterpoint indicating that iPhone sales in China declined by 24% year-over-year during the first six weeks of 2024. On the bullish side, Target Corporation (TGT) climbed about +12% and was the top percentage gainer on the S&P 500 after the big-box retailer reported better-than-expected Q4 adjusted EPS.
