December S&P 500 E-Mini futures (ESZ25) are trending up +0.63% this morning amid optimism over Federal Reserve interest-rate cuts following dovish comments from Fed Chair Jerome Powell, while investors await quarterly reports from more big banks.
In yesterday’s trading session, Wall Street’s major indexes closed mixed. Most members of the Magnificent Seven stocks retreated, with Nvidia (NVDA) falling more than -4% to lead losers in the Dow and Amazon.com (AMZN) dropping over -1%. Also, semiconductor and AI infrastructure stocks slumped, with Arista Networks (ANET) sliding over -5% to lead losers in the S&P 500 and Intel (INTC) falling more than -4%. In addition, Salesforce (CRM) dropped over -3% after Northland Securities downgraded the stock to Market Perform from Outperform. On the bullish side, Wells Fargo (WFC) climbed more than +7% and was the top percentage gainer on the S&P 500 after the lender posted upbeat Q3 results and raised a key profitability metric.
