June S&P 500 E-Mini futures (ESM24) are trending down -0.05% this morning as warnings from a series of Federal Reserve officials prompted investors to reassess their expectations regarding interest rate cuts this year.
In yesterday’s trading session, Wall Street’s major indexes closed lower. Deere & Co. (DE) slumped over -4% after the farm equipment maker slashed its full-year net income guidance. Also, Cisco Systems (CSCO) slid more than -2% and was the top percentage loser on the Dow after the networking giant provided soft Q4 revenue guidance. In addition, Biogen (BIIB) fell over -2% following its decision to terminate the development of BIIB105, a treatment for amyotrophic lateral sclerosis, in collaboration with Ionis, citing poor topline results from a Phase 1-2 study. On the bullish side, Walmart (WMT) climbed about +7% and was the top percentage gainer on the Dow and S&P 500 after the U.S. retail giant reported better-than-expected Q1 U.S. comparable sales and said it now expects its full-year net sales and adjusted operating income to be at the “high-end or slightly above” its original guidance. Also, Chubb (CB) gained over +4% after Warren Buffett’s Berkshire Hathaway disclosed a $6.7 billion stake in the company.
