June S&P 500 futures (ESM23) are trending up +0.31% this morning after three major U.S. benchmark indices ended the regular session mixed as market participants digested a tamer-than-expected U.S. inflation report while also awaiting crucial U.S. PPI data.
In Wednesday’s trading session, the tech-heavy Nasdaq 100 outperformed major benchmarks as the U.S. Treasury yields plunged after a report showed U.S. inflation moderated slightly in April, sparking a rally in mega-cap technology stocks. Also, Alphabet Inc (GOOGL) rose more than +4% after the company unveiled new gadgets and details on its generative artificial intelligence tools at the I/O developer conference. In addition, Akamai Technologies (AKAM) climbed over +8% and was the top percentage gainer on the benchmark S&P 500 after reporting upbeat Q1 results and providing strong full-year guidance. At the same time, regional bank stocks extended declines amid concerns over the health of the bank sector, with KeyCorp (KEY) dropping over -4% and Zions Bancorporation (ZION) falling more than -2%. Energy stocks also retreated as the price of WTI crude dropped over -1% on an unexpected increase in U.S. crude stockpiles.
