September S&P 500 futures (ESU23) are trending up +0.26% this morning as market participants awaited Federal Reserve Chair Jerome Powell’s speech for further clues on the outlook for interest rates.
In Thursday’s trading session, Wall Street’s major indexes closed in the red, with the blue-chip Dow dropping to a 6-week low. Dollar Tree Inc (DLTR) tumbled over -12% and was the top percentage loser on the benchmark S&P 500 after the retailer’s full-year earnings forecast fell short of analyst estimates. Chip stocks also retreated, with Advanced Micro Devices Inc (AMD) falling about -7% and Marvell Technology Inc (MRVL) dropping over -6%. In addition, Boeing Co (BA) slid more than -4% following a warning from the U.S. aircraft manufacturer about delays in near-term deliveries of 737 MAX jets due to a new quality problem involving its biggest supplier, Spirit AeroSystems. On the bullish side, Guess? Inc (GES) climbed +26% after the company posted upbeat Q2 results and raised its FY24 guidance.
