December S&P 500 futures (ESZ23) are trending up +0.22% this morning after three major U.S. benchmark indices finished the regular session in the red as the latest data on the labor market reinforced the case for the Fed’s stance of holding rates higher for longer.
In Thursday’s trading session, the benchmark S&P 500 and tech-heavy Nasdaq 100 dropped to 1-month lows, and the blue-chip Dow fell to a 3-1/2 week low. Cisco Systems Inc (CSCO) slid over -3% after the tech giant agreed to acquire cybersecurity company Splunk for $28B. Also, rate-sensitive megacap stocks retreated after the 10-year T-note yield climbed to a 16-year high, with Amazon.com Inc (AMZN) falling more than -4% and NVIDIA Corporation (NVDA) slumping over -2%. On the bullish side, FedEx Corporation (FDX) rose more than +4% after the company reported better-than-expected Q1 earnings and lifted the lower end of its annual outlook for EPS.
