September S&P 500 futures (ESU23) are trending up +0.27% this morning as market participants exercised caution and refrained from big positions in anticipation of Thursday’s U.S. inflation report.
In Tuesday’s trading session, the benchmark S&P 500 fell to a 3-1/2 week low, the blue-chip Dow dropped to a 2-1/2 week low, and the tech-heavy Nasdaq 100 notched a 4-week low. Financial stocks slumped after Moody’s Investors Service downgraded 10 small and midsize American banks and adopted a “negative” outlook for 11 other lenders. Also, Datadog Inc (DDOG) plunged more than -17% after the company reduced its FY23 revenue outlook. On the bullish side, Eli Lilly and Company (LLY) surged over +14% and was the top percentage gainer on the S&P 500 after the company reported upbeat Q2 results and raised its FY23 EPS guidance.
