September S&P 500 futures (ESU23) are trending down -0.07% this morning as market participants looked ahead to the release of the Federal Reserve’s July policy meeting minutes.
In Tuesday’s trading session, Wall Street’s major averages closed in the red, with the blue-chip Dow and benchmark S&P 500 dropping to 1-month lows. Discover Financial Services (DFS) tumbled over -9% and was the top percentage loser on the S&P 500 after the consumer finance company announced the departure of its president and CEO, Roger Hochschild. Also, bank stocks retreated following a downgrade warning from rating agency Fitch Ratings, with Zions Bancorporation (ZION) plunging over -4% and KeyCorp (KEY) dropping more than -3%. In addition, Sea Ltd (SE) slumped over -28% after the Singapore-based internet company posted weaker-than-expected Q2 revenue. On the bullish side, DR Horton Inc (DHI) climbed more than +2%, and Lennar Corporation (LEN) rose over +1% after Warren Buffett’s Berkshire Hathaway revealed new positions in the stocks.
