September S&P 500 E-Mini futures (ESU25) are trending down -0.13% this morning, continuing to drop after a tech-led selloff in the prior session, while investors await the Federal Reserve’s July meeting minutes, comments from Fed officials, and earnings reports from more retail heavyweights.
In yesterday’s trading session, Wall Street’s major indexes ended mixed, with the Nasdaq 100 dropping to a 1-1/2-week low. The Magnificent Seven stocks retreated, with Nvidia (NVDA) falling over -3% and Meta Platforms (META) dropping more than -2%. Also, Advanced Micro Devices (AMD) slumped more than -5% after GF Securities downgraded the stock to Hold from Buy. In addition, Viking Therapeutics (VKTX) cratered over -42% after the drugmaker released study results of its experimental weight-loss pill showing that nearly a third of patients discontinued treatment, raising concerns about potential side effects. On the bullish side, Intel (INTC) climbed more than +6% and was the top percentage gainer on the S&P 500 and Nasdaq 100 after SoftBank Group agreed to buy $2 billion worth of the chipmaker’s shares.
