June S&P 500 E-Mini futures (ESM24) are trending down -0.15% this morning as uncertainty over the Federal Reserve’s plans to cut interest rates continued to stifle market sentiment, with investors’ focus now shifting to remarks by Fed Chair Jerome Powell and ADP National Employment numbers due later in the day.
In yesterday’s trading session, Wall Street’s major indexes closed in the red, with the benchmark S&P 500, blue-chip Dow, and tech-heavy Nasdaq 100 dropping to 1-1/2 week lows. Tesla (TSLA) plunged about -5% and was the top percentage loser on the Nasdaq 100 after the electric vehicle giant’s Q1 deliveries missed already-reduced expectations. Also, health insurer stocks slumped after the industry regulator said that U.S. payments to Medicare Advantage plans will only rise by 3.7% on average in 2025, with Humana (HUM) falling more than -13% and CVS Health (CVS) sliding over -7%. In addition, PVH Corp. (PVH) tumbled more than -22% after the apparel retailer provided disappointing Q1 and FY24 guidance. On the bullish side, McCormick & Co. (MKC) gained over +2% after Argus Research upgraded the stock to Buy from Hold with a price target of $88.
