September S&P 500 futures (ESU23) are trending down -0.22% this morning after three major U.S. benchmark indices closed in the red on Thursday as market participants digested another round of resilient economic data that heightened concerns about the possibility of interest rates remaining higher for longer, while worries about China also weighed on sentiment.
In Thursday’s trading session, the benchmark S&P 500 fell to a 7-week low, the blue-chip Dow posted a 1-month low, and the tech-heavy Nasdaq 100 notched a 1-1/2 month low. CVS Health Corp (CVS) plunged over -8% and was the top percentage loser on the S&P 500 after non-profit health insurer Blue Shield of California said it would drop CVS Health’s Caremark as its primary pharmacy benefit manager. Also, Paramount Global (PARA) fell more than -2% after the Wall Street Journal reported that the company had abandoned a plan to sell a majority stake in its BET Media Group. In addition, Wolfspeed Inc (WOLF) tumbled about -17% after the company reported mixed Q4 results and issued a soft Q1 outlook. On the bullish side, Cisco Systems Inc (CSCO) climbed more than +3% after the networking and cloud giant posted upbeat Q4 results, and its CEO highlighted the promising prospects of artificial intelligence. Energy stocks also gained ground as the price of WTI crude rose over +1%.
