June S&P 500 E-Mini futures (ESM24) are trending down -0.11% this morning as investors looked ahead to remarks by Federal Reserve Chair Jerome Powell and a fresh batch of U.S. economic data.
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.
