September S&P 500 E-Mini futures (ESU24) are up +0.51%, and September Nasdaq 100 E-Mini futures (NQU24) are up +0.60% this morning as market participants awaited Federal Reserve Chair Jerome Powell’s Jackson Hole speech for more clues on the amount and timing of interest rate cuts.
In yesterday’s trading session, Wall Street’s major indexes ended in the red. Snowflake (SNOW) tumbled over -14% after the company reported weaker-than-expected Q2 billings and provided Q3 product revenue guidance that failed to impress investors. Also, chip stocks lost ground, with Intel (INTC) slumping more than -6% to lead losers in the Dow and Advanced Micro Devices (AMD) falling over -3%. In addition, Urban Outfitters (URBN) slid more than -9% after reporting weaker-than-expected Q2 retail comparable sales growth. On the bullish side, Zoom Video (ZM) surged about +13% after the company posted upbeat Q2 results and raised its full-year guidance.
