September S&P 500 E-Mini futures (ESU24) are up +0.25%, and September Nasdaq 100 E-Mini futures (NQU24) are up +0.40% this morning as market participants awaited Federal Reserve Chair Jerome Powell’s congressional testimony for insights into the U.S. interest rate outlook.
In yesterday’s trading session, Wall Street’s major indexes ended mixed, with the benchmark S&P 500 and tech-heavy Nasdaq 100 posting new record highs. Corning (GLW) surged about +12% and was the top percentage gainer on the S&P 500 after the glass and advanced optics maker raised its Q2 core sales guidance. Also, chip stocks gained ground, with Intel (INTC) climbing over +6% to lead gainers in the Dow and Nasdaq 100 and Advanced Micro Devices (AMD) rising nearly +4%. In addition, Morphic Holding (MORF) soared more than +75% after Eli Lilly agreed to buy the U.S. gut drug maker in a deal valued at $3.2 billion. On the bearish side, Nike (NKE) fell over -3% and was the top percentage loser on the Dow following Jim Cramer’s remarks that the company’s latest conference call was a “call of despair” and that he “can’t find anything going right for the company.”
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