June S&P 500 E-Mini futures (ESM24) are up +0.40%, and June Nasdaq 100 E-Mini futures (NQM24) are up +0.44% this morning after three major U.S. benchmark indices ended the regular session in the green as higher-than-expected applications for U.S. unemployment benefits bolstered the case for rate cuts, with investors looking ahead to fresh comments from Federal Reserve officials.
In yesterday’s trading session, the benchmark S&P 500 rose to a 1-month high and the blue-chip Dow notched a 5-week high. Equinix (EQIX) climbed over +11% and was the top percentage gainer on the S&P 500 after the data center operator reported better-than-expected Q1 adjusted EBITDA. Also, Applovin (APP) advanced more than +14% after the company reported upbeat Q1 results and provided strong Q2 revenue guidance. In addition, Affirm Holdings (AFRM) gained over +10% after JPMorgan Chase upgraded the stock to Overweight from Neutral with a price target of $43. On the bearish side, EPAM Systems (EPAM) plummeted about -27% and was the top percentage loser on the S&P 500 after cutting its FY24 adjusted EPS guidance. Also, Airbnb (ABNB) slumped over -6% and was the top percentage loser on the Nasdaq 100 after the home-rental company gave a weaker-than-expected Q2 revenue forecast.
