September S&P 500 E-Mini futures (ESU24) are up +0.98%, and September Nasdaq 100 E-Mini futures (NQU24) are up +1.57% this morning as expectations mounted that Fed Chair Jerome Powell might signal a potential rate cut for September, while investors also awaited a fresh batch of U.S. economic data and an earnings report from Meta Platforms.
In yesterday’s trading session, Wall Street’s main stock indexes closed mixed. CrowdStrike Holdings (CRWD) slumped over -9% and was the top percentage loser on the Nasdaq 100 after CNBC reported that Delta Air Lines had hired lawyers to seek compensation from the cybersecurity firm and Microsoft over the operations meltdown experienced during the global IT outage. Also, Merck & Co. (MRK) slid more than -9% and was the top percentage loser on the S&P 500 and Dow after the pharma giant cut its full-year adjusted EPS forecast. In addition, Procter & Gamble (PG) fell over -4% after reporting weaker-than-expected Q4 sales. On the bullish side, Howmet Aerospace (HWM) surged more than +13% and was the top percentage gainer on the S&P 500 after the supplier to Boeing lifted its FY24 adjusted EPS guidance. Also, PayPal Holdings (PYPL) climbed over +8% and was the top percentage gainer on the Nasdaq 100 after posting upbeat Q2 results and boosting its annual earnings guidance.
