June S&P 500 futures (ESM23) are up +0.12%, and June Nasdaq 100 E-Mini futures (NQM23) are up +0.16% this morning as market participants braced for the Federal Reserve’s interest rate decision while also awaiting crucial U.S. PPI data.
In Tuesday’s trading session, the benchmark S&P 500 climbed to a 13-1/2 month high, the blue-chip Dow rose to a 4-month high, and the tech-heavy Nasdaq 100 notched a 14-month high. Materials stocks led the gains in the broader market, driven by rising commodity prices on optimism over demand after China’s central bank lowered its short-term lending rate for the first time in 10 months. Also, semiconductor stocks advanced, with NVIDIA Corporation (NVDA) and NXP Semiconductors NV (NXPI) rising more than +3%. In addition, regional bank stocks gained ground, underpinned by an over +6% gain in Comerica Inc (CMA) after the lender said in a filing that it plans to organically exit the mortgage banker finance business by the end of this year. On the bearish side, Biogen (BIIB) slid more than -2% and was among the top percentage losers on the S&P 500 following a report that Biogen and Eisai’s Alzheimer’s treatment may not see wide use in Europe.
