December S&P 500 E-Mini futures (ESZ25) are down -0.04%, and December Nasdaq 100 E-Mini futures (NQZ25) are down -0.08% this morning, pointing to a muted open on Wall Street after yesterday’s rally, as investors await a fresh batch of corporate earnings reports, with a particular focus on results from blue chips such as Netflix, Coca-Cola, and 3M.
In yesterday’s trading session, Wall Street’s main stock indexes closed higher. Apple (AAPL) climbed nearly +4% after Loop Capital upgraded the stock to Buy from Hold with a price target of $315, citing positive iPhone demand trends. Also, chip stocks gained ground, with ON Semiconductor (ON) and KLA Corp. (KLAC) advancing more than +4%. In addition, Cleveland-Cliffs (CLF) jumped more than +21% after the steelmaker said it was exploring methods to extract rare-earth minerals from its iron ore deposits. On the bearish side, AppLovin (APP) fell over -5% and was the top percentage loser on the S&P 500 and Nasdaq 100 after the New York Post reported that multiple state regulators had contacted short sellers as part of a possible preliminary investigation into the company.
