September S&P 500 futures (ESU23) are down -0.61%, and September Nasdaq 100 E-Mini futures (NQU23) are down -0.48% this morning as market participants digested the latest U.K. employment data, which fueled concerns about inflationary pressures and consequently pushed U.S. Treasury yields higher, while disappointing economic data from China also weighed on sentiment ahead of crucial U.S. retail sales data.
In Monday’s trading session, Wall Street’s major averages closed higher. NVIDIA Corporation (NVDA) climbed over +7% and was the top percentage gainer on the tech-heavy Nasdaq 100 after Morgan Stanley said the recent decline in the stock is a “good entry point” ahead of its Q2 results next week. Also, United States Steel Corporation (X) surged more than +36% after the company rejected a $7.25 billion cash and stock takeover offer from Cleveland-Cliffs and said it would initiate a formal review of its strategic options. In addition, Monday.Com Ltd (MNDY) rose over +8% after reporting upbeat Q2 results and raising its full-year revenue guidance. On the bearish side, Tesla Inc (TSLA) dropped more than -1% after the automaker said it had cut prices in China for Model Y Long Range and Performance versions. Regional bank stocks also retreated, with KeyCorp (KEY) plunging over -4% and Comerica Inc (CMA) falling more than -3%.
