September S&P 500 E-Mini futures (ESU24) are up +0.55%, and September Nasdaq 100 E-Mini futures (NQU24) are up +0.56% this morning, signaling a partial rebound from yesterday’s dramatic selloff as a hotter-than-expected ISM services report and comments from Federal Reserve officials eased fears of a recession, while investors looked ahead to a fresh batch of corporate earnings reports.
In yesterday’s trading session, Wall Street’s main stock indexes closed lower, with the benchmark S&P 500 and tech-heavy Nasdaq 100 falling to 3-month lows and the blue-chip Dow dropping to a 7-week low. Nvidia (NVDA) slumped over -6% after The Information reported that the company’s upcoming artificial intelligence chips will be delayed by three months or more due to design flaws. Also, megacap technology stocks lost ground, with Amazon.com (AMZN) sliding more than -4% and Microsoft (MSFT) falling over -3%. In addition, Apple (AAPL) dropped more than -4% after Berkshire Hathaway reduced its stake in the iPhone maker by nearly 50% in the second quarter. On the bullish side, Kellanova (K) surged over +16% and was the top percentage gainer on the S&P 500 after Reuters reported that candy giant Mars was exploring an acquisition of the company.
