June S&P 500 E-Mini futures (ESM24) are down -0.42%, and June Nasdaq 100 E-Mini futures (NQM24) are down -0.73% this morning as mixed earnings and the prospect of higher-for-longer U.S. interest rates weighed on sentiment, with all eyes on the Federal Reserve’s interest rate decision due later in the day.
Advanced Micro Devices (AMD) slumped more than -5% in pre-market trading after the semiconductor firm provided softer-than-expected Q2 revenue guidance. The company also gave a disappointing revenue forecast for artificial intelligence processors, estimating that its MI300 lineup will generate as much as $3.5 billion in revenue for the year. In addition, Starbucks (SBUX) plunged over -12% in pre-market trading after reporting weaker-than-expected Q2 global comparable store sales and cutting its full-year guidance. At the same time, Amazon (AMZN) rose about +2% in pre-market trading as better-than-expected Q1 results, including a beat on the company’s Amazon Web Services segment, overshadowed below-consensus Q2 sales guidance.
