September S&P 500 E-Mini futures (ESU24) are down -0.30%, and September Nasdaq 100 E-Mini futures (NQU24) are down -0.46% this morning, extending yesterday’s slump amid worries about a slowing U.S. economy, while investors awaited the latest reading on U.S. job openings.
In yesterday’s trading session, Wall Street’s main stock indexes closed in the red, with the benchmark S&P 500 posting a 2-week low and the tech-heavy Nasdaq 100 posting a 2-1/2 week low. Boeing (BA) slumped over -7% after Wells Fargo downgraded the stock to Underweight from Equal Weight with a price target of $119. Also, chip stocks lost ground, with Nvidia (NVDA) sliding more than -9% and Intel (INTC) dropping over -8% to lead losers in the Dow. In addition, U.S. Steel (X) fell more than -6% after Democratic presidential candidate Kamala Harris expressed opposition to the $14.1 billion sale of the steelmaker to Japan’s Nippon Steel, stating that the company should stay domestically owned. On the bullish side, Unity Software (U) gained about +2% after Morgan Stanley upgraded the stock to Overweight from Equal Weight with an unchanged price target of $22.
