September S&P 500 futures (ESU23) are down -0.26%, and September Nasdaq 100 E-Mini futures (NQU23) are down -0.35% this morning as U.S. bond yields hit 9-month peaks, while market participants looked ahead to earnings reports from U.S. tech mega-caps Apple and Amazon.
In Wednesday’s trading session, Wall Street’s major averages closed sharply lower, with the benchmark S&P 500 falling to a 2-week low and the tech-heavy Nasdaq 100 dropping to a 3-week low. Advanced Micro Devices Inc (AMD) slid about -7% after analysts expressed concerns over the chip designer’s ambitious targets for an artificial intelligence ramp-up. Also, rate-sensitive mega-cap stocks tumbled after the 10-year T-note yield climbed to an 8-1/2 month high, with Tesla Inc (TSLA) dropping more than -2% and NVIDIA Corporation (NVDA) plunging over -4%. In addition, Devon Energy Corporation (DVN) fell more than -7% after the company posted downbeat Q2 results and reduced its fixed plus variable dividend to $0.49 a share. On the bullish side, CVS Health Corp (CVS) rose over +3% after the healthcare giant reported better-than-expected Q2 results.
