September S&P 500 E-Mini futures (ESU24) are up +0.11%, and September Nasdaq 100 E-Mini futures (NQU24) are up +0.18% this morning after a strong session on Wall Street amid expectations that the Federal Reserve will soon signal readiness to begin cutting interest rates.
In yesterday’s trading session, Wall Street’s major indexes closed higher, with the benchmark S&P 500 posting a 1-month high, the tech-heavy Nasdaq 100 notching a 3-1/2 week high, and the blue-chip Dow posting a 2-week high. ZIM Integrated Shipping Services (ZIM) surged over +16% after the shipping giant reported better-than-expected Q2 results and raised its FY24 adjusted EBITDA guidance. Also, Advanced Micro Devices (AMD) climbed more than +4% and was the top percentage gainer on the Nasdaq 100 after announcing the acquisition of AI infrastructure provider ZT Systems in a deal valued at about $4.9 billion. In addition, McDonald’s (MCD) advanced over +3% and was the top percentage gainer on the Dow after Evercore ISI raised its price target on the stock to $320 from $300. On the bearish side, HP Inc. (HPQ) fell more than -3% and was the top percentage loser on the S&P 500 after Morgan Stanley downgraded the stock to Equal Weight from Overweight.
