September S&P 500 E-Mini futures (ESU24) are down -0.04%, and September Nasdaq 100 E-Mini futures (NQU24) are up +0.05% this morning as investors awaited a fresh batch of U.S. economic data and braced for Nvidia’s financial report due on Wednesday.
In yesterday’s trading session, Wall Street’s major indexes ended mixed, with the blue-chip Dow posting a new record high and the tech-heavy Nasdaq 100 dropping to a 1-week low. PDD Holdings (PDD) plummeted over -28% and was the top percentage loser on the Nasdaq 100 after the Temu-owner reported weaker-than-expected Q2 revenue. Also, chip stocks slumped, with Arm (ARM) sliding nearly -5% and Marvell Technology (MRVL) dropping more than -4%. In addition, Tesla (TSLA) fell over -3% after Canada announced it would levy a new 100% tariff on Chinese-made electric vehicles, which includes Teslas manufactured in China. On the bullish side, energy stocks gained ground as the price of WTI crude climbed over +3% to a 1-week high, with Marathon Oil (MRO) and ConocoPhillips (COP) rising more than +1%. Also, BJ’s Wholesale (BJ) advanced over +1% after JPMorgan upgraded the stock to Neutral from Underweight.
