September S&P 500 E-Mini futures (ESU24) are up +0.02%, and September Nasdaq 100 E-Mini futures (NQU24) are down -0.11% this morning as investor attention shifted from U.S. politics to a deluge of corporate earnings reports, with particular emphasis on results from “Magnificent Seven” companies Tesla and Alphabet.
In yesterday’s trading session, Wall Street’s major indexes ended higher. IQVIA Holdings (IQV) surged over +9% and was the top percentage gainer on the S&P 500 after the company posted upbeat Q2 results and raised its FY24 guidance. Also, ON Semiconductor (ON) advanced more than +6% and was the top percentage gainer on the Nasdaq 100 after the company announced it had signed a multi-year deal with Volkswagen to be the main supplier of a complete power box solution for its next-generation electric vehicles. In addition, Nvidia (NVDA) rose over +4% after Reuters reported that the company is developing a version of its new flagship AI chips for the China market that will comply with existing U.S. export controls. On the bearish side, CrowdStrike Holdings (CRWD) tumbled more than -13% and was the top percentage loser on the S&P 500 and Nasdaq 100 after several brokerages downgraded their ratings and reduced their price targets on the stock following a software update from the company that triggered a global IT outage last Friday. Also, Verizon (VZ) slid over -6% and was the top percentage loser on the Dow after reporting weaker-than-expected Q2 revenue.
