September S&P 500 futures (ESU23) are up +0.55%, and September Nasdaq 100 E-Mini futures (NQU23) are up +0.62% this morning as market participants geared up for the hotly anticipated U.S. consumer inflation report for cues on the Federal Reserve’s future actions.
In Wednesday’s trading session, Wall Street’s major averages closed lower, with the benchmark S&P 500 and tech-heavy Nasdaq 100 falling to 4-week lows. Roblox Corp (RBLX) tumbled more than -21% after the company’s Q2 user and engagement growth fell short of expectations. Also, chip stocks retreated, with NVIDIA Corporation (NVDA) dropping over -4% and Advanced Micro Devices Inc (AMD) falling more than -2%. In addition, WeWork Inc (WE) plunged over -38% after the co-working space provider said “substantial doubt” existed about its ability to continue as a going concern. On the bullish side, PENN Entertainment Inc (PENN) climbed more than +9% after announcing an exclusive partnership with Disney’s ESPN. Energy stocks also gained ground as the price of WTI crude rose over +1% to an 8-3/4 month high.
