June S&P 500 futures (ESM23) are up +0.05%, and June Nasdaq 100 E-Mini futures (NQM23) are up +0.15% this morning after three major U.S. benchmark indices finished the regular session mixed as an unexpected Bank of Canada rate increase forced investors to recalibrate their expectations regarding the Federal Reserve interest rate decision next week.
In Wednesday’s trading session, the tech-heavy Nasdaq 100 underperformed major benchmarks, posting its worst day since April 25th as U.S. Treasury yields climbed after the Bank of Canada unexpectedly raised interest rates. Also, Campbell Soup Company (CPB) plunged over -8% and was the top percentage loser on the benchmark S&P 500 after the company’s full-year adjusted EPS guidance fell slightly short of expectations. On the positive side, energy stocks advanced as the price of WTI crude rose about +1%. Chip stocks also gained ground, with Microchip Technology Inc (MCHP) climbing over +4% and NXP Semiconductors NV (NXPI) rising more than +2%. In addition, Warner Bros Discovery Inc (WBD) surged over +8% after the Wall Street Journal reported that the ad-based tier of its Max streaming service could be included in Amazon's Prime Video Channels roundup.
