December S&P 500 E-Mini futures (ESZ25) are down -0.28%, and December Nasdaq 100 E-Mini futures (NQZ25) are down -0.40% this morning, pointing to more weakness on Wall Street after two days of losses, while investors await a fresh batch of U.S. economic data, remarks from Federal Reserve officials, and an earnings report from bulk retailer Costco.
In yesterday’s trading session, Wall Street’s three main equity benchmarks ended in the red. Freeport-McMoRan (FCX) tumbled nearly -17% and was the top percentage loser on the S&P 500 after the miner cut its Q3 copper and gold sales guidance and declared force majeure on contracted copper supplies from its Grasberg mine in Indonesia. Also, Bloom Energy (BE) plunged more than -10% after Jefferies downgraded the stock to Underperform from Hold with a price target of $31. In addition, Adobe (ADBE) fell over -2% after Morgan Stanley downgraded the stock to Equal Weight from Overweight. On the bullish side, Marvell Technology (MRVL) climbed more than +7% and was the top percentage gainer on the Nasdaq 100 after the semiconductor company’s board authorized a new $5 billion share repurchase program.
