June S&P 500 E-Mini futures (ESM24) are up +0.37%, and June Nasdaq 100 E-Mini futures (NQM24) are up +0.64% this morning as market participants looked ahead to the Federal Reserve’s second monetary policy committee decision of the year due later in the week.
In Friday’s trading session, Wall Street’s major averages ended lower, with the tech-heavy Nasdaq 100 dropping to a 3-week low. Jabil Circuit (JBL) plunged over -16% and was the top percentage loser on the S&P 500 after the manufacturing solutions provider cut its FY24 core EPS and revenue guidance. Also, Adobe (ADBE) slumped more than -13% and was the top percentage loser on the Nasdaq 100 after the Photoshop maker issued below-consensus Q2 revenue guidance. In addition, Ulta Beauty Inc (ULTA) fell over -5% after the beauty retailer reported weaker-than-expected Q4 comparable sales and provided conservative full-year EPS guidance. On the bullish side, Rivian Automotive Inc (RIVN) rose more than +3% after Piper Sandler upgraded the stock to Overweight from Neutral with a $21 price target.
