June S&P 500 E-Mini futures (ESM24) are trending up +0.27% this morning as investors digest U.S. nonfarm payrolls data which exceeded expectations: 303,000 new jobs were create din March, signficantly exceeding the consesnus forecast of 200,000. And the unemployment rate slid to 3.8% from 3.9%.
In yesterday’s trading session, Wall Street’s major indexes closed in the red. Lamb Weston (LW) tumbled over -19% and was the top percentage loser on the S&P 500 after the frozen goods maker posted downbeat Q3 results and cut its full-year revenue guidance. Also, AbbVie (ABBV) slid more than -5% after the pharma giant trimmed its full-year EPS forecast. In addition, Block (SQ) plunged over -6% after Morgan Stanley downgraded the stock to Underweight from Equal Weight with a price target of $60. On the bullish side, Conagra Brands (CAG) climbed more than +5% and was the top percentage gainer on the S&P 500 after the company delivered a quarterly profit beat and raised its FY24 adjusted operating margin estimate.
