June S&P 500 E-Mini futures (ESM24) are up +0.30%, and June Nasdaq 100 E-Mini futures (NQM24) are up +0.43% this morning as investor attention turned to crucial U.S. jobs data due Friday after Fed Chair Jerome Powell reiterated that the central bank will likely reduce rates this year.
In yesterday’s trading session, Wall Street’s major averages ended mixed. Paramount Global (PARA) surged about +15% and was the top percentage gainer on the S&P 500 after Bloomberg reported that Shari Redstone, controlling shareholder of Paramount, had reached a tentative deal to sell her stake in the company to Skydance Media. Also, chip stocks advanced, with Western Digital (WDC) and Micron Technology (MU) climbing more than +4%. In addition, Ford Motor (F) rose over +2% following the automaker’s announcement that its U.S. auto sales increased by 7% in Q1, buoyed by strong demand for gas-electric hybrids. On the bearish side, Ulta Beauty (ULTA) plunged more than -15% and was the top percentage loser on the S&P 500 after warning of a slowdown in demand in the current quarter at an industry conference. Also, Intel (INTC) slumped over -8% and was the top percentage loser on the Dow and Nasdaq 100 after the company said its foundry business recorded an operating loss of $7 billion in 2023, steeper than the $5.2 billion in 2022.
