December S&P 500 E-Mini futures (ESZ24) are up +0.08%, and December Nasdaq 100 E-Mini futures (NQZ24) are up +0.16% this morning as market participants looked ahead to speeches from Federal Reserve officials, earnings reports from several notable companies, and the release of the Fed’s favorite inflation gauge later in the week.
In Friday’s trading session, Wall Street’s major averages ended mixed. FedEx (FDX) plunged over -15% and was the top percentage loser on the S&P 500 after the delivery services giant reported weaker-than-expected Q1 adjusted EPS and cut its full-year guidance. Also, semiconductor stocks lost ground, with ON Semiconductor (ON) slumping more than -5% and GlobalFoundries (GFS) falling nearly -4%. In addition, Lennar (LEN) slid over -5% after the company reported weaker-than-expected Q3 net new orders and offered soft Q4 gross margin guidance. On the bullish side, Nike (NKE) climbed more than +6% and was the top percentage gainer on the Dow after announcing that Elliot Hill will return as President and Chief Executive Officer, effective October 14th. Also, Intel (INTC) gained over +3% after the Wall Street Journal reported that Qualcomm approached the chipmaker about a potential takeover.
