June S&P 500 futures (ESM23) are up +0.23%, and June Nasdaq 100 E-Mini futures (NQM23) are up +0.46% this morning as market participants looked ahead to the latest U.S. inflation data and the Federal Reserve’s interest rate decision this week.
In Friday’s trading session, Wall Street’s major averages closed moderately higher, with the benchmark S&P 500 notching a 9-3/4 month high, the blue-chip Dow posting a 5-week high, and the tech-heavy Nasdaq 100 rising to a 14-month high. Tesla Inc (TSLA) climbed about +4% and was the top percentage gainer on the Nasdaq 100 after General Motors Co (GM) agreed to use the company’s EV charging network. Also, Adobe Systems Incorporated (ADBE) gained over +3% after Wells Fargo upgraded the stock to Overweight from Equal Weight amid a generative AI tailwind. In addition, Netflix Inc (NFLX) rose more than +2% following a report that the company’s subscriptions spiked after its crackdown on password sharing. On the negative side, Target Corporation (TGT) fell over -3% after Citi downgraded the big-box retailer to Neutral from Buy. Regional bank stocks also lost ground, with Comerica Inc (CMA) and Zions Bancorporation (ZION) dropping more than -3%.
