June S&P 500 E-Mini futures (ESM24) are up +0.48%, and June Nasdaq 100 E-Mini futures (NQM24) are up +0.58% this morning as market participants looked ahead to earnings reports from some of the biggest tech heavyweights as well as the release of the Fed’s favorite inflation gauge later in the week.
In Friday’s trading session, Wall Street’s major averages closed mixed, with the benchmark S&P 500 dropping to a 1-3/4 month low and the tech-heavy Nasdaq 100 falling to a 3-month low. Netflix (NFLX) plunged over -9% after the streaming giant provided weaker-than-expected Q2 revenue guidance and said it would stop reporting quarterly subscriber data. Also, chip stocks retreated after Taiwan Semiconductor Manufacturing Co. lowered its 2024 revenue growth outlook for the chip industry, with Advanced Micro Devices (AMD) falling more than -5% and Micron Technology (MU) sliding over -4%. In addition, Ulta Beauty (ULTA) dropped more than -2% after Jefferies downgraded the stock to Hold from Buy with a price target of $438. On the bullish side, Paramount Global (PARA) climbed more than +13% and was the top percentage gainer on the S&P 500 following a New York Times report indicating that Sony’s movie studio division is in discussions with Apollo Global Management about making a joint takeover bid for the company. Also, American Express (AXP) rose over +6% and was the top percentage gainer on the Dow after the credit card issuer topped quarterly profit estimates.
