September S&P 500 E-Mini futures (ESU24) are up +0.15%, and September Nasdaq 100 E-Mini futures (NQU24) are up +0.03% this morning as market participants looked ahead to comments 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 closed mixed. Palantir (PLTR) slumped over -6% after Monness, Crespi, Hardt & Co. downgraded the stock to Sell from Neutral with a price target of $20. Also, chip stocks retreated, with Broadcom (AVGO) sliding more than -4% to lead losers in the S&P 500 and Nasdaq 100 and Nvidia (NVDA) falling over -3%. In addition, Smith & Wesson Brands (SWBI) plunged more than -12% after stating in a conference call that it expects Q1 sales to decrease by about 10% “from the prior year quarter in terms of units and dollars.” On the bullish side, FactSet Research Systems (FDS) rose over +3% and was the top percentage gainer on the S&P 500 after the company reported better-than-expected Q3 adjusted EPS and raised its full-year guidance for earnings and profit margin.
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