June S&P 500 futures (ESM23) are up +0.39%, and June Nasdaq 100 E-Mini futures (NQM23) are up +0.32% this morning as market participants awaited an update on plans to raise the U.S. debt ceiling while bracing for a key speech from Fed Chair Jerome Powell.
In Friday’s trading session, Wall Street’s major averages closed moderately lower, with the blue-chip Dow dropping to a 1-week low. Consumer stocks were the biggest drag on the market as a more-than-expected drop in the University of Michigan’s gauge of consumer sentiment raised concerns over discretionary consumer spending. Financial stocks also slumped amid renewed fears about the stability of regional lenders, with Lincoln National (LNC) dropping over -4% and PacWest Bancorp (PACW) falling about -3%. On the positive side, First Solar Inc (FSLR) jumped over +26% and was the top percentage gainer on the S&P 500 after the company agreed to acquire Sweden’s thin film maker Evolar AB.
