September S&P 500 E-Mini futures (ESU24) are up +0.74%, and September Nasdaq 100 E-Mini futures (NQU24) are up +0.95% this morning, partially rebounding from Friday’s losses driven by weaker-than-expected U.S. payroll numbers, while investors looked ahead to the release of U.S. inflation data later in the week.
In Friday’s trading session, Wall Street’s major averages ended in the red, with the benchmark S&P 500 dropping to a 3-1/2 week low, the blue-chip Dow falling to a 3-week low, and the tech-heavy Nasdaq 100 sliding to a 4-week low. Broadcom (AVGO) plunged over -10% and was the top percentage loser on the S&P 500 and Nasdaq 100 after the semiconductor and software giant issued weaker-than-expected Q4 revenue guidance. Also, megacap technology stocks lost ground, with Tesla (TSLA) slumping more than -8% and Amazon.com (AMZN) falling over -3% to lead losers in the Dow. In addition, Super Micro Computer (SMCI) slid more than -6% after JPMorgan downgraded the stock to Neutral from Overweight. On the bullish side, Samsara (IOT) surged over +13% after the company posted upbeat Q2 results and raised its full-year guidance.
