December S&P 500 futures (ESZ23) are up +0.12%, and December Nasdaq 100 E-Mini futures (NQZ23) are up +0.14% this morning as investors looked ahead to the Federal Reserve’s interest rate decision later this week.
In Friday’s trading session, Wall Street’s major indexes closed sharply lower, with the benchmark S&P 500 and tech-heavy Nasdaq 100 notching 1-week lows. Adobe Systems Incorporated (ADBE) slid over -4% after the Photoshop software maker delivered a sales outlook that matched analysts’ projections but left investors disappointed, as they had anticipated that demand for the company’s artificial intelligence tools would drive higher revenue. Also, chip stocks retreated after Reuters reported that Taiwan Semiconductor Manufacturing Co. had told major suppliers to delay chip equipment deliveries, with Lam Research Corp (LRCX) plunging more than -5% and Applied Materials Inc (AMAT) dropping over -4%. In addition, Nucor Corp (NUE) tumbled more than -6% and was the top percentage loser on the S&P 500 after issuing below-consensus Q3 earnings guidance. On the bullish side, Walt Disney Company (DIS) rose over +1% after Bloomberg reported that the company had engaged in preliminary discussions regarding the potential sale of its ABC network and TV stations to Nexstar Media Group.
