December S&P 500 futures (ESZ23) are down -0.76%, and December Nasdaq 100 E-Mini futures (NQZ23) are down -0.92% this morning as the benchmark U.S. 10-year yield hit 5% for the first time since 2007 while market participants geared up for earnings reports from some of the biggest tech heavyweights as well as the release of the Fed’s favorite inflation gauge.
In Friday’s trading session, Wall Street’s major averages closed in the red, with the benchmark S&P 500, blue-chip Dow, and tech-heavy Nasdaq 100 dropping to 2-week lows. SolarEdge Technologies Inc (SEDG) tumbled over -27% and was the top percentage loser on the S&P 500 after cutting its Q3 revenue outlook, citing “substantial unexpected cancellations and pushouts of existing backlog from our European distributors.” Also, American Express Company (AXP) slid more than -5% after the credit card company posted weaker-than-expected Q3 network volume. In addition, regional bank stocks retreated, with Regions Financial Corporation (RF) plunging over -12% after the lender reported downbeat Q3 results and warned it expects further declines in net interest income. On the bullish side, Knight-Swift Transportation (KNX) climbed more than +11% after the company reported upbeat Q3 results.
