December S&P 500 futures (ESZ23) are down -0.25%, and December Nasdaq 100 E-Mini futures (NQZ23) are down -0.27% this morning as the benchmark U.S. 10-year yield rose toward a 15-year high, while market participants looked ahead to the release of the Fed’s favorite inflation gauge as well as speeches from Fed officials.
In Friday’s trading session, Wall Street’s major averages closed lower, with the benchmark S&P 500 posting a 3-1/4 month low and the blue-chip Dow notching a 2-1/4 month low. Scholastic Corporation (SCHL) tumbled over -13% after the company reported weaker-than-expected Q1 results. Also, Tyson Foods Inc (TSN) slid more than -3% after HSBC initiated coverage of the stock with a Reduce rating. On the bullish side, Ford Motor Company (F) rose over +1% after the United Auto Workers union reported significant progress in talks with the carmaker. U.S.-listed shares of Chinese firms also gained ground on news that Washington and Beijing were establishing working groups to discuss economic and financial matters, with PDD Holdings (PDD) climbing about +4% and Baidu Inc (BIDU) soaring more than +3%. In addition, Activision Blizzard Inc (ATVI) gained over +1% after the U.K. issued a preliminary approval for Microsoft’s $69 billion acquisition of the videogame publisher.
