September S&P 500 futures (ESU23) are down -0.12%, and September Nasdaq 100 E-Mini futures (NQU23) are down -0.22% this morning as market participants looked ahead to the release of the Fed’s favorite inflation gauge while awaiting a speech from Fed Chair Jerome Powell.
In Friday’s trading session, Wall Street’s major indexes closed lower, with the tech-heavy Nasdaq 100 snapping its eight-week winning streak and the benchmark S&P 500 breaking its five-week rally. Utility stocks were the biggest drag on the market. Interest-sensitive megacap stocks also lost ground, with Tesla Inc (TSLA) falling about -3% and NVIDIA Corporation (NVDA) slumping nearly -2%. In addition, U.S.-listed Chinese stocks were among the top percentage losers on the Nasdaq 100, with JD.com Inc (JD) and PDD Holdings (PDD) plunging more than -4%. On the positive side, CarMax Inc (KMX) climbed about +10% and was the top percentage gainer on the S&P 500 after reporting better-than-expected Q1 results.
