December S&P 500 E-Mini futures (ESZ24) are down -0.48%, and December Nasdaq 100 E-Mini futures (NQZ24) are down -0.67% this morning as Treasury yields extended their rise after Friday’s strong jobs report spurred a sharp paring of rate-cut expectations, while investors awaited U.S. inflation data, the start of the third-quarter earnings season, and a parade of Federal Reserve speakers.
In Friday’s trading session, Wall Street’s major averages ended in the green. Albemarle (ALB) surged over +8% and was the top percentage gainer on the S&P 500 after The Australian reported that mining giant Rio Tinto might be considering an acquisition in the lithium sector. Also, chip stocks gained ground, with Advanced Micro Devices (AMD) climbing nearly +5% and Broadcom (AVGO) rising more than +2%. In addition, CVS Health (CVS) advanced over +2% after TD Cowen upgraded the stock to Buy from Hold with a price target of $85. On the bearish side, Spirit Airlines (SAVE) plummeted more than -24% after the Wall Street Journal reported that the budget airline and its bondholders had discussed a potential bankruptcy filing following its failed merger with JetBlue Airways.
