December S&P 500 E-Mini futures (ESZ24) are down -0.29%, and December Nasdaq 100 E-Mini futures (NQZ24) are down -0.31% this morning as market participants looked ahead to remarks from Federal Reserve Chair Jerome Powell and other Fed officials as well as a fresh batch of U.S. labor market data, with a particular focus on Friday’s nonfarm payrolls report.
In Friday’s trading session, Wall Street’s major averages closed mixed. HP Inc. (HPQ) slumped nearly -4% after Bank of America downgraded the stock to Neutral from Buy. Also, chip stocks lost ground, with Marvell Technology (MRVL) sliding more than -3% to lead losers in the Nasdaq 100 and Applied Materials (AMAT) dropping over -2%. In addition, Costco Wholesale (COST) fell more than -1% after the company reported weaker-than-expected Q4 revenue. On the bullish side, Wynn Resorts (WYNN) climbed over +7% and was the top percentage gainer on the S&P 500 after Morgan Stanley upgraded the stock to Overweight from Equal Weight with a price target of $104.
