June S&P 500 E-Mini futures (ESM24) are down -0.39%, and June Nasdaq 100 E-Mini futures (NQM24) are down -0.42% this morning as U.S. Treasury yields hovered near the highest levels of the year, weighing on the risk mood, while investors braced for a slew of U.S. economic data, remarks from Federal Reserve officials, and key earnings reports from various sectors.
In yesterday’s trading session, Wall Street’s main stock indexes ended in the red, with the blue-chip Dow dropping to a 3-1/2 week low. American Airlines Group (AAL) slumped over -13% and was the top percentage loser on the S&P 500 after the carrier slashed its Q2 adjusted EPS forecast. Also, health insurance stocks retreated after UnitedHealth Group warned of a potential “disturbance” as states reduce enrollees in their Medicaid health programs following the end of the pandemic, with UnitedHealth Group (UNH) falling more than -3% to lead losers in the Dow. In addition, Bank OZK (OZK) tumbled over -14% after Citigroup downgraded its recommendation on the regional bank to Sell from Buy with a price target of $37, citing loan worries. On the bullish side, Marathon Oil (MRO) climbed more than +8% and was the top percentage gainer on the S&P 500 after ConocoPhillips agreed to buy the Houston-based company in an all-stock deal valued at about $17 billion. Also, Chewy (CHWY) soared over +27% after the online pet retailer posted upbeat Q1 results and announced a stock repurchase program of up to $500 million.
