June S&P 500 E-Mini futures (ESM24) are down -0.07%, and June Nasdaq 100 E-Mini futures (NQM24) are up +0.03% this morning as market participants refrained from making big bets ahead of the eagerly awaited Federal Reserve decision that will help shape the outlook for interest rates this year.
In Tuesday’s trading session, Wall Street’s major indices ended in the green. International Paper (IP) climbed over +10% and was the top percentage gainer on the S&P 500 after the maker of paper products announced that Andrew Silvernaill, former executive adviser at KKR, will succeed Mark Sutton as CEO, effective May 1st. Also, Nordstrom (JWN) advanced more than +9% following a Reuters report indicating that the department store chain’s founding family is contemplating a new takeover offer. In addition, Home Depot (HD) rose about +2% and was the top percentage gainer on the Dow after Mizuho Securities initiated coverage of the stock with a Buy rating and a $415 price target. On the bearish side, Super Micro Computer (SMCI) slumped more than -8% and was the top percentage loser on the S&P 500 after offering to sell 2 million shares of common stock in a public offering. Also, semiconductor stocks retreated, with Advanced Micro Devices (AMD) plunging over -4% and Marvell Technology (MRVL) falling more than -3%.
