Stock Index Futures Fall Sharply!
By Mark O’Brien, Senior Broker
As of this typing, the September E-mini S&P 500 stock index futures contract is on track for its worst day since 2022, losing ±120 points (a $6,000 per contract move) / ±2.2%. The E-mini Nasdaq shed ±700 points (a $14,000 per contract move) / ±3.4%.
Two mega-cap companies – Google parent company Alphabet and Tesla – released gloomy 2nd quarter earnings reports and in sympathy, major technology stocks Nvidia, Meta Platforms and Microsoft, lost 6%, 5% and 4%, respectively. Summer has been a period susceptible to weakness for equities, so for ones whose performances have been responsible for the bulk of the gains this year among the major stock indexes, the individual losses exacerbated today’s sell-off.
Despite these misses from the mega-cap tech, the earnings season overall is off to a strong start. More than 25% of S&P 500 companies have reported their second-quarter earnings, with roughly 80% of them topping expectations, according to FactSet data.
Active day tomorrow to follow with GDP, weekly unemployment, durable goods on the economic front along with LIGHT earnings reports tomorrow.
Daily Levels for July 25th, 2024
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