Why Nasdaq, S&P 500 Futures Are Down Today - Chewy (NYSE:CHWY), Cooper Companies (NASDAQ:COO), Invesco Ch

Wall Street continues to rake in gains in Wednesday’s session as lackluster economic data further reinforces expectations that the Federal Reserve might be on the brink of wrapping up its rate hike cycle.

Second-quarter GDP growth, as per the second estimate released Wednesday, was revised downward from 2.4% to 2.1% on a quarter-on-quarter annualized rate. Additionally, the ADP employment report indicated a smaller-than-expected increase in jobs in August (177,000 vs 195,000).

The implied probabilities derived from the money market regarding further Fed rate hikes have plummeted to 9.5% for the September meeting and 42% for the November meeting.

Cues From Wednesday’s Trading:

The S&P 500 Index rose 0.4% to the highest level since Aug. 10, eyeing its fourth straight session of gains.

The Dow edged marginally higher by 0.1%, underperforming in relative terms. Both the technology sector and small-cap stocks took the lead, showcasing strong performance. The Nasdaq 100 and the Russell 2000 both exhibited a notable 0.6% rise.

US Index Performance On Tuesday

Index	Performance (+/-)	Value
Nasdaq Composite	+0.60%	15,469.50
S&P 500 Index	+0.41%	4,518.55
Dow Industrials	+0.12%	34,893.26
Russell 2000	+0.61%	1,906.57

Wednesday’s Trading In Major US Equity ETFs

The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.4% higher to $540.90.
The SPDR Dow Jones Industrial Average ETF (NYSE:DIA) rose 0.2% to $349.30.
The Invesco QQQ Trust (NASDAQ:QQQ) gained 0.55% to $376.84, according to Benzinga Pro data.

Looking at S&P 500’sectors:

The Technology Select Sector SPDR Fund (NYSE:XLK) led gains, up 0.6% for the day. A similar performance was observed in the Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY).
The Utilities Select Sector SPDR Fund (NYSE:XLU) was the laggard, down 0.4%.

See also: How To Trade Futures

Stocks In Focus:

HP Inc. (NYSE:HPQ) which reported its quarterly results Tuesday after the close, fell 8%.
AMC Entertainment Holdings, Inc. (NYSE:AMC) rose 23% on continued volatility after the company’s reverse stock split took effect last week.
Insulet Corp. (NYSE:PODD) rose 10% after Chief Executive James Hollingshead acquired 5,550 additional shares in the company.
Other stocks reacting to their quarterly results include Box, Inc. (NYSE:BOX), down over 9%, and Ambarella, Inc. (NASDAQ:AMBA), down nearly 18%.

CRM

CrowdStrike Holdings, Inc.

CRWD

Okta, Inc.

OKTA

Chewy, Inc.

CHWY

The Cooper Companies, Inc.

COO

Victoria’s Secret & Co.

VSCO

Commodities, Bonds, Other Global Equity Markets:

Crude oil fell 0.3%, with a barrel of WTI-grade crude trading at $80. The United States Oil Fund ETF (NYSE:USO) was 0.2% lower to $73.

Treasury yields were slightly lower, with the 10-year yield at 4.11% and the two-year yield at 4.87%. The iShares 20+ Year Treasury Bond ETF (NYSE:TLT) was 0.2% lower for the day.

The dollar fell, with the U.S. dollar index, which is tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), down 0.3%. The EUR/USD pair, which is tracked by the Invesco CurrecyShares Euro Currency Trust (NYSE:FXE), was 0.4% higher to 1.0922.

European equity indices had a negative session. The SPDR DJ Euro STOXX 50 Etf (NYSE:FEZ) closed flat for the day.

Gold edged 0.3% higher to $1,943/oz, while silver fell 0.3% to $24.60. Bitcoin (CRYPTO: BTC) was 2% lower to $27,137.

Staff writer Piero Cingari updated this report midday Wednesday.

Photo: Shutterstock.

CHWYChewy Inc

$25.350.56%

Overview

COOThe Cooper Companies Inc

$71.300.13%

CQQQInvesco China Technology ETF

Not Available-%

CRMSalesforce Inc