US stock market futures were under some pressure today, following a minor correction yesterday.
This comes as investors weigh the Federal Reserve’s potential timing for rate cuts against economic data that demonstrates strong resilience. Markets are currently anticipating a possible rate cut in May.
Investors are also awaiting a new wave of earnings reports today, which could reinforce the market’s strong momentum.
In terms of sector performance, Materials and Utilities were the worst hit yesterday, declining by 2.52% and 2.03% respectively while most other sectors were in the red as well.
The Materials sector was particularly impacted by Air Products and Chemicals, which dropped over 15.55% and became the top percentage loser on the S&P 500 after it reported disappointing earnings and reduced its FY24 forecast.
Conversely, the semiconductor industry saw gains, with NXP Semiconductors rising by 2% on better-than-expected results, and NVIDIA climbing over 4% as expectations regarding AI remain positive.
McDonald’s dropped more than 3% following weaker-than-expected global sales, partly due to boycotts in the Mideast.
