June S&P 500 futures (ESM23) are down -0.06%, and June Nasdaq 100 E-Mini futures (NQM23) are down -0.21% this morning as weak trade data from China stoked investor concerns over the strength of global demand.
In Tuesday’s trading session, financial stocks gained ground amid a surge in regional bank stocks that pushed the KBW Nasdaq Regional Banking Index up by more than +5%, with PacWest Bancorp (PACW) surging over +8% and Western Alliance Bancorporation (WAL) gaining about +6%. Also, Intel (INTC) rose over +3% and was the top percentage gainer on the blue-chip Dow after the company said it would sell part of its stake in Mobileye to raise $1.48 billion. In addition, Advanced Micro Devices Inc (AMD) climbed more than +5% after Piper Sandler raised its price target on the stock to $150 from $110. On the negative side, Coinbase Global Inc (COIN) plunged about -12% after the U.S. Securities and Exchange Commission filed a lawsuit against the crypto exchange, alleging that it’s operating as an unregistered securities broker.
