09/03/22 Briefing

The S&P 500 futures are up 73 points and trade 1.8% above fair value. The benchmark index enters the session down 4.7% this month.

Reviewing the monthly sector standings shows consumer discretionary (-7.8%), financials (-7.5%), and information technology (-6.9%) down even more with 7-8% declines. On the other end, the energy sector (+9.7%) is up nearly 10.0%, followed by more modest gains in utilities (+4.0%) and real estate (+0.8%).

Separately, Netflix (NFLX 349.99, +8.23, +2.4%) was upgraded to Neutral from Underperform at Wedbush with an unchanged price target of $342. The upgrade comes after NFLX shares reached the firm's price target.