Debt Ceiling Concerns Nudge Stocks Lower And Treasury Yields Higher; Technical Analyst Predicts Uptrend To Continue
Portfolio Pulse from Shanthi Rexaline
US stocks are poised for a flat open on Tuesday due to the debt ceiling impasse. Analyst Ryan Detrick believes October lows won't be violated, citing the S&P 500's 200-day moving average trending higher. In premarket trading, SPDR S&P 500 ETF Trust (SPY) fell 0.12% and Invesco QQQ ETF (QQQ) slipped 0.08%.
May 23, 2023 | 11:15 am
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NEUTRAL IMPACT
Invesco QQQ ETF (QQQ) slipped 0.08% in premarket trading due to the debt ceiling impasse and mixed economic data.
The debt ceiling impasse and mixed economic data are causing uncertainty in the market, which is reflected in the 0.08% drop in QQQ during premarket trading. However, the overall market trend remains positive, so the impact on QQQ is neutral in the short term.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 80
NEUTRAL IMPACT
SPDR S&P 500 ETF Trust (SPY) fell 0.12% in premarket trading amid debt ceiling impasse and mixed economic data.
The debt ceiling impasse and mixed economic data are causing uncertainty in the market, which is reflected in the 0.12% drop in SPY during premarket trading. However, the overall market trend remains positive, so the impact on SPY is neutral in the short term.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 80