Jolted By JOLTS: Stock Market Sinks, Dollar And Treasuries Gain As Job Vacancies Surge, Fueling Fed Rate Hike Fears
Portfolio Pulse from Shanthi Rexaline
US stock futures indicate a weaker open on Wednesday due to uncertainty over the budget bill and non-farm payroll data. Analyst Gina Bolvin sees potential for stock outperformance this year despite volatility. In premarket trading, SPY and QQQ ETFs fell 0.20% and 0.19% respectively.
May 31, 2023 | 10:59 am
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NEGATIVE IMPACT
Invesco QQQ ETF (QQQ) eased 0.19% at $349.32 in premarket trading due to uncertainty over the budget bill and non-farm payroll data.
The uncertainty over the budget bill and non-farm payroll data is causing a weaker open for US stocks, which directly impacts the QQQ ETF. As the market reacts to these concerns, the ETF is likely to experience short-term downward pressure.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
SPDR S&P 500 ETF Trust (SPY) fell 0.20% to $419.33 in premarket trading due to uncertainty over the budget bill and non-farm payroll data.
The uncertainty over the budget bill and non-farm payroll data is causing a weaker open for US stocks, which directly impacts the SPY ETF. As the market reacts to these concerns, the ETF is likely to experience short-term downward pressure.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80