U.S. Stocks Rally Across The Board, Nasdaq 100 On Track For The Fourth Straight Week Of Gains: VIX Fear Index Reaches 2-Year Lows
Portfolio Pulse from Shanthi Rexaline
US stocks are set to extend gains as the budget bill clears the Senate, paving the way for its enactment. Investors shift focus to the June Federal Reserve rate decision and the non-farm payroll data for May. Analyst Whitney Tilson predicts three rate cuts this year, which he believes is bullish for stocks. In premarket trading, SPY and QQQ ETFs rose, while stocks like MDB and LULU gained on positive earnings, and DELL fell on lackluster guidance.
June 02, 2023 | 10:51 am
News sentiment analysis
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NEGATIVE IMPACT
Dell Technologies (DELL) fell more than 3.60% in premarket trading on the company's lackluster guidance.
Dell Technologies' lackluster guidance has led to a decline in its stock price in premarket trading, indicating a negative short-term impact on the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
lululemon Athletica (LULU) rose nearly 15% in premarket trading in reaction to the retailer's positive quarterly results.
lululemon Athletica's positive quarterly results have led to a significant increase in its stock price in premarket trading, indicating a strong short-term impact on the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
MongoDB (MDB) jumped over 25% to $368.60 in premarket trading as the stock reacted to the company's positive quarterly results.
MongoDB's positive quarterly results have led to a significant increase in its stock price in premarket trading, indicating a strong short-term impact on the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The Invesco QQQ ETF (QQQ) rose 0.53% at $353.89 in premarket trading, driven by the positive sentiment from the budget bill clearance and anticipation of the Fed rate decision.
The budget bill clearance and anticipation of the Fed rate decision have created a positive sentiment in the market, which is likely to drive the QQQ ETF higher in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) rose 0.50% to $423.95 in premarket trading on positive sentiment from the budget bill clearance and anticipation of the Fed rate decision.
The budget bill clearance and anticipation of the Fed rate decision have created a positive sentiment in the market, which is likely to drive the SPY ETF higher in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80