US Stocks Rebound, Precious Metals Rally As Dollar, Treasury Yields Fall: Weakening Labor Market To Support A Fed Pause
Portfolio Pulse from Shanthi Rexaline
Stock futures were mixed on Thursday as traders await the Federal Reserve's rate-setting meeting next week. Bond yields rose, reflecting expectations of rate hikes. The eurozone fell into a technical recession, potentially aggravating fears of a recession in the US. LPL Financial's Jeffrey Buchbinder has a muted outlook for the market, stating that the risk-reward for stocks is no longer compelling.
June 08, 2023 | 11:11 am
News sentiment analysis
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NEUTRAL IMPACT
Invesco QQQ ETF (QQQ) gained 0.13% at $349.27 in premarket trading on Thursday, potentially influenced by the mixed stock futures and upcoming Federal Reserve meeting.
The mixed stock futures and upcoming Federal Reserve meeting may have a neutral impact on QQQ in the short term. While the market is uncertain about the Fed's actions, the ETF's premarket gain of 0.13% suggests a slightly positive sentiment.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
SPDR S&P 500 ETF Trust (SPY) rose 0.10% to $426.98 in premarket trading on Thursday, potentially impacted by the mixed stock futures and upcoming Federal Reserve meeting.
The mixed stock futures and upcoming Federal Reserve meeting may have a neutral impact on SPY in the short term. While the market is uncertain about the Fed's actions, the ETF's premarket rise of 0.10% suggests a slightly positive sentiment.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
GameStop Corp. (GME) plunged nearly 19% in premarket trading after reporting a first-quarter miss and firing its CEO.
GME's stock price is likely to go down in the short term due to the negative news of a first-quarter miss and the firing of its CEO. The nearly 19% plunge in premarket trading indicates a strong negative sentiment among investors.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Oxford Industries, Inc. (OXM) slumped about 5% in premarket trading following its quarterly results announcement.
OXM's stock price is likely to go down in the short term due to the negative sentiment following its quarterly results announcement. The 5% slump in premarket trading indicates a negative sentiment among investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Smartsheet, Inc. (SMR) slumped about 18% in premarket trading following its quarterly results announcement.
SMR's stock price is likely to go down in the short term due to the negative sentiment following its quarterly results announcement. The 18% slump in premarket trading indicates a strong negative sentiment among investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100