Tech Sector Powers S&P 500 to 10-Month High, While Oil Stocks Struggle: Here's What's Driving Markets Today
Portfolio Pulse from Shanthi Rexaline
U.S. stocks are set to start the week on an upbeat note, as traders begin to bake in a pause by the Federal Reserve when it meets this week. The S&P 500 Index is now officially in the bull market territory, having rallied over 20% from its October lows. In premarket trading on Monday, the SPDR S&P 500 ETF Trust (NYSE:SPY) gained 0.18% to $430.66 and the Invesco QQQ ETF (NASDAQ:QQQ) rose 0.36% at $355.79.
June 12, 2023 | 11:00 am
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POSITIVE IMPACT
The Invesco QQQ ETF (NASDAQ:QQQ) rose 0.36% at $355.79 in premarket trading on Monday, as traders expect a pause by the Federal Reserve this week.
The S&P 500 Index entering the bull market territory and traders expecting a pause by the Federal Reserve this week are positive factors for the QQQ ETF. This could lead to a short-term increase in the ETF's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (NYSE:SPY) gained 0.18% to $430.66 in premarket trading on Monday, as traders expect a pause by the Federal Reserve this week.
The S&P 500 Index entering the bull market territory and traders expecting a pause by the Federal Reserve this week are positive factors for the SPY ETF. This could lead to a short-term increase in the ETF's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100