Stocks Fall, Treasuries Gain As Investors Await Powell Congressional Hearings: What's Driving Markets
Portfolio Pulse from Shanthi Rexaline
US stock futures pull back as traders focus on Fed speeches and Powell's testimony. China's central bank cuts key lending rates, while the US market experienced solid gains last week. Analyst Adam Turnquist says evidence of a regime shift from high to low implied volatility is building, which bodes well for the market.
June 20, 2023 | 10:47 am
News sentiment analysis
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NEGATIVE IMPACT
Alibaba's stock fell over 3% in premarket trading after announcing co-founder Joe Tsai will take over as chairman and Daniel Zhang will move to the cloud computing business, with Eddie Wu becoming CEO.
Alibaba's stock is likely to be negatively impacted in the short term due to the leadership changes announced. Investors may be concerned about the company's direction and stability, leading to a drop in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
In premarket trading, the SPDR S&P 500 ETF Trust fell 0.43% to $437.58.
The SPDR S&P 500 ETF Trust is likely to experience a negative short-term impact due to the decline in premarket trading. This may indicate decreased investor confidence in the broader market index.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 100
NEUTRAL IMPACT
FedEx is set to report earnings after the market close.
FedEx's stock price may be impacted by the company's earnings report. However, without any specific information about the earnings, it is difficult to predict the direction of the stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 80
NEUTRAL IMPACT
La-Z-Boy is set to report earnings after the market close.
La-Z-Boy's stock price may be impacted by the company's earnings report. However, without any specific information about the earnings, it is difficult to predict the direction of the stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 80
POSITIVE IMPACT
In premarket trading, the Invesco QQQ ETF gained 0.49% to $365.61.
The Invesco QQQ ETF is likely to experience a positive short-term impact due to the gain in premarket trading. This may indicate increased investor confidence in the tech-heavy index.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 100