Tech Stocks Sink, AI Rally Dwindles As Powell Hints At Further Hikes: What's Driving Markets Wednesday
Portfolio Pulse from Shanthi Rexaline
US stocks are expected to have a cautious start on Wednesday as traders anticipate Federal Reserve Chair Jerome Powell's Congressional testimony. FedEx Corp.'s disappointing guidance may cause anxiety about the economy. Chinese EV startups Nio, XPeng, and Li Auto rally after China extends green-energy vehicle incentives.
June 21, 2023 | 11:11 am
News sentiment analysis
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NEGATIVE IMPACT
FedEx Corp. shares fell more than 2.8% in premarket trading after the company issued a tepid forecast.
FedEx's disappointing guidance may cause concerns about the economy, leading to a negative impact on its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
La-Z-Boy shares slid over 5% following the release of the quarterly results.
La-Z-Boy's stock price is negatively impacted by its quarterly results, leading to a decline of over 5%.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
In premarket trading on Wednesday, the Invesco QQQ ETF fell 0.04% to $366.76.
The Invesco QQQ ETF's slight decline in premarket trading may indicate a cautious start for the market, potentially impacting its short-term performance.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 100
NEUTRAL IMPACT
KB Home is set to report earnings after the market close.
KB Home's stock price may be impacted depending on the outcome of its earnings report, but there is no clear indication of the direction at this time.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Patterson Companies is due to report their quarterly results ahead of the market opening.
Patterson Companies' stock price may be impacted depending on the outcome of its earnings report, but there is no clear indication of the direction at this time.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Steelcase is set to report earnings after the market close.
Steelcase's stock price may be impacted depending on the outcome of its earnings report, but there is no clear indication of the direction at this time.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Winnebago Industries is due to report their quarterly results ahead of the market opening.
Winnebago Industries' stock price may be impacted depending on the outcome of its earnings report, but there is no clear indication of the direction at this time.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
Li Auto shares rallied after China chose to extend one of the sops it was giving to green-energy vehicles.
China's decision to extend incentives for green-energy vehicles is a positive development for Li Auto, which could lead to a short-term increase in its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Nio shares rallied after China chose to extend one of the sops it was giving to green-energy vehicles.
China's decision to extend incentives for green-energy vehicles is a positive development for Nio, which could lead to a short-term increase in its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
In premarket trading on Wednesday, the SPDR S&P 500 ETF Trust edged up 0.03% to $437.33.
The slight increase in the SPDR S&P 500 ETF Trust in premarket trading may indicate a cautious start for the market, potentially impacting its short-term performance.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 100
POSITIVE IMPACT
XPeng shares rallied after China chose to extend one of the sops it was giving to green-energy vehicles.
China's decision to extend incentives for green-energy vehicles is a positive development for XPeng, which could lead to a short-term increase in its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100