US Stocks Mixed, Tech Steady, While Dollar Rallies on Hawkish Powell Remarks: What's Driving Markets Thursday
Portfolio Pulse from Shanthi Rexaline
US stock futures signal a cautious start ahead of Federal Reserve Chair Jerome Powell's Senate testimony. Tech stocks led the sell-off, with the Nasdaq Composite Index underperforming. Morgan Stanley's Lisa Shalet is skeptical of the rally continuing and advises investors to heed the Fed's signals.
June 22, 2023 | 10:55 am
News sentiment analysis
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NEGATIVE IMPACT
Invesco QQQ ETF (NASDAQ:QQQ) moved down 0.29% to $360.86 in premarket trading on Thursday, reflecting the underperformance of the tech-heavy Nasdaq Composite Index.
The decline in QQQ in premarket trading reflects the underperformance of the tech-heavy Nasdaq Composite Index, which could lead to a negative short-term impact on the stock.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Spirit Aerosystems Holdings, Inc. (NYSE:SPR) fell over 8% in premarket trading after announcing the suspension of factory production prior to the expiration of the contract for employees represented by the International Association of Machinists and Aerospace Workers.
The suspension of factory production and the union strike could negatively impact Spirit Aerosystems' operations and financial performance, leading to a negative short-term impact on the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.24% to $433.88 in premarket trading on Thursday, signaling a cautious start for the market.
The decline in SPY in premarket trading indicates a cautious start for the market, which could lead to a negative short-term impact on the stock.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Tesla, Inc. (NASDAQ:TSLA) retreated over 2.70%, piling up on its 5.46% losses on Wednesday.
Tesla's stock price has been negatively impacted by the overall market sell-off, particularly in the tech sector, which could lead to a negative short-term impact on the stock.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80