US Stocks Struggle, Big Tech Sinks, VIX Spikes And Analysts Raise Bearish Calls: What's Driving Markets Monday
Portfolio Pulse from Shanthi Rexaline
US stocks are expected to start the week with a negative bias after major indices snapped multi-week winning streaks on Friday. Analyst Ryan Detrick advises not to worry, as weakness in the third week of June is historically normal. In premarket trading, SPY and QQQ ETFs slipped, while TSLA, AAPL, SPCE, and CCL stocks are in focus.
June 26, 2023 | 10:06 am
News sentiment analysis
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NEGATIVE IMPACT
Invesco QQQ ETF (QQQ) declined 0.12% to $362.09 in premarket trading, potentially indicating a negative bias for the week.
The decline in QQQ ETF in premarket trading suggests a negative bias for the week, as it tracks the performance of the Nasdaq 100 Index. This could impact the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
SPDR S&P 500 ETF Trust (SPY) slipped 0.08% to $432.87 in premarket trading, potentially indicating a negative bias for the week.
The slip in SPY ETF in premarket trading suggests a negative bias for the week, as it tracks the performance of the S&P 500 Index. This could impact the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Tesla (TSLA) fell in premarket trading after Goldman Sachs became the third sell-side firm to downgrade the stock.
The downgrade by Goldman Sachs is a negative catalyst for Tesla's stock price in the short term, as it could lead to selling pressure from investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
Carnival Corp. (CCL) is due to report its quarterly results ahead of the market open.
Carnival Corp.'s stock price could be impacted by its quarterly results, but the direction of the impact will depend on the actual results and investor sentiment.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Apple (AAPL) stock could be in focus as the company closes in on the $3 trillion market cap.
As Apple approaches the $3 trillion market cap milestone, investor interest in the stock could increase, potentially driving the stock price higher in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Virgin Galactic (SPCE) rebounded by more than 3% following the stock's 18.42%+ slump on Friday in reaction to its capital raise plans.
The rebound in Virgin Galactic's stock price suggests that investors may see the capital raise plans as a positive development in the long term, despite the initial negative reaction.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90