El-Erian Says Latest Economic Data Shows No Reason For US To Fall Into Recession
Portfolio Pulse from Bhavik Nair
Mohamed El-Erian, Allianz's chief economic adviser, has expressed confidence in the latest set of economic data, stating that there is no reason for the US to fall into recession. He highlighted the rise in The Conference Board Consumer Confidence Index and the upbeat housing market data. The Nasdaq Composite and the S&P 500 ended over 1% higher on Tuesday. The SPDR S&P 500 ETF Trust (NYSE:SPY) closed 1.1% higher while the Invesco QQQ Trust Series 1 (NASDAQ:QQQ) gained 1.72% on Tuesday.
June 28, 2023 | 2:15 am
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
The Invesco QQQ Trust Series 1 (NASDAQ:QQQ) gained 1.72% on Tuesday following the release of positive economic data.
The positive economic data has boosted investor confidence, leading to an increase in the price of the QQQ ETF. If the economic data continues to be positive, the ETF could continue to perform well in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (NYSE:SPY) closed 1.1% higher on Tuesday following the release of positive economic data.
The positive economic data has boosted investor confidence, leading to an increase in the price of the SPY ETF. If the economic data continues to be positive, the ETF could continue to perform well in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80