Stocks Hold Steady, US Mulls China Chip Restrictions, Powell Sounds Hawkish: What's Driving Markets Wednesday
Portfolio Pulse from Shanthi Rexaline
Stock futures indicate a mixed opening on Wall Street, with traders anticipating comments from Federal Reserve Chair Jerome Powell and the release of the Fed’s bank stress test results. The technology sector, particularly the chip industry, may face pressure amid reports of a U.S. ban on Chinese chips. Carson Group analyst Ryan Detrick remains optimistic about the near-term market outlook, advising to buy weakness. In premarket trading, the SPDR S&P 500 ETF Trust (SPY) fell 0.17% and the Invesco QQQ ETF (QQQ) slipped 0.36%. Nvidia Corp. (NVDA) and Advanced Micro Devices, Inc. (AMD) fell over 4% and 3%, respectively, following reports of the China chip ban.
June 28, 2023 | 11:27 am
News sentiment analysis
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NEGATIVE IMPACT
Advanced Micro Devices, Inc. (AMD) fell over 3% in premarket following reports of the China chip ban.
The reported U.S. ban on Chinese chips is likely to negatively impact AMD's stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Nvidia Corp. (NVDA) fell over 4% in premarket following reports of the China chip ban.
The reported U.S. ban on Chinese chips is likely to negatively impact Nvidia's stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
The Invesco QQQ ETF (QQQ) slipped 0.36% in premarket trading.
The decline in QQQ in premarket trading indicates a potential negative short-term impact on the ETF's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) fell 0.17% in premarket trading.
The decline in SPY in premarket trading indicates a potential negative short-term impact on the ETF's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80