US Stocks Slip, Treasury Yields Rise Ahead Of Fed Minutes: What's Driving Markets Wednesday?
Portfolio Pulse from Shanthi Rexaline
US stocks are expected to open lower following the Independence Day holiday, with traders cautious due to major averages trading at multi-month highs. Despite a weak manufacturing reading, US stocks closed slightly higher on Monday. Noteworthy sector performances included advancements in consumer discretionary stocks, along with buying interest in utility, financial, real estate, and consumer staple stocks. However, healthcare and IT stocks experienced declines. Fundstrat's Tom Lee expects the S&P 500 Index to end the year at 4,825, up from his earlier estimate of 4,750. In premarket trading, the SPDR S&P 500 ETF Trust (NYSE:SPY) slipped 0.40% and the Invesco QQQ ETF (NASDAQ:QQQ) fell 0.58%. Tesla, Inc. (NASDAQ:TSLA) fell about 0.80% in premarket trading, and big tech stocks such as Nvidia Corp. (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NYSE:AMD), and Amazon.com Inc. (NASDAQ:AMZN) also moved to the downside.
July 05, 2023 | 10:50 am
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NEGATIVE IMPACT
Advanced Micro Devices, Inc. (NYSE:AMD) moved to the downside in premarket trading.
AMD's stock fell in premarket trading, in line with the overall expected lower opening of US stocks.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Amazon.com Inc. (NASDAQ:AMZN) moved to the downside in premarket trading.
Amazon's stock fell in premarket trading, in line with the overall expected lower opening of US stocks.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Nvidia Corp. (NASDAQ:NVDA) moved to the downside in premarket trading.
Nvidia's stock fell in premarket trading, in line with the overall expected lower opening of US stocks.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The Invesco QQQ ETF (NASDAQ:QQQ) fell 0.58% in premarket trading.
The expected lower opening of US stocks and the cautious sentiment among traders could negatively impact the QQQ ETF in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (NYSE:SPY) slipped 0.40% in premarket trading.
The expected lower opening of US stocks and the cautious sentiment among traders could negatively impact the SPY ETF in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Tesla, Inc. (NASDAQ:TSLA) fell about 0.80% in premarket trading.
Despite reporting record quarterly China wholesale sales, Tesla's stock fell in premarket trading, possibly due to profit-taking following its recent gains.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80