Stocks Tumble, Yields Climb As Investors Fear Upcoming Rate Hikes Amid Booming Job Growth: What's Driving Markets Thursday?
Portfolio Pulse from Shanthi Rexaline
Stock futures indicate a potential slump in Thursday's session due to surging bond yields and investor concerns about potential rate hikes. The major indexes closed in the red on Wednesday, led by declines in the IT, energy, industrial, and financial sectors. In premarket trading on Thursday, the SPDR S&P 500 ETF Trust (NYSE:SPY) and the Invesco QQQ ETF (NASDAQ:QQQ) both fell. Meta Platforms, Inc. (NASDAQ:META) rose in premarket trading after a price target increase, while Levi Strauss & Co. (NYSE:LEVI) is set to report its quarterly earnings.
July 06, 2023 | 11:06 am
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POSITIVE IMPACT
Meta Platforms, Inc. (NASDAQ:META) rose over 1.50% in premarket trading after KeyBanc Capital Markets analyst Justin Patterson raised the price target for the stock from $280 to $335.
The rise in META's stock price in premarket trading is likely due to the increased price target from KeyBanc Capital Markets, which could lead to increased investor confidence in the stock.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Levi Strauss & Co. (NYSE:LEVI) is scheduled to report its quarterly earnings after the close of trading.
The upcoming earnings report for LEVI could potentially impact the stock's price, depending on whether the company meets, exceeds, or falls short of analyst expectations.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
The Invesco QQQ ETF (NASDAQ:QQQ) fell 0.36% in premarket trading on Thursday.
The decline in QQQ in premarket trading is likely due to investor concerns about potential rate hikes, which could negatively impact the value of the ETF in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.34% in premarket trading on Thursday.
The decline in SPY in premarket trading is likely due to investor concerns about potential rate hikes, which could negatively impact the value of the ETF in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100