Stocks Continue To Climb As Tech, Financials Gain, Dollar Stays At 15-Month Lows: What's Driving Markets Monday?
Portfolio Pulse from Shanthi Rexaline
US stocks are expected to start the new week cautiously following strong gains in the past week. The earnings news flow will pick up pace from Tuesday, with several financial and tech companies due to report. The S&P 500 and the Nasdaq Composite Index closed off a 15-month high, and the Dow Industrials ended at its highest level since Nov. 30, 2022. Analyst Ryan Detrick of Carson Group sees scope for further upside. In premarket trading, the SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.18% and the Invesco QQQ ETF (NASDAQ:QQQ) edged down 0.05%. Tesla, Inc. (NASDAQ:TSLA) rose over 1.50% in premarket trading, while Activision Blizzard, Inc. (NASDAQ:ATVI) rallied over 4% after the FTC lost its appeal to block the videogame software manufacturer's deal with Microsoft Corp. (NASDAQ:MSFT).
July 17, 2023 | 11:12 am
News sentiment analysis
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NEGATIVE IMPACT
The Invesco QQQ ETF edged down 0.05% in premarket trading.
The slight decrease in QQQ in premarket trading suggests a cautious start to the week for tech stocks, which could impact the ETF's performance in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust fell 0.18% in premarket trading.
The fall in SPY in premarket trading indicates a cautious start to the week for US stocks, which could impact the ETF's performance in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Activision Blizzard, Inc. rallied over 4% after the Federal Trade Commission lost its appeal to block the videogame software manufacturer's deal with Microsoft Corp.
The rally in ATVI is likely due to the FTC losing its appeal to block the company's deal with Microsoft, which is seen as a positive development for Activision Blizzard.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Microsoft Corp. is involved in a deal with Activision Blizzard, Inc., which the Federal Trade Commission failed to block.
The FTC's failure to block Microsoft's deal with Activision Blizzard is likely seen as a positive development for Microsoft, which could impact the company's stock in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Tesla, Inc. rose over 1.50% in premarket trading as traders reacted to the production of the first Cybertruck and also looked ahead to its earnings report due Wednesday.
The rise in TSLA in premarket trading is likely due to positive sentiment around the production of the first Cybertruck and anticipation of the company's upcoming earnings report.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90