Investors Cheer Jobs Report: Why Are These 5 Stocks And 5 ETFs Shining On Friday?
Portfolio Pulse from Piero Cingari
The July jobs report showed a healthy U.S. labor market, with 187,000 jobs gained, a jobless rate of 3.5%, and wages increasing at a monthly pace of 0.4% and an annual rate of 4.4%. This led to a decrease in expectations for potential interest rate hikes in September. Five stocks and five ETFs saw substantial price action following the report. Stocks included Atlassian Corp., Natera Inc., Universal Display Corp., Cloudflare, Inc., and Amazon Inc. ETFs included the Consumer Discretionary Select Sector SPDR Fund, VanEck Junior Gold Miners ETF, iShares MSCI Mexico ETF, First Trust DJ Internet Index Fund, and iShares JP Morgan USD Emerging Market Bond ETF.
August 04, 2023 | 3:46 pm
News sentiment analysis
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POSITIVE IMPACT
Amazon Inc. gained nearly 10%, achieving its strongest daily performance since November 2022 due to a surprise EPS and revenue beat in the last quarter.
The company's surprise EPS and revenue beat in the last quarter likely contributed to the increase in its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
iShares JP Morgan USD Emerging Market Bond ETF recorded an impressive 1% gain, marking its best daily performance of the week. A lower U.S. dollar and declining Treasury yields contributed to the strength of emerging market bonds.
A lower U.S. dollar and declining Treasury yields likely contributed to the increase in the ETF's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
iShares MSCI Mexico ETF surged 1.7%, aided by a 1% increase in the value of the Mexican peso.
The 1% increase in the value of the Mexican peso likely contributed to the increase in the ETF's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
First Trust DJ Internet Index Fund rose 1.2%, led by Amazon, Cloudflare and Atlassian.
The strong performance of Amazon, Cloudflare, and Atlassian, which are included in the ETF, likely contributed to the increase in the ETF's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
VanEck Junior Gold Miners ETF experienced a boost of 1.8% in response to rising gold prices that were fueled by a declining dollar.
Rising gold prices, fueled by a declining dollar, likely contributed to the increase in the ETF's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Cloudflare, Inc. experienced a 10% rally after it reported stronger-than-anticipated earnings.
The company's strong earnings and raised price target from Needham likely contributed to the increase in its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Natera Inc. soared 16% after delivering better-than-expected results in the second quarter.
The company's strong second quarter results likely contributed to the increase in its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Universal Display Corp. rose 11% following its stronger-than-expected earnings and revenues.
The company's strong earnings and revenues, along with raised price targets from Needham and Deutsche Bank, likely contributed to the increase in its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Atlassian Corp. surged by 19% after surpassing Street’s estimates in the last quarter.
The company's strong quarterly results and raised price target from Barclays likely contributed to the surge in its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The Consumer Discretionary Select Sector SPDR Fund saw a notable 2.2% increase in stocks within the consumer discretionary sector, largely driven by a surge in Amazon.
The surge in Amazon, a heavyweight in the ETF, likely contributed to the increase in the ETF's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100