Bank Downgrades Trigger Stock Sell-Off; Treasuries, Dollar Rally Amid Safe-Haven Demand: What's Driving Markets Tuesday?
Portfolio Pulse from Shanthi Rexaline
US stocks are expected to pull back due to inflation anxieties. The earnings news flow is likely to drive the market, with oil's pullback and upcoming US inflation data keeping the mood cautious. Analysts from LPL Financial suggest a mild recession is likely within the next six to nine months. They recommend a neutral tactical allocation to equities, favoring developed international equities over emerging markets and large caps over small caps. In premarket trading, the SPDR S&P 500 ETF Trust and the Invesco QQQ ETF fell. Several companies including Lucid Group, Paramount Global, Chegg, Beyond Meat, Eli Lilly, Fox Corp, Expeditors International of Washington, GlobalFoundries, Novavax, UPS, Warner Music Group, Akamai Technologies, Rivian Automotive, Twilio, Upstart Holdings, and Lyft are in focus due to their earnings reports.
August 08, 2023 | 11:26 am
News sentiment analysis
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NEGATIVE IMPACT
The Invesco QQQ ETF fell in premarket trading, indicating a potential negative impact on its price.
The expected pullback in US stocks due to inflation anxieties and the absence of market-moving economic data is likely to negatively impact the price of the Invesco QQQ ETF.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust fell in premarket trading, indicating a potential negative impact on its price.
The expected pullback in US stocks due to inflation anxieties and the absence of market-moving economic data is likely to negatively impact the price of the SPDR S&P 500 ETF Trust.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80