Stocks Trim Gains Following Inflation Data, NVIDIA Faces Worst Week Of 2023: What's Driving Markets Thursday?
Portfolio Pulse from Shanthi Rexaline
Stock futures indicate a higher start on Thursday as traders anticipate the July consumer price inflation data. Major averages declined on Wednesday due to inflation worries. The Nasdaq Composite, S&P 500 Index, and the small-cap R2K index pulled back to their lowest levels in about a month. A Morgan Stanley analyst warned about high equity valuations and suggested investors prepare for interest rates to stay higher for a while. In premarket trading, the SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ ETF (QQQ) rose. Several companies including Sonos, Inc. (SONO), Walt Disney Co. (DIS), and Trade Desk, Inc. (TTD) reacted to their earnings news.
August 10, 2023 | 10:54 am
News sentiment analysis
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NEGATIVE IMPACT
Trade Desk, Inc. fell over 3% in reaction to its earnings news, indicating a potential negative short-term impact.
The negative reaction to the company's earnings news suggests investor concern, which could lead to a short-term decrease in the stock's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Walt Disney Co. added over 1.5% following the release of its fiscal year third-quarter results, indicating a potential positive short-term impact.
The positive reaction to the company's quarterly results suggests investor confidence, which could lead to a short-term increase in the stock's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
The Invesco QQQ ETF gained in premarket trading, indicating a potential positive short-term impact.
The rise in premarket trading suggests investor confidence, which could lead to a short-term increase in the ETF's price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Sonos, Inc. climbed over 7% in premarket trading in reaction to its quarterly results, indicating a potential positive short-term impact.
The positive reaction to the company's quarterly results suggests investor confidence, which could lead to a short-term increase in the stock's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust rose in premarket trading, indicating a potential positive short-term impact.
The rise in premarket trading suggests investor confidence, which could lead to a short-term increase in the ETF's price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80