S&P 500, Nasdaq Show Weakness Ahead Of FOMC Minutes, Tesla Sinks To 2-Month Low: What's Driving Markets Wednesday?
Portfolio Pulse from Shanthi Rexaline
US stock futures indicate a muted opening on Wall Street following Tuesday's losses. The FOMC minutes and earnings reports from retailers could influence the market. Analysts predict a 5-10% pullback, seen as normal after strong first-half gains. Bond yields are decreasing and oil prices remain muted. The SPDR S&P 500 ETF Trust (NYSE:SPY) and the Invesco QQQ ETF (NASDAQ:QQQ) saw slight premarket gains. Stocks in focus include H&R Block, Inc. (NYSE:HRB), Agilent Technologies, Inc. (NYSE:A), Target Corp. (NYSE:TGT), JD.com, Inc. (NASDAQ:JD), TJX Companies, Inc. (NYSE:TJX), Cisco Systems, Inc. (NASDAQ:CSCO), Avnet, Inc. (NASDAQ:AVT), and Wolfspeed, Inc. (NYSE:WOLF).
August 16, 2023 | 11:21 am
News sentiment analysis
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NEGATIVE IMPACT
Agilent Technologies, Inc. retreated over 3% in reaction to its earnings report.
The significant premarket loss is likely due to negative investor reaction to the company's earnings report.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Avnet, Inc. is due to release its quarterly results after the market closes.
The company's stock price could be impacted depending on the results of its earnings report.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Cisco Systems, Inc. is due to release its quarterly results after the market closes.
The company's stock price could be impacted depending on the results of its earnings report.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
JD.com, Inc. is due to release its quarterly results before the market opens.
The company's stock price could be impacted depending on the results of its earnings report.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
TJX Companies, Inc. is due to release its quarterly results before the market opens.
The company's stock price could be impacted depending on the results of its earnings report.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Wolfspeed, Inc. is due to release its quarterly results after the market closes.
The company's stock price could be impacted depending on the results of its earnings report.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
H&R Block, Inc. rose over 5% in premarket trading following the release of its quarterly results.
The significant premarket gain is likely due to positive investor reaction to the company's quarterly results.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
The Invesco QQQ ETF gained 0.11% in premarket trading.
The slight premarket gain could indicate investor optimism despite the overall muted market outlook.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust saw a slight premarket gain of 0.06%.
The slight premarket gain could indicate investor optimism despite the overall muted market outlook.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Target Corp. rose over 7% despite the company reporting a sales miss and reducing its full-year forecasts.
The significant premarket gain is surprising given the company's sales miss and reduced forecasts, indicating other factors at play.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100