US Stocks Brace for Toughest Week Since March Amid China Concerns: What's Driving Markets Friday?
Portfolio Pulse from Shanthi Rexaline
US stock futures indicate a slow start for Friday, with no strong driving force to push the market. Economist David Rosenberg suggests a new bear phase may be entering the market. Strong economic data released on Thursday sent major averages lower. All S&P sector classes, except energy stocks, closed in negative terrain. The S&P 500 Index is down 4.8% from the late-July peak. In premarket trading on Friday, the SPDR S&P 500 ETF Trust (NYSE:SPY) moved down 0.10% and the Invesco QQQ ETF (NASDAQ:QQQ) fell 0.23%. Stocks in focus include Bill Holdings, Inc. (NYSE:BILL), Farfetch Ltd. (NYSE:FTCH), Ross Stores, Inc. (NASDAQ:ROST), and Applied Materials, Inc. (NASDAQ:AMAT).
August 18, 2023 | 10:55 am
News sentiment analysis
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POSITIVE IMPACT
Applied Materials, Inc. (NASDAQ:AMAT) advanced about 5.5% following their earnings releases.
The company's earnings release has led to a positive reaction in the market, causing the stock price to rise.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Ross Stores, Inc. (NASDAQ:ROST) advanced about 3% following their earnings releases.
The company's earnings release has led to a positive reaction in the market, causing the stock price to rise.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Bill Holdings, Inc. (NYSE:BILL) fell about 5.5% in premarket trading in reaction to its quarterly results.
The company's quarterly results have led to a negative reaction in the market, causing the stock price to fall.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Farfetch Ltd. (NYSE:FTCH) tumbled about 38% following its quarterly earnings announcement.
The company's quarterly earnings announcement has led to a significant drop in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The Invesco QQQ ETF (NASDAQ:QQQ) fell 0.23% in premarket trading on Friday.
The lack of a strong driving force in the market and the potential entry into a new bear phase are likely to negatively impact the QQQ.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (NYSE:SPY) moved down 0.10% in premarket trading on Friday.
The lack of a strong driving force in the market and the potential entry into a new bear phase are likely to negatively impact the SPY.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100