Bulls Regain Momentum After Fed's Reassuring Start At Jackson Hole: 5 ETF Reactions
Portfolio Pulse from Piero Cingari
The Federal Reserve's Jackson Hole symposium provided a reassuring tone to investors, leading to a positive response from the markets. The SPDR S&P 500 ETF Trust (SPY), Technology Select Sector SPDR Fund (XLK), Energy Select Sector SPDR Fund (XLE), iShares Russell 2000 ETF (IWM), and Vanguard Growth ETF (VUG) all saw gains. Notable performers within these ETFs included Hasbro Inc. (HAS), Intuit Inc. (INTU), Valero Energy Corp. (VLO), Cano Health, Inc. (CANO), and Workday Inc. (WDAY).
August 25, 2023 | 9:11 pm
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POSITIVE IMPACT
Cano Health, Inc. soared by an astonishing 46% within the day’s trading.
The positive response from the market to the Federal Reserve's Jackson Hole symposium led to a significant gain in Cano Health, Inc.'s stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Hasbro Inc. emerged as the top performer within the SPY, marking a 6.7% gain for the day.
The positive response from the market to the Federal Reserve's Jackson Hole symposium led to a gain in Hasbro Inc.'s stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Intuit Inc. emerged as the top performer, displaying a notable 4.5% increase.
The positive response from the market to the Federal Reserve's Jackson Hole symposium led to an increase in Intuit Inc.'s stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The IWM ETF notched a 0.6% daily gain, despite a 6.5% decline month-to-date.
The positive response from the market to the Federal Reserve's Jackson Hole symposium led to a daily gain in the IWM ETF.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The SPY ETF saw a 0.8% increase, snapping a streak of three consecutive weeks of losses.
The positive response from the market to the Federal Reserve's Jackson Hole symposium led to an increase in the SPY ETF.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Valero Energy Corp. emerged as the leader of the pack, charting a substantial 4.5% gain for the day.
The surge in the XLE ETF, propelled by escalating oil and natural gas prices, led to a gain in Valero Energy Corp.'s stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The VUG ETF surged by 1.1%, outperforming the Vanguard Value ETF (VTV).
Mitigated concerns about the Federal Reserve potentially over-tightening sparked a surge in the growth segment, leading to a surge in the VUG ETF.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Workday Inc. achieved a noteworthy 6% gain, setting it apart from the competition.
The positive response from the market to the Federal Reserve's Jackson Hole symposium led to a gain in Workday Inc.'s stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The XLE ETF saw a robust 1.2% upswing, securing the second spot in daily performance among S&P 500 sectors.
The surge in the XLE ETF was primarily propelled by escalating oil and natural gas prices.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The XLK ETF surged by 1.3%, leading in performance among sectors.
Despite expectations that hawkish remarks from Jackson Hole might pressure tech giants, this did not materialize, leading to a surge in the XLK ETF.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100