US Stocks Grind Higher As China Cuts Taxes On Trading, Eyes Further Stimulus: What's Driving Markets Monday?
Portfolio Pulse from Shanthi Rexaline
US stocks are expected to open firmer in the new week's first session. Major averages had a mixed close in the week ended Aug. 25, with the Nasdaq Composite and the S&P 500 indices making gains, while the Dow Industrials Average and the Russell 3,000 Index posted declines. The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.17% to $440.73, and the Invesco QQQ ETF (NASDAQ:QQQ) gained 0.33% to $365.23 in premarket trading. Stocks of Hawaiian Electric Industries, Inc. (NYSE:HE), Horizon Therapeutics Public Limited Company (NASDAQ:HZNP), Alibaba Group Holding Limited (NYSE:BABA), Baidu, Inc. (NASDAQ:BIDU), and XPeng, Inc. (NYSE:XPEV) are in focus.
August 28, 2023 | 11:22 am
News sentiment analysis
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POSITIVE IMPACT
Shares of Alibaba Group Holding Limited climbed over 1% after China announced lowering the stamp duty on stocks by half to reinvigorate the sagging stock market.
The rise in the stock's price is likely due to the positive news about China's stock market, which could lead to a short-term increase in its price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Shares of Baidu, Inc. climbed over 1% after China announced lowering the stamp duty on stocks by half to reinvigorate the sagging stock market.
The rise in the stock's price is likely due to the positive news about China's stock market, which could lead to a short-term increase in its price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Shares of Hawaiian Electric Industries rebounded by over 40% in premarket trading following the past week's 20%+ decline amid worries concerning the impact of the Maui fire.
The rebound in premarket trading indicates a recovery from the previous week's decline, which could lead to a short-term increase in the stock's price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Shares of Horizon Therapeutics rose about 5% following a Federal Trade Commission move that would allow the completion of the deal for the biotech company to be acquired by Amgen, Inc.
The rise in the stock's price is likely due to the positive news about the company's acquisition, which could lead to a short-term increase in its price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
The Invesco QQQ ETF gained 0.33% in premarket trading.
The rise in premarket trading indicates positive sentiment towards the ETF, which could lead to a short-term increase in its price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust rose 0.17% in premarket trading.
The rise in premarket trading indicates positive sentiment towards the ETF, which could lead to a short-term increase in its price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Shares of XPeng, Inc. rallied nearly 4.5% on the China move and the company's decision to buy DiDi's smart electric vehicle assets for $744 million.
The rise in the stock's price is likely due to the positive news about China's stock market and the company's acquisition, which could lead to a short-term increase in its price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100