Stocks Surge On Dismal Jobs Data, Rate Hike Fears Ease: What's Driving Markets Tuesday?
Portfolio Pulse from Shanthi Rexaline
The stock futures were narrowly mixed ahead of key economic readings including house prices data, consumer confidence reading, and the JOLTS survey. The Federal Reserve's data-dependent stance could potentially lift market sentiment if data suggests a slowdown in economic momentum. Analysts from Morgan Stanley suggest a strategy of 'buying weakness than selling rallies' due to the central bank's skew towards holding or further rate hikes. In premarket trading, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.06% and the Invesco QQQ ETF (NASDAQ:QQQ) edged up 0.05%.
August 29, 2023 | 10:16 am
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POSITIVE IMPACT
The Invesco QQQ ETF edged up 0.05% in premarket trading.
The slight increase in QQQ in premarket trading indicates a positive sentiment towards the Nasdaq 100 index. This could be due to the anticipation of key economic readings and the Federal Reserve's data-dependent stance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust rose 0.06% in premarket trading.
The rise in SPY in premarket trading indicates a positive sentiment towards the S&P 500 index. This could be due to the anticipation of key economic readings and the Federal Reserve's data-dependent stance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80