US Stocks Stall Despite Benign PCE Inflation, Down Month Looms: What's Driving Markets Thursday?
Portfolio Pulse from Shanthi Rexaline
Wall Street stocks are expected to open mixed after four consecutive sessions of gains. Traders are eyeing key economic data, including the personal income and spending report for July. Morgan Stanley's Lisa Shalett highlighted three risks that necessitate caution among investors: surging real Treasury rates, deteriorating Chinese economic growth, and mixed U.S. economic data. In premarket trading, the SPDR S&P 500 ETF Trust rose 0.13% and the Invesco QQQ ETF edged down 0.03%. Salesforce, Okta, Chewy, Victoria’s Secret, and Five Below reacted to earnings, while Palantir fell following a bearish recommendation from Morgan Stanley.
August 31, 2023 | 11:17 am
News sentiment analysis
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NEGATIVE IMPACT
Palantir's stock price fell over 4% following a bearish recommendation from Morgan Stanley.
The fall in Palantir's stock price is likely due to negative investor reaction to a bearish recommendation from Morgan Stanley.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
The Invesco QQQ ETF edged down 0.03% in premarket trading.
The slight decrease in QQQ in premarket trading indicates a slightly negative investor sentiment towards the Nasdaq 100.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Salesforce rallied nearly 5.5% in premarket trading following the release of its quarterly results.
The rally in Salesforce's stock price in premarket trading is likely due to positive investor reaction to its quarterly results.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Okta's stock price rose over 11% in response to its earnings report.
The rise in Okta's stock price is likely due to positive investor reaction to its earnings report.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust rose 0.13% in premarket trading.
The rise in SPY in premarket trading indicates positive investor sentiment towards the S&P 500.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80