Blue Chips Rise, Tech Slips Ahead of Fed Meeting: What's Driving Markets Wednesday?
Portfolio Pulse from Shanthi Rexaline
Traders are cautiously optimistic about a potential pause in rate hikes by the Federal Reserve, which could trigger a relief rally. The S&P 500 and Nasdaq futures edged higher in anticipation. Stocks were pressured on Tuesday due to a surge in bond yields, elevated oil prices, and anxiety about the Fed decision. In premarket trading on Wednesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.18% and the Invesco QQQ ETF (NASDAQ:QQQ) gained 0.14%. Pinterest, Inc. (NYSE:PINS) climbed over 3% in premarket trading after JPMorgan raised the price target for the stock, while Dollar General Corp. (NYSE:DG) fell about 2% in reaction to a downgrade by JPMorgan.
September 20, 2023 | 11:04 am
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NEGATIVE IMPACT
Dollar General Corp. fell about 2% in reaction to a downgrade by JPMorgan, indicating a negative short-term impact.
The fall in DG in premarket trading following JPMorgan's downgrade could be a negative sign for the stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Pinterest, Inc. climbed over 3% in premarket trading after JPMorgan raised the price target for the stock, indicating a positive short-term impact.
The rise in PINS in premarket trading following JPMorgan's price target raise could be a positive sign for the stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
The Invesco QQQ ETF gained 0.14% in premarket trading on Wednesday, potentially indicating a positive short-term impact.
The rise in QQQ in premarket trading could be a positive sign for the ETF in the short term, especially if the Fed decides to pause rate hikes as expected.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust rose 0.18% in premarket trading on Wednesday, potentially indicating a positive short-term impact.
The rise in SPY in premarket trading could be a positive sign for the ETF in the short term, especially if the Fed decides to pause rate hikes as expected.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80