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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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
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