S&P 500, Nasdaq Set To Open Lower As Tech, Small-Caps Shudder On High Bond Yields: Analyst Sees Triple Whammy For Corporate Profits
Portfolio Pulse from Shanthi Rexaline
The S&P 500 and Nasdaq are set to open lower due to high bond yields affecting tech and small-cap stocks. The 10-year Treasury note yield reached a 16-year high, which could reduce risk appetite, particularly in tech stocks. FedEx Corp. (NYSE:FDX) reported positive earnings. The SPDR S&P 500 ETF Trust (NYSE:SPY) slid 0.59% to $436.06 and the Invesco QQQ ETF (NASDAQ:QQQ) gained 0.72% to $361.92 in premarket trading. Stocks such as FedEx, KB Home, Inc. (NYSE:KBH), Broadcom, Inc. (NASDAQ:AVGO), Alphabet, Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG), Marvell Technology, Inc. (NASDAQ:MRVL), Darden Restaurants. Inc. (NYSE:DRI) and FactSet Research Systems, Inc. (NYSE:FDS) are in focus.
September 21, 2023 | 10:57 am
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POSITIVE IMPACT
FedEx reported positive earnings which could boost its stock.
Positive earnings reports typically lead to an increase in stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Marvell Technology climbed about 4% after a report said Alphabet plans to launch an improved networking chip with Marvell by next year.
A new partnership with a major company like Alphabet could boost Marvell's stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Invesco QQQ ETF gained 0.72% in premarket trading.
An increase in premarket trading could indicate a higher opening price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Darden Restaurants is due to release its quarterly results which could impact its stock.
The impact on Darden's stock will depend on the results of its earnings report.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
FactSet Research Systems is due to release its quarterly results which could impact its stock.
The impact on FactSet's stock will depend on the results of its earnings report.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Alphabet's stock could be affected by its decision to drop Broadcom as its AI chipmaker and its plan to launch an improved networking chip with Marvell.
The impact on Alphabet's stock is uncertain as it involves both a termination and a new partnership.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Broadcom fell more than 5.50% after a report said Alphabet was planning to drop the former as its AI chipmaker.
Losing a major client like Alphabet could negatively impact Broadcom's stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
KB Home fell about 2% in reaction to its earnings report.
Negative reaction to earnings report could lead to a decrease in stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust slid 0.59% in premarket trading.
A decrease in premarket trading could indicate a lower opening price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80