Stocks Tumble, VIX Spikes As Fear Over High Interest Rates Intensifies: What's Driving Markets Tuesday?
Portfolio Pulse from Shanthi Rexaline
Stocks are set for a lower opening on Tuesday due to concerns about potential future rate hikes hinted by Minneapolis Federal Reserve President Neel Kashkari and weakness in global markets. Despite this, fund manager Louis Navellier expects a bullish end to the year, with the earnings environment improving and inflation excluding energy continuing to ebb. In premarket trading, the SPDR S&P 500 ETF Trust (NYSE:SPY) and the Invesco QQQ ETF (NASDAQ:QQQ) fell. Tesla, Inc. (NASDAQ:TSLA) also fell in premarket trading due to weak China weekly insurance registration data. Alibaba Group Holding Ltd. (NYSE:BABA) announced plans to spin off its Cainiao logistics unit in a Hong Kong IPO.
September 26, 2023 | 11:23 am
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NEUTRAL IMPACT
Alibaba Group Holding Ltd. announced plans to spin off its Cainiao logistics unit in a Hong Kong IPO.
The company's announcement could potentially attract investors, but the impact on the stock price will depend on the details of the spin-off and the market's reaction to it.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The Invesco QQQ ETF fell in premarket trading due to concerns about potential future rate hikes and global market weakness.
The ETF fell due to concerns about potential future rate hikes and global market weakness, which could negatively impact the performance of the companies in the Nasdaq 100.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust fell in premarket trading due to concerns about potential future rate hikes and global market weakness.
The ETF fell due to concerns about potential future rate hikes and global market weakness, which could negatively impact the performance of the companies in the S&P 500.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Tesla, Inc. fell in premarket trading due to weak China weekly insurance registration data.
The company's stock fell due to weak China weekly insurance registration data, which could indicate lower demand for Tesla's vehicles in China.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80