US Stocks Struggle As Fed Sounds Hawkish; Oil, Treasury Yields Rise Further: What's Driving Markets Wednesday?
Portfolio Pulse from Shanthi Rexaline
Despite soaring bond yields, the S&P 500 and Nasdaq are set to rebound. However, analysts warn of volatility persisting through year-end due to factors such as high crude oil prices, potential rate hikes, and economic data. The SPDR S&P 500 ETF Trust (NYSE:SPY) and the Invesco QQQ ETF (NASDAQ:QQQ) both saw gains in premarket trading. Stocks in focus include Costco Wholesale Corp. (NASDAQ:COST), Progress Software Corp. (NASDAQ:PRGS), Meta Platforms, Inc. (NASDAQ:META), Paychex, Inc. (NASDAQ:PAYX), H.B. Fuller Company (NYSE:FUL), Micron Technology, Inc. (NASDAQ:MU), and Worthington Industries, Inc. (NYSE:WOR).
September 27, 2023 | 11:50 am
News sentiment analysis
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NEGATIVE IMPACT
Costco Wholesale Corp. (NASDAQ:COST) fell about 2% in premarket trading following the release of its quarterly results.
The drop in premarket trading suggests investor disappointment with Costco's quarterly results. This could impact the stock's performance in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Progress Software Corp. (NASDAQ:PRGS) declined more than 4% as the stock reacted to the company’s earnings release.
The decline in stock price suggests investor disappointment with Progress Software's earnings release. This could impact the stock's performance in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
The Invesco QQQ ETF (NASDAQ:QQQ) gained 0.42% in premarket trading, suggesting a potential rebound despite market volatility.
The rise in premarket trading suggests investor confidence in the ETF despite the overall market volatility. However, the ongoing volatility and potential rate hikes could still impact its performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.39% in premarket trading, indicating a potential rebound despite market volatility.
The rise in premarket trading suggests investor confidence in the ETF despite the overall market volatility. However, the ongoing volatility and potential rate hikes could still impact its performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80