Stocks Rebound As Dollar, Treasury Yields Retreat; Bitcoin Targets Best September Session: What's Driving Markets Thursday?
Portfolio Pulse from Shanthi Rexaline
The US stock market is showing signs of nervousness ahead of key economic data releases and speeches by Federal Reserve officials. The 10-year Treasury yield continues to rise, potentially pressuring stocks. The Dow Industrials ended down for a second straight day, while the Nasdaq Composite and the Dow Industrials rebounded from Tuesday’s sharp declines. Fund manager Louis Navellier recommends investing in fundamentally sound stocks amidst the uncertainties. He expects another round of big earnings surprises. In premarket trading, the SPDR S&P 500 ETF Trust (NYSE:SPY) edged up 0.08% and the Invesco QQQ ETF (NASDAQ:QQQ) slipped 0.05%. Stocks in focus include Peloton Interactive, Inc. (NASDAQ:PTON), Workday, Inc. (NASDAQ:WDAY), Micron Technology, Inc. (NASDAQ:MU), GameStop Corp. (NYSE:GME), Accenture plc (NYSE:ACN), CarMax, Inc. (NYSE:KMX), and Jabil, Inc. (NYSE:JBL).
September 28, 2023 | 10:59 am
News sentiment analysis
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POSITIVE IMPACT
GameStop Corp. rose about 10% after the company announced Ryan Cohen as CEO, effective immediately.
The rise in GameStop's stock price indicates a positive sentiment towards the company following the announcement of Ryan Cohen as CEO. This could potentially lead to a rise in the stock's price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Peloton Interactive, Inc. jumped over 12% in premarket trading after it signed a five-year deal with Lululemon Athletica, Inc.
The jump in Peloton's stock price in premarket trading indicates a positive sentiment towards the company following its deal with Lululemon Athletica. This could potentially lead to a rise in the stock's price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust edged up 0.08% in premarket trading.
The rise in the SPDR S&P 500 ETF Trust indicates a positive sentiment towards the S&P 500 index. This could potentially lead to a rise in the ETF's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Accenture plc is among the companies due to report their quarterly results ahead of the market open.
The upcoming earnings report from Accenture could potentially impact the company's stock price. The direction of the impact will depend on the results of the report.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Jabil, Inc. is among the companies due to report their quarterly results ahead of the market open.
The upcoming earnings report from Jabil could potentially impact the company's stock price. The direction of the impact will depend on the results of the report.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
CarMax, Inc. is among the companies due to report their quarterly results ahead of the market open.
The upcoming earnings report from CarMax could potentially impact the company's stock price. The direction of the impact will depend on the results of the report.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Micron Technology, Inc. declined over 4.70% after the chipmaker issued lackluster guidance.
The decline in Micron Technology's stock price indicates a negative sentiment towards the company following its lackluster guidance. This could potentially lead to a drop in the stock's price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
The Invesco QQQ ETF slipped 0.05% in premarket trading.
The slip in the Invesco QQQ ETF indicates a negative sentiment towards the Nasdaq 100 index. This could potentially lead to a drop in the ETF's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Workday, Inc. plunged nearly 10% after the cloud service provider reduced its subscription revenue growth guidance at an investor presentation.
The plunge in Workday's stock price indicates a negative sentiment towards the company following its reduced subscription revenue growth guidance. This could potentially lead to a drop in the stock's price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100