Stocks Tumble, Tech Stands Firm, Treasuries Enter Turmoil As Jerome Powell Speaks: What's Driving Markets Monday?
Portfolio Pulse from Piero Cingari
The surge in Treasury yields has led to a 2% drop in the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT). The S&P 500, Dow Jones, and Russell 2000 indices all fell, while the Nasdaq 100 rose slightly. The SPDR S&P 500 ETF Trust (NYSE:SPY), SPDR Dow Jones Industrial Average ETF (NYSE:DIA), and Invesco QQQ Trust (NASDAQ:QQQ) all fell. The Technology Select Sector SPDR Fund (NYSE:XLK) and the Communication Services Select Sector SPDR Fund (NYSE:XLC) rose, while the Utilities Select Sector SPDR Fund (NYSE:XLU) and Energy Select Sector SPDR Fund (NYSE:XLE) fell. Stocks of Danaher Corp. (NYSE:DHR), Kellogg Co. (NYSE:K), WK Kellogg Co. (NYSE:KLG), and NextEra Energy Inc. (NYSE:NEE) fell, while Z Scaler Inc. (NASDAQ:ZS) rose.
October 02, 2023 | 6:21 pm
News sentiment analysis
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POSITIVE IMPACT
The Communication Services Select Sector SPDR Fund rose by 0.2%.
The Communication Services Select Sector SPDR Fund rose, likely due to the outperformance of communication services stocks in the market turbulence.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The Technology Select Sector SPDR Fund rose by 0.4%.
The Technology Select Sector SPDR Fund rose, likely due to the outperformance of tech stocks in the market turbulence.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Z Scaler Inc. rose 3.4% after a Piper Sandler issued a bullish note.
Z Scaler Inc. rose after Piper Sandler issued a bullish note, raising the stock from Neutral to Overweight and the price target from $160 to $190. This could have led to a positive sentiment among investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Danaher Corp. fell over 15% due to the recent spin-off of Veralto and a reduction in the target price by Leerink Partners.
Danaher Corp. fell significantly due to the recent spin-off of Veralto, which could have led to uncertainty among investors, and a reduction in the target price by Leerink Partners, which could have led to a negative sentiment among investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The SPDR Dow Jones Industrial Average ETF fell by 0.8%.
The SPDR Dow Jones Industrial Average ETF fell as the Dow Jones Industrial Average, which it tracks, fell by 0.8%. This is likely due to the overall market turbulence caused by the surge in Treasury yields.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Kellogg Co. fell by 12.5% due to an overnight split.
Kellogg Co. fell significantly due to an overnight split, which resulted in the formation of two distinct entities. This could have led to uncertainty among investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
WK Kellogg Co. fell by 6% due to an overnight split.
WK Kellogg Co. fell significantly due to an overnight split, which resulted in the formation of two distinct entities. This could have led to uncertainty among investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
NextEra Energy Inc. fell approximately 10% after Wells Fargo and Goldman Sachs cut the company’s price target.
NextEra Energy Inc. fell significantly after Wells Fargo and Goldman Sachs cut the company’s price target. This could have led to a negative sentiment among investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The Invesco QQQ Trust fell by 0.2%.
The Invesco QQQ Trust fell slightly, despite the Nasdaq 100, which it tracks, rising slightly. This could be due to other factors affecting the ETF, such as investor sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust fell by 0.7%.
The SPDR S&P 500 ETF Trust fell as the S&P 500 index, which it tracks, fell by 0.7%. This is likely due to the overall market turbulence caused by the surge in Treasury yields.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The iShares 20+ Year Treasury Bond ETF fell by nearly 2% due to the surge in Treasury yields.
The surge in Treasury yields has led to a drop in the price of the iShares 20+ Year Treasury Bond ETF. This is because when yields rise, the price of existing bonds, which have lower yields, falls.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The Energy Select Sector SPDR Fund fell by 2.2%.
The Energy Select Sector SPDR Fund fell, likely due to the overall decline in energy stocks.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The Utilities Select Sector SPDR Fund fell by 5%.
The Utilities Select Sector SPDR Fund fell significantly, likely due to the overall decline in utilities stocks.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100