Stocks Halt Gains, Oil, Treasuries Rally As Investors React to Israel-Hamas Conflict: What's Driving Markets Monday?
Portfolio Pulse from Shanthi Rexaline
The escalating tensions in the Middle East have dampened the risk-on mood, potentially leading to a bleak start to the week for S&P 500 and Nasdaq. However, gains in energy stocks and defense contractors could partially offset the negative sentiment. Traders are also preparing for the start of the third-quarter reporting season and closely monitoring inflation data. The SPDR S&P 500 ETF Trust (NYSE:SPY) and the Invesco QQQ ETF (NASDAQ:QQQ) both fell in premarket trading. Stocks in focus include Walt Disney Co. (NYSE:DIS), Nvidia Corp. (NASDAQ:NVDA), Exxon Mobil Corp. (NYSE:XOM), ConocoPhillips (NYSE:COP), Chevron Corp. (NYSE:CVX), Lockheed Martin Corp. (NYSE:LMT), Northrop Grumman Corporation (NYSE:NOC), and Mirati Therapeutics, Inc. (NASDAQ:MRTX).
October 09, 2023 | 11:28 am
News sentiment analysis
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NEGATIVE IMPACT
Mirati Therapeutics, Inc. slipped despite the company announcing a deal to be bought by Bristol-Myers Squibb Co. for $5.8 billion.
Despite the announcement of a deal to be bought by Bristol-Myers Squibb Co., Mirati Therapeutics, Inc. slipped, possibly due to other market factors.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Nvidia Corp. fell amid rumors of Microsoft Corp. readying an in-house AI chip.
The rumors of Microsoft Corp. readying an in-house AI chip have led to a negative sentiment for Nvidia Corp., leading to a fall in its stock.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The Invesco QQQ ETF fell in premarket trading due to escalating Middle East tensions.
The escalating tensions in the Middle East have led to a risk-off mood in the market, which has negatively impacted the Invesco QQQ ETF.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust fell in premarket trading due to escalating Middle East tensions.
The escalating tensions in the Middle East have led to a risk-off mood in the market, which has negatively impacted the SPDR S&P 500 ETF Trust.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
ConocoPhillips rallied following the spike in oil prices in the aftermath of the developments in the Middle East.
The spike in oil prices due to the developments in the Middle East has led to a positive sentiment for ConocoPhillips, leading to a rally in its stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Chevron Corp. rallied following the spike in oil prices in the aftermath of the developments in the Middle East.
The spike in oil prices due to the developments in the Middle East has led to a positive sentiment for Chevron Corp., leading to a rally in its stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Walt Disney Co. rose in premarket trading after a Wall Street Journal report said activist investor Nelson Peltz has upped his stake in the company.
The increase in stake by activist investor Nelson Peltz has led to a positive sentiment for Walt Disney Co., leading to a rise in its stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Lockheed Martin Corp. rallied amid fears concerning a looming regional war in the Middle East.
The fears concerning a looming regional war in the Middle East have led to a positive sentiment for Lockheed Martin Corp., leading to a rally in its stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Northrop Grumman Corporation rallied amid fears concerning a looming regional war in the Middle East.
The fears concerning a looming regional war in the Middle East have led to a positive sentiment for Northrop Grumman Corporation, leading to a rally in its stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Exxon Mobil Corp. rallied following the spike in oil prices in the aftermath of the developments in the Middle East.
The spike in oil prices due to the developments in the Middle East has led to a positive sentiment for Exxon Mobil Corp., leading to a rally in its stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90