Stocks Advance, Dollar And Oil Retreat, While Bitcoin Skyrockets: What's Driving Markets Monday?
Portfolio Pulse from Shanthi Rexaline
US stocks are expected to start the week strong due to earnings optimism. The third-quarter earnings season begins this week with companies like Tesla, Netflix, Procter & Gamble, and Johnson & Johnson set to release their earnings. S&P 500 earnings could increase by 0.4% in the third quarter, marking a potential inflection after four straight quarters of negative earnings growth. However, tech stocks are at risk due to looming earnings and concerns about their stretched valuation. The S&P 500 has completed the first year of the bull market with a gain of 21.6%, and the second year could see average returns of 13-14%.
October 16, 2023 | 11:34 am
News sentiment analysis
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NEGATIVE IMPACT
Novavax stock fell about 3.70% in premarket trading after the EU delayed approval of its revised COVID-19 vaccine.
The delay in the approval of Novavax's revised COVID-19 vaccine by the EU has negatively impacted the company's stock.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Nvidia decreased more than 1% after a report said the company’s AI chip exports to China could face further restrictions.
The potential further restrictions on Nvidia's AI chip exports to China have negatively impacted the company's stock.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Johnson & Johnson is set to release its Q3 earnings this week.
The upcoming earnings report could have a significant impact on Johnson & Johnson's stock.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Netflix is set to release its Q3 earnings this week.
The upcoming earnings report could have a significant impact on Netflix's stock.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Procter & Gamble is set to release its Q3 earnings this week.
The upcoming earnings report could have a significant impact on Procter & Gamble's stock.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Charles Schwab is scheduled to report its quarterly results ahead of the market open.
The upcoming earnings report could have a significant impact on Charles Schwab's stock.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Tesla is set to release its Q3 earnings this week. The company's stock retreated over 1% ahead of the quarterly report.
The upcoming earnings report could have a significant impact on Tesla's stock. However, the stock retreated over 1% ahead of the report, indicating some investor uncertainty.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
In premarket trading on Monday, the Invesco QQQ ETF edged up 0.01% to $365.32.
The slight increase in the Invesco QQQ ETF could indicate positive investor sentiment.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
In premarket trading on Monday, the SPDR S&P 500 ETF Trust rose 0.26% to $432.63.
The increase in the SPDR S&P 500 ETF Trust could indicate positive investor sentiment.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80