Biden's Approval Rating Slips Amid Israel-Hamas Conflict. Pentagon Sends 900 Troops To Middle East; Stocks Hit 5-Month Lows
Portfolio Pulse from Piero Cingari
The ongoing Israeli-Hamas conflict has led to a drop in President Biden's approval rating and the deployment of 900 additional US troops to the Middle East. Amid this, US stocks have hit a 5-month low, with the S&P 500 Index and tech stocks underperforming. Investors have turned to bonds, leading to a rally in the iShares 20+ Year Treasury Bond ETF.
October 26, 2023 | 8:58 pm
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NEGATIVE IMPACT
The Invesco QQQ Trust underperformed, falling by 1.9% for the day.
The tech stocks, which the Invesco QQQ Trust tracks, have been hit hard due to the ongoing conflict, leading to a drop in the ETF's value.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust fell by 1.2%, hitting levels last seen in late May.
The ongoing conflict in the Middle East has led to uncertainty in the market, causing a drop in the S&P 500 Index which the SPDR S&P 500 ETF Trust tracks.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The iShares 20+ Year Treasury Bond ETF rallied 1.5% as investors flocked to bonds.
The uncertainty in the market due to the ongoing conflict has led investors to seek safer investments, such as bonds. This has caused a rally in the iShares 20+ Year Treasury Bond ETF.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100