Stocks Lack Direction As Traders Remain Cautious Ahead Of Fed Meeting, Nvidia Falls On Export Controls: What's Driving Markets Tuesday?
Portfolio Pulse from Shanthi Rexaline
U.S. stocks are expected to extend gains as the Federal Reserve's two-day monetary policy meeting begins. Smid-cap earnings have been better than expected, triggering a strong upward move in premarket trading. However, sentiment towards mega-caps remains muted. The Dow Industrials posted its biggest one-day advance since early June, with the S&P 500 moving out of correction territory. Analysts from LPL Financial expect a strong job market, cooling inflation, the end of Fed rate hikes, stable interest rates, and growing corporate profits to keep the bull market going. In premarket trading, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.24% and the Invesco QQQ ETF (NASDAQ:QQQ) edged up 0.08%.
October 31, 2023 | 11:44 am
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POSITIVE IMPACT
The Invesco QQQ ETF (NASDAQ:QQQ) edged up 0.08% in premarket trading, potentially indicating a positive short-term impact.
The slight increase in QQQ in premarket trading suggests that investors are somewhat optimistic about the market's performance, which could lead to a short-term increase in the ETF's price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.24% in premarket trading, potentially indicating a positive short-term impact.
The rise in SPY in premarket trading suggests that investors are optimistic about the market's performance, which could lead to a short-term increase in the ETF's price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80