S&P 500, Nasdaq 100 Snap Longest Winning Streak In 2 Years As Fed's Powell Chills Markets
Portfolio Pulse from Piero Cingari
The S&P 500 and Nasdaq 100's winning streak ended due to hawkish remarks from Fed Chair Jerome Powell. The SPDR S&P 500 ETF Trust (SPY), Invesco QQQ Trust (QQQ), Dow Jones Industrial Average ETF (DIA), and iShares Russell 2000 ETF (IWM) all closed lower. The Health Care Select Sector SPDR Fund (XLV) and the Consumer Discretionary Select Sector SPDR Fund (XLY) were the weakest performers. Walt Disney Co. (DIS) was the best performer among mega-cap stocks, while Tesla Inc. (TSLA) was the worst. The iShares 20+ Year Treasury Bond ETF (TLT) closed lower as yields rose.
November 09, 2023 | 9:59 pm
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NEGATIVE IMPACT
The Dow Jones Industrial Average ETF closed 0.7% lower.
The hawkish remarks from the Fed Chair led to a negative impact on the DIA.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The iShares Russell 2000 ETF closed 1.6% lower.
The hawkish remarks from the Fed Chair led to a negative impact on the IWM.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The Invesco QQQ Trust closed 0.8% lower.
The hawkish remarks from the Fed Chair led to a negative impact on the QQQ.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust closed 0.8% lower.
The hawkish remarks from the Fed Chair led to a negative impact on the SPY.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The iShares 20+ Year Treasury Bond ETF closed 2.4% lower.
The hawkish remarks from the Fed Chair led to a negative impact on the TLT.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Tesla Inc. was the worst performer among mega-cap stocks, down 5.5%.
Despite the overall market downturn, TSLA performed poorly.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The Health Care Select Sector SPDR Fund closed 2% lower.
The hawkish remarks from the Fed Chair led to a negative impact on the XLV.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The Consumer Discretionary Select Sector SPDR Fund closed 1.8% lower.
The hawkish remarks from the Fed Chair led to a negative impact on the XLY.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Walt Disney Co. was the best performer among mega-cap stocks, up 6.9%.
Despite the overall market downturn, DIS performed well.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100