Stocks Edge Down Ahead Of Fed Minutes, Nvidia Earnings, While Gold Hits $2,000: What's Driving Markets Tuesday?
Portfolio Pulse from Piero Cingari
Stocks edged down ahead of the release of the FOMC minutes and Nvidia's earnings report. Disappointing results from Lowe's, Kohls, and Best Buy influenced market sentiment. Gold prices surged past $2,000 per ounce due to the dollar's weakness. Sector ETFs saw mixed performance, with healthcare and materials up, while tech and real estate were down. Agilent Technologies rose after earnings, while AMC hit a new low. Other companies are set to report earnings after market close. USO, TLT, and global equity ETFs like FEZ saw slight declines, while ARGT dropped after a previous rally. Cryptocurrencies Bitcoin and Ethereum also fell.
November 21, 2023 | 6:23 pm
News sentiment analysis
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NEGATIVE IMPACT
Best Buy's quarterly results were below expectations, contributing to the cautious market stance.
Disappointing earnings typically have a negative effect on the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR Dow Jones Industrial Average ETF edged down by 0.2%, in line with the Dow's performance.
DIA typically tracks the performance of the Dow, which saw modest losses.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The iShares Russell 2000 ETF fell by 1.1%, indicating a larger decline in small-cap stocks.
IWM's decline suggests a risk-off mood affecting small-cap stocks more significantly.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Kohl's Corp. also reported disappointing earnings, adding to the negative sentiment.
Negative earnings reports can lead to a decline in stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Lowe's reported disappointing quarterly results, contributing to market pessimism.
Poor earnings results typically lead to a negative short-term impact on a company's stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The Invesco QQQ Trust declined by 0.7%, with tech stocks lagging in the sector performance.
QQQ, which includes many tech stocks, is impacted by the sector's overall performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust fell by 0.3%, reflecting the broader market's cautious sentiment.
ETFs like SPY often mirror the performance of the market, which is currently cautious.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
NVIDIA's stock declined by 1.7% ahead of its earnings report, after reaching record highs the previous day.
The stock's movement is likely due to earnings anticipation, with potential for either direction post-earnings.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 90