US Stocks Set To Rebound On Nvidia Q3 Cheer: Analyst Says Trader Focus Now On This S&P 500 Resistance Level (UPDATED)
Portfolio Pulse from Shanthi Rexaline
US stock futures indicate a rebound, with Nvidia's positive movement contributing to the optimism despite retail earnings disappointments. Economic data on jobs, consumer sentiment, and durable goods orders are expected to influence the market. The S&P 500 and Nasdaq ended a five-session winning streak on Tuesday. Analyst Adam Turnquist of LPL Financial highlights the broadening market rally and investor focus on the S&P 500 resistance level at 4,600. Premarket trading saw gains for SPY and QQQ ETFs. Nvidia recovered in premarket trading, while Deere & Co. and other companies faced declines post-earnings. Oil futures and USO dropped, while the TLT ETF rose in premarket trading amid a decline in the 10-year Treasury note yield.
November 22, 2023 | 12:24 pm
News sentiment analysis
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POSITIVE IMPACT
Nvidia's positive movement is contributing to premarket optimism, potentially influencing a rebound in its stock price.
Nvidia's positive premarket performance, despite recent retail earnings disappointments, suggests investor optimism that could lead to a short-term increase in its stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Invesco QQQ ETF gained in premarket trading, potentially leading to a short-term uptick in its price.
The premarket gains for QQQ indicate that the ETF, which tracks the Nasdaq-100 Index, may see a short-term price increase in line with the positive market sentiment.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
SPDR S&P 500 ETF Trust rose in premarket trading, indicating a potential short-term increase in response to market optimism.
The premarket rise in SPY suggests that the ETF may experience a short-term increase as it reflects broader market sentiment, which is currently positive.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
iShares 20+ Year Treasury Bond ETF was up in premarket trading as the yield on the 10-year Treasury note fell, which may lead to a short-term increase in TLT's price.
The increase in TLT during premarket trading, in response to a decline in the 10-year Treasury note yield, indicates a potential short-term increase in the ETF's price.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 75
NEGATIVE IMPACT
Deere & Co. slumped in premarket trading after issuing a soft 2023 outlook, which may negatively impact its stock price in the short term.
The premarket slump for Deere & Co. following a soft outlook for 2023 suggests that investors may react negatively, potentially leading to a short-term decrease in its stock price.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 85
NEGATIVE IMPACT
United States Oil Fund, LP declined in premarket trading alongside a drop in crude oil futures, which may result in a short-term decrease in USO's price.
The premarket decline in USO, which tracks the price of crude oil, suggests a potential short-term decrease in the ETF's price due to the drop in oil futures.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 75