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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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
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