Nasdaq, S&P 500 Futures Diverge After Thanksgiving Holiday: Analyst Warns Next Year Will Be A 'Tale Of Two Halves'
Portfolio Pulse from Shanthi Rexaline
U.S. stocks are expected to open mixed as trading resumes after Thanksgiving, with Nvidia Corp. (NVDA) facing continued negative sentiment. Bond yields have slightly increased, while crude oil prices remain low. S&P Global's PMI data is anticipated post-market opening. A Morgan Stanley analyst predicts a challenging first half for 2024, followed by a stronger second half due to falling inflation and monetary easing. SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ ETF (QQQ) showed marginal premarket movements. Nvidia's stock dropped after delaying its China-specific AI chip launch. Black Friday sales could put retailers in the spotlight. Crude oil futures declined, and the 10-year Treasury note yield rose. Cryptocurrency sentiment improved, with Bitcoin gaining, and the U.S. dollar weakened against most major currencies except the yen. Asian markets closed mixed, while European markets showed mixed performance.
November 24, 2023 | 12:24 pm
News sentiment analysis
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NEGATIVE IMPACT
Nvidia Corp. faces continued negative sentiment and its stock fell over 2% in premarket trading after delaying the launch of its China-specific AI chip.
The delay in launching a China-specific AI chip could impact Nvidia's revenue and market share in the region, leading to negative investor sentiment and a potential short-term decline in stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Invesco QQQ ETF (QQQ) edged down 0.06% in premarket trading, indicating potential short-term pressure on tech stocks.
The slight premarket decline in QQQ, which tracks the Nasdaq-100 index, could reflect investor concerns about the tech sector, possibly leading to a short-term negative impact on the ETF's price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
SPDR S&P 500 ETF Trust (SPY) rose 0.09% in premarket trading, reflecting cautious optimism as markets reopen after the holiday.
The marginal increase in SPY's premarket trading suggests a cautiously optimistic outlook among investors as trading resumes, potentially leading to a short-term positive impact on the ETF's price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70