5 ETFs To Watch When November Inflation Data Drops Tuesday
Portfolio Pulse from Piero Cingari
The upcoming U.S. CPI data for November is highly anticipated as it may influence the Federal Reserve's interest rate decisions. October's CPI data led to significant market movements, with various ETFs experiencing notable changes in their stock prices. The SPDR S&P 500 ETF Trust (SPY), Invesco QQQ Trust (QQQ), and iShares 20+ Year Treasury Bond ETF (TLT) saw increases, while the Invesco DB USD Index Bullish Fund ETF (UUP) decreased. Sector-specific ETFs like Invesco Solar ETF (TAN), SPDR Regional Banking ETF (KRE), SPDR Real Estate Select Sector (XLRE), ARK Innovation ETF (ARKK), and VanEck Gold Miners ETF (GDX) also had significant movements.
December 11, 2023 | 6:48 pm
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POSITIVE IMPACT
Invesco QQQ Trust (QQQ) experienced a 2.1% increase after the last CPI data release.
QQQ's previous positive reaction to CPI data suggests that upcoming CPI figures could again influence its short-term price direction positively if the data is favorable.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
SPDR S&P 500 ETF Trust (SPY) saw a 1.9% increase after October's CPI data release.
Given the historical increase in SPY following the previous CPI data, a similar or better-than-expected CPI report could lead to another short-term price increase.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Invesco Solar ETF (TAN) surged by 10.3% on the day the last CPI report was released, influenced by gains in ENPH and FSLR.
TAN's significant surge in response to the last CPI data indicates that similar or better-than-expected upcoming CPI data could lead to another short-term price increase for TAN.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
iShares 20+ Year Treasury Bond ETF (TLT) enjoyed a 2.3% jump after October's CPI data.
TLT's increase after the last CPI report indicates that the upcoming inflation data could have a similar positive impact on its short-term price if the trend continues.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Invesco DB USD Index Bullish Fund ETF (UUP) dipped by 1.6% following the October CPI data release.
UUP's decline in response to the previous CPI data suggests that if the upcoming report shows a continued decrease in inflation, UUP could face another short-term price drop.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80