S&P 500, Nasdaq Set For Modestly Higher Open As All Eyes Turn To Fed's Decision
Portfolio Pulse from Shanthi Rexaline
Stocks are poised for a modestly higher open as investors await the Federal Reserve's rate decision. The market anticipates rate cuts in early 2024, but there are doubts about the Fed reversing hikes soon. The November inflation report showed moderating pricing pressure, leading to gains in major averages, with the Dow Industrials, S&P 500, and Nasdaq Composite reaching their highest levels since early 2022. Small-cap stocks underperformed. The Fed is expected to maintain rates at 5.25%-5.50% through mid-2024. In premarket trading, SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ ETF (QQQ) saw gains. Tesla (TSLA) shares fell after a recall announcement. ABM Industries (ABM), REV Group (REVG), Adobe (ADBE), and Nordson Corporation (NDSN) are set to release quarterly results.
December 13, 2023 | 12:27 pm
News sentiment analysis
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NEGATIVE IMPACT
Tesla, Inc. (TSLA) shares fell over 1% in premarket trading following the recall of two million vehicles.
The recall news is likely to negatively impact investor sentiment in the short term, leading to a potential drop in TSLA's stock price.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 90
NEUTRAL IMPACT
ABM Industries Incorporated (ABM) is set to release its quarterly results, which could influence its stock price.
Earnings releases can cause stock price volatility, but the direction is uncertain without knowing the results.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 70
NEUTRAL IMPACT
Adobe Inc. (ADBE) is expected to release its quarterly earnings, which will likely affect its stock performance.
ADBE's stock may experience movement based on its earnings report, but the direction will depend on the financial outcomes presented.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 70
NEUTRAL IMPACT
Nordson Corporation (NDSN) is due to release its quarterly results, which could drive stock price changes.
Quarterly earnings announcements are key events that can lead to stock price fluctuations for companies like NDSN.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 70
NEUTRAL IMPACT
REV Group, Inc. (REVG) is among the companies due to release their quarterly results, which may impact its stock.
The anticipation of earnings results can lead to increased volatility in REVG's stock, but the outcome is yet to be determined.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 70
POSITIVE IMPACT
Invesco QQQ ETF (QQQ) gained 0.26% in premarket trading, likely influenced by the same factors affecting SPY.
QQQ's movement is often in tandem with broader market sentiment, especially regarding macroeconomic events like the Fed's rate decision.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
SPDR S&P 500 ETF Trust (SPY) rose 0.13% in premarket trading, reflecting investor anticipation of the Fed's rate decision.
SPY is directly impacted by investor sentiment regarding the Federal Reserve's policy decisions, which can cause fluctuations in the ETF's price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80