US Stocks Mark 7th Week Of Gains, Nasdaq Moves Closer To All-Time Highs: What's Driving Markets Friday?
Portfolio Pulse from Piero Cingari
U.S. stocks have seen their seventh consecutive week of gains, with the Nasdaq 100 nearing all-time highs and the Dow Jones reaching new highs but in an overbought condition. Small-cap stocks saw a decline but are still on a winning streak. The dollar rose, influenced by comments from the New York Federal Reserve, while gold and Bitcoin fell. Sector-wise, real estate fell after a previous rally, while technology gained. Solar stocks and regional banks saw mixed results. Notable stock movements included First Solar, Steel Dynamics, Costco, Exelon, and Boeing, driven by analyst ratings and earnings reports.
December 15, 2023 | 7:04 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Exelon Corp. tumbled 5.2% following a 7.6% drop the previous day amid analyst downgrades.
EXC's continued decline is influenced by a series of analyst downgrades, which typically lead to negative investor sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
SPDR Gold Trust slipped 0.6%, moving inversely to the strengthening dollar.
Gold often moves inversely to the U.S. dollar, and the rise in the dollar index typically leads to a decrease in gold prices, impacting GLD.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80
NEGATIVE IMPACT
SPDR Regional Banking ETF declined by 1.6%, underperforming in the session.
KRE's decline reflects the challenges faced by regional banks in the current market session.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust was slightly lower by 0.5%, reflecting the flat performance of the S&P 500.
SPY closely tracks the performance of the S&P 500, which was relatively flat, leading to a minor decline in the ETF.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 90
NEGATIVE IMPACT
Real Estate Select Sector SPDR Fund fell 1.6% after a previous rally, making it the day's laggard.
XLRE's drop is a correction following a significant rally the previous day.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 80
NEUTRAL IMPACT
The SPDR Dow Jones Industrial Average ETF was down 0.2%, despite the Dow Jones setting new highs.
DIA's slight decline is in contrast to the Dow Jones' new highs, possibly due to the index entering an overbought condition.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 80
POSITIVE IMPACT
Boeing Company rose 3% to its highest since March 2021 after UBS raised the price target from $275 to $315, with shares up 50% since end October.
BA's increase is driven by a positive price target adjustment from UBS, reflecting strong market confidence and potential for continued growth.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Costco Wholesale Corp. climbed 4.3% following a report of better-than-expected earnings.
COST's rise is due to the positive reaction to its earnings report, which exceeded market expectations.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
First Solar Inc. surged 5.4% after Jefferies initiated coverage with a Buy rating and a price target of $211.
FSLR's significant rise is a direct result of a favorable analyst rating and price target, indicating strong investor confidence.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Invesco QQQ Trust edged 0.5% higher, aligning with the Nasdaq 100's positive performance.
QQQ, which tracks the Nasdaq 100, rose due to the tech-heavy index's approach towards all-time highs.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 90
POSITIVE IMPACT
Steel Dynamics Inc. rose 5.2% on stronger-than-expected fourth-quarter guidance.
STLD's stock price increase is attributed to the company's positive guidance, which often leads to increased investor optimism.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Invesco Solar ETF rose 1.7%, buoyed by the positive performance of solar stocks.
TAN's increase is directly related to the gains seen in the solar industry.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The Invesco DB USD Index Bullish Fund ETF rose 0.6% after comments from the NY Federal Reserve hinted at no imminent rate cuts.
The dollar's rise is directly influenced by the Federal Reserve's stance on interest rates, which affects the UUP ETF.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Technology Select Sector SPDR Fund gained 0.4%, reflecting the strength in the technology sector.
XLK's increase is due to the overall positive performance of the technology sector.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80