Nasdaq, S&P 500 Futures Bounce Higher As Santa Claus Rally Awaits: Analyst Says December Typically 'Second-Half Story'
Portfolio Pulse from Shanthi Rexaline
U.S. index futures are trending upward, indicating a potential 'Santa Claus' rally, bolstered by the Bank of Japan's decision to maintain its ultra-loose monetary policy. The Nasdaq Composite and S&P 500 Index closed higher on Monday, with the S&P 500 reaching its highest level since January 4, 2022, and the Nasdaq since January 12, 2022. The Dow Industrials also closed at a record high. Analysts suggest December is often stronger in the second half, with the S&P 500 historically finishing higher 74% of the time. Premarket trading saw SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ ETF (QQQ) rise slightly. Companies like Plug Power (PLUG), Accenture (ACN), FactSet Research Systems (FDS), FuelCell Energy (FCEL), FedEx (FDX), Steelcase (SCS), and Worthington Enterprises (WOR) are in focus due to earnings reports. Crude oil futures and bond yields showed mixed movements.
December 19, 2023 | 12:24 pm
News sentiment analysis
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POSITIVE IMPACT
Invesco QQQ ETF (QQQ) gained 0.13% in premarket trading, indicating a positive outlook as the Nasdaq Composite shows strength.
The Nasdaq's recent performance and the premarket uptick in QQQ suggest a positive short-term impact on the ETF's price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
SPDR S&P 500 ETF Trust (SPY) rose 0.12% in premarket trading, reflecting positive market sentiment and potential for a 'Santa Claus' rally.
The positive momentum in the S&P 500 and historical performance in December's second half suggest a likely increase in SPY's value in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Accenture plc (ACN) is set to release quarterly results, which could significantly impact its stock price in the short term.
The upcoming earnings report for ACN will determine the short-term price direction, but without the report's content, the impact remains uncertain.
CONFIDENCE 75
IMPORTANCE 90
RELEVANCE 70
NEUTRAL IMPACT
FuelCell Energy, Inc. (FCEL) will release its quarterly results, which could sway its stock price in the short term.
The short-term impact on FCEL's stock will depend on its earnings report, but the direction is currently indeterminate.
CONFIDENCE 75
IMPORTANCE 90
RELEVANCE 70
NEUTRAL IMPACT
FactSet Research Systems Inc. (FDS) is due to report earnings, which could influence its stock price depending on the results.
FDS's stock price may be affected by its earnings report, but the direction is uncertain until the actual figures are released.
CONFIDENCE 75
IMPORTANCE 90
RELEVANCE 70
NEUTRAL IMPACT
FedEx Corporation (FDX) is anticipated to report after the market close, which may cause short-term volatility in its stock price.
FDX's stock price could experience short-term fluctuations based on the content of the earnings report, yet the direction is unknown at this point.
CONFIDENCE 75
IMPORTANCE 90
RELEVANCE 70
NEUTRAL IMPACT
Steelcase Inc. (SCS) will report earnings after the market close, potentially impacting its stock price in the short term.
SCS's stock price may be influenced by its post-market earnings report, but the impact is uncertain until the results are disclosed.
CONFIDENCE 75
IMPORTANCE 90
RELEVANCE 70
NEUTRAL IMPACT
Worthington Enterprises, Inc. (WOR) is scheduled to report earnings after the market close, which could affect its stock price in the short term.
The upcoming earnings report for WOR will be key in determining its stock's short-term trajectory, but the direction is currently unclear.
CONFIDENCE 75
IMPORTANCE 90
RELEVANCE 70
NEGATIVE IMPACT
Plug Power Inc. (PLUG) fell nearly 4% in premarket trading following a negative analyst action, indicating potential short-term price pressure.
The premarket decline in PLUG's stock price, triggered by negative analyst sentiment, suggests a bearish short-term outlook.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 90