Nasdaq And S&P 500 Futures Dive, Oil Heats Up, Cryptos Surge On First Trading Day Of 2024: Unraveling Forces at Play
Portfolio Pulse from Shanthi Rexaline
U.S. stock futures are down on the first trading day of 2024, with investors cautious ahead of economic reports and Fed speeches. Crude oil prices rise due to geopolitical tensions, and cryptocurrencies surge. The Nasdaq and S&P 500 ended 2023 on a high, with the Nasdaq up 43% for the year. Analysts predict a strong year for tech stocks, particularly with AI advancements. The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ ETF (QQQ) are down in premarket trading. Tesla (TSLA) is in focus with its Q4 delivery report due, while Chinese EV makers Nio (NIO), XPeng (XPEV), and Li Auto (LI) see premarket declines despite strong delivery numbers.
January 02, 2024 | 12:45 pm
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NEUTRAL IMPACT
Tesla, Inc. (TSLA) is in focus as it prepares to report its fourth-quarter delivery update, which could significantly influence its stock price.
TSLA's upcoming Q4 delivery report is a critical event that could either boost or drag down the stock price, depending on the outcome.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 90
NEGATIVE IMPACT
Li Auto, Inc. (LI) shares dropped in premarket trading despite strong delivery numbers, potentially facing a short-term negative impact.
LI's premarket drop, in line with other Chinese EV makers, indicates that the market is currently more influenced by macroeconomic factors.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Nio, Inc. (NIO) shares fell in premarket trading despite reporting strong delivery numbers, indicating a potential short-term negative impact.
Despite positive delivery data, NIO's premarket drop suggests that broader market concerns are outweighing individual company performance.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Invesco QQQ ETF (QQQ) slumped 0.89% in premarket trading, reflecting investor caution and a potential short-term negative impact on tech stocks.
QQQ's premarket slump is likely due to the same market uncertainties affecting SPY, with additional impact from its tech stock concentration.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
SPDR S&P 500 ETF Trust (SPY) fell 0.53% in premarket trading amid market caution before economic data releases and Fed speeches.
SPY is directly impacted by the overall market sentiment and the anticipation of economic reports and Fed speeches, which are causing a cautious start to the year.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
XPeng, Inc. (XPEV) experienced a decline in premarket trading even with favorable delivery numbers, hinting at a short-term negative impact.
XPEV's premarket decline, similar to NIO's, suggests that market-wide concerns are currently overshadowing positive delivery reports.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70