Nasdaq, S&P 500 Futures Slide On More Bank Earnings Anxiety: Analyst Tells Why Markets May Still Hit New Highs In January
Portfolio Pulse from Shanthi Rexaline
Stock market sentiment is subdued due to bank earnings concerns and upcoming economic data. The S&P 500 is close to all-time highs, and analyst Tom Lee predicts new highs in January based on historical patterns. Futures are down in premarket trading, with SPY and QQQ ETFs declining. Boeing faces a setback with China Southern Airlines delaying a purchase, and Tesla shares are also down. Goldman Sachs, Morgan Stanley, PNC Financial Services, Interactive Brokers, and Progress Software are set to report earnings. Economic data and Fed speeches are anticipated to influence markets.
January 16, 2024 | 12:27 pm
News sentiment analysis
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NEUTRAL IMPACT
Goldman Sachs Group, Inc. (GS) is scheduled to report earnings, with its performance likely to influence its stock price in the short term.
Goldman Sachs' upcoming earnings report will be a key determinant of its stock price movement in the short term, but without specific earnings results, the impact remains neutral until the data is released.
CONFIDENCE 75
IMPORTANCE 90
RELEVANCE 80
NEUTRAL IMPACT
Interactive Brokers Group, Inc. (IBKR) will release earnings after market close, which could influence its stock price in the short term.
Interactive Brokers' stock price will be subject to change based on its post-market earnings release, but the impact is currently neutral due to the absence of the earnings data.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 70
NEUTRAL IMPACT
Morgan Stanley (MS) is also on the earnings calendar, with its report expected to affect its stock price in the near term.
Morgan Stanley's stock price will be influenced by its earnings report, but the lack of specific data at this time leads to a neutral short-term impact assessment.
CONFIDENCE 75
IMPORTANCE 90
RELEVANCE 80
NEUTRAL IMPACT
PNC Financial Services Group, Inc. (PNC) is set to report earnings, which will likely impact its stock price shortly.
PNC Financial's stock will react to its earnings report, but without the earnings figures, the immediate impact on the stock price is assessed as neutral.
CONFIDENCE 75
IMPORTANCE 90
RELEVANCE 80
NEUTRAL IMPACT
Progress Software Corp. (PRGS) is due to report earnings after the close, which may affect its stock price in the short term.
Progress Software's stock price could be impacted by its earnings report after the market closes, but the current impact is neutral until the earnings information is available.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 70
NEGATIVE IMPACT
Boeing Company (BA) stock fell over 2.50% after a delay in the purchase of 737 MAX by China Southern Airlines due to an accident.
Boeing's stock is directly impacted by the negative news of China Southern Airlines delaying the purchase of the 737 MAX, which is likely to cause investor concern and a short-term decrease in stock price.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
Invesco QQQ ETF (QQQ) fell 0.53% in premarket trading, reflecting concerns over tech stock performance amidst bank earnings anxiety.
QQQ, which includes tech stocks with significant weight in the S&P 500, is experiencing a decline in premarket trading due to the overall market sentiment affected by bank earnings and economic data, suggesting a potential short-term negative impact.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
SPDR S&P 500 ETF Trust (SPY) is down 0.37% in premarket trading amid concerns over bank earnings and economic data releases.
SPY, which tracks the S&P 500, is likely to be impacted by the subdued sentiment in the market due to bank earnings concerns and the anticipation of economic data, which could lead to a short-term decline in its price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Tesla, Inc. (TSLA) shares moved down about 2% amid broader market concerns and ahead of earnings reports from other companies.
Tesla's stock is experiencing a downturn, potentially due to the cautious market sentiment driven by bank earnings concerns, which could lead to a short-term negative impact on its share price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70