Nasdaq, S&P 500 Slip Ahead Of Fed Meeting, Regional Banks Sink After NYCB Disappoints: What's Driving Markets Wednesday?
Portfolio Pulse from Piero Cingari
Ahead of the FOMC meeting, the Nasdaq 100 and S&P 500 fell due to disappointing earnings from tech companies like Alphabet and AMD. The ADP National Employment Report showed slower job growth, and the VIX rose. Treasury yields fell, boosting the iShares 20+ Year Treasury Bond ETF. The SPDR S&P Regional Banking ETF dropped after New York Community Bancorp reported a loss. Other stocks moved on earnings reports, with Boeing rallying on strong results.
January 31, 2024 | 5:45 pm
News sentiment analysis
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POSITIVE IMPACT
Boeing Company's stock rallied nearly 7% after reporting stronger-than-expected results and a focus on safety and quality.
Positive earnings and a focus on addressing key issues are likely to positively influence Boeing's stock in the short term.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
The iShares 20+ Year Treasury Bond ETF rose 1% as Treasury yields fell and investors sought safer assets.
The decline in Treasury yields typically has a positive impact on bond ETFs like TLT in the short term.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
AMD's stock fell on softer-than-expected results and a guidance for Q1 2024 below expectations.
AMD's disappointing results and guidance are likely to negatively affect the stock in the short term.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
Alphabet Inc. shares fell 6% due to disappointing advertising revenue despite beating revenue and earnings estimates.
Alphabet's disappointing advertising revenue is a significant concern for investors, likely leading to a negative short-term impact on the stock.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
SPDR S&P Regional Banking ETF dropped 3.7% due to disappointing results from New York Community Bancorp.
Poor performance from a constituent company like NYCB can significantly impact the ETF's short-term performance.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
New York Community Bancorp's stock plummeted 35% after reporting a loss last quarter, its worst day since going public.
A significant loss reported by NYCB is likely to have a strong negative impact on its stock price in the short term.
CONFIDENCE 85
IMPORTANCE 95
RELEVANCE 100