Nasdaq, S&P 500 Set For Weaker Open As Traders Keep Eyes Peeled On Inflation Data: Analyst Flags Key CPI Report Item To Watch
Portfolio Pulse from Shanthi Rexaline
Wall Street is set for a weaker open as traders await the consumer price inflation report for January, with concerns over overbought levels and the Federal Reserve's rate trajectory. Fund manager Louis Navellier expects benign inflation numbers, highlighting shelter costs as a key component. U.S. stocks closed mixed on Monday, with the Dow re-entering record territory. The SPDR S&P 500 ETF Trust and the Invesco QQQ ETF saw premarket declines. Several companies, including ZoomInfo Technologies and Tripadvisor, moved on earnings news or strategic announcements.
February 13, 2024 | 11:39 am
News sentiment analysis
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POSITIVE IMPACT
Tripadvisor Inc. rallied over 11% after announcing a committee to explore a potential sale, indicating market optimism about the company's strategic options.
The rally in TRIP's stock price following the announcement of exploring a sale suggests investor optimism about the potential for strategic changes to unlock value.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
ZoomInfo Technologies Inc. saw a significant premarket jump of over 21% following the release of its quarterly results, indicating strong investor confidence.
The substantial premarket increase in ZI's stock price reflects positive investor reaction to its earnings report, suggesting strong performance and growth prospects.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
The Invesco QQQ ETF experienced a 0.60% pullback in premarket trading, likely due to concerns over tech stock valuations amid inflation data anticipation.
The decline in QQQ suggests investor wariness, particularly in the tech sector, as the market awaits the inflation report that could impact the Fed's rate decisions.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust slipped 0.40% in premarket trading ahead of the inflation report, indicating investor caution.
The premarket decline in SPY reflects investor caution and concern over the upcoming inflation report, which could influence the Federal Reserve's rate decisions.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 80