Markets Tumble, VIX Up 8% On Hot Inflation Data, Dollar, Yields Jump As Traders Unwind Rate Cut Bets: What's Driving Markets Tuesday?
Portfolio Pulse from Piero Cingari
Wall Street experienced significant declines due to a higher-than-expected inflation report, leading to adjustments in rate cut expectations and a surge in Treasury yields. The iShares 20+ Year Treasury Bond ETF (TLT) and iShares Russell 2000 ETF (IWM) saw notable drops. Bitcoin, gold, and major indices also fell. Biogen Inc. (BIIB) and SSR Mining Inc. (SSRM) were among the biggest losers due to earnings misses and operational issues, respectively.
February 13, 2024 | 7:13 pm
News sentiment analysis
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NEGATIVE IMPACT
Biogen Inc. fell 7.5% after missing earnings and revenue estimates.
Earnings misses typically lead to negative investor sentiment and stock price declines.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 80
NEGATIVE IMPACT
iShares Russell 2000 ETF fell over 3% as small-cap stocks were hit hardest.
Small-cap stocks are often more sensitive to economic changes, leading to the significant drop in IWM.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 85
NEGATIVE IMPACT
SSR Mining Inc. plummeted 60% due to the suspension of operations at a mine in Turkey.
Operational suspensions can significantly impact a mining company's revenue and investor confidence.
CONFIDENCE 95
IMPORTANCE 95
RELEVANCE 95
NEGATIVE IMPACT
iShares 20+ Year Treasury Bond ETF dropped 1.3% due to surging Treasury yields.
The rise in Treasury yields directly impacts bond prices, leading to the drop in TLT.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90