US Stocks Priming For Relief Rally After Inflation-Driven Selloff: Strategist Expects To Be Among 'Buyers Of Pullback' Over Next 2-5 Days
Portfolio Pulse from Shanthi Rexaline
U.S. stocks are poised for a relief rally following a selloff driven by higher-than-expected January inflation data. The Nasdaq Composite and S&P 500 hit their lowest levels in about a week, with small-cap stocks experiencing significant declines. Futures indicate a positive opening, with SPDR S&P 500 ETF Trust and Invesco QQQ ETF showing premarket gains. Stocks like Lyft saw a significant premarket jump following earnings, while others like Airbnb and Akamai Technologies fell. Several companies are scheduled to report earnings, potentially influencing market movements.
February 14, 2024 | 12:35 pm
News sentiment analysis
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NEGATIVE IMPACT
Airbnb, Inc. fell over 5% in premarket trading after its earnings, indicating investor disappointment or concerns.
The decline in Airbnb's stock price in premarket trading suggests that the earnings report did not meet investor expectations, potentially impacting the stock negatively in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
Lyft, Inc. surged over 19.5% in premarket trading following its quarterly results announcement, indicating strong investor approval.
Lyft's significant premarket surge reflects positive investor reaction to its earnings report, suggesting a bullish outlook for the stock in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 95
POSITIVE IMPACT
Invesco QQQ ETF gained 0.73% in premarket trading, reflecting positive investor sentiment towards tech-heavy stocks.
The increase in QQQ indicates a potential short-term recovery in technology stocks, which were impacted by the recent selloff.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90
POSITIVE IMPACT
SPDR S&P 500 ETF Trust rose 0.54% in premarket trading, indicating a positive market sentiment.
The premarket rise in SPY suggests investors are optimistic about a market recovery following the inflation-driven selloff.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90