Tech Stocks Set To Rise Thursday As January Inflation Data Fails To Scare Markets, Small Caps Surge
Portfolio Pulse from Piero Cingari
Tech stocks are poised for gains following January inflation data that met expectations, potentially easing the path for Fed rate cuts. Nasdaq 100 futures rose 0.6%, while S&P 500 futures increased by 0.4%. The Russell 2000 index, as tracked by the iShares Russell 2000 ETF, surged 1.6%. The U.S. Dollar Index, monitored through the Invesco DB USD Index Bullish Fund ETF, declined by 0.2%. Notable premarket movers include Netflix, Broadcom, NVIDIA, AMD, and Tesla among top gainers, with PepsiCo, McDonald's, and Boeing leading the declines.
February 29, 2024 | 2:20 pm
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NEGATIVE IMPACT
The Invesco DB USD Index Bullish Fund ETF declined by 0.2% following the inflation data release.
The decline in the UUP ETF suggests a negative short-term impact on the U.S. dollar, likely due to the inflation data meeting expectations and increasing chances of a Fed rate cut.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The iShares Russell 2000 ETF surged 1.6% in premarket trading, indicating strong performance in small-cap stocks.
The surge in the iShares Russell 2000 ETF reflects investor optimism in small-cap stocks, likely due to favorable inflation data and potential Fed rate cuts.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90