Wall Street Takes A Breather As Inflation Stays Tamed, AMD Hits Record Highs, Apple Struggles: What's Driving Markets Thursday?
Portfolio Pulse from Piero Cingari
Wall Street experienced mixed reactions as inflation cooled in January, with the Nasdaq 100 up 0.4%. AMD surged over 6%, hitting a record high, while Apple dropped 1%. Treasury yields fell, boosting the iShares 20+ Year Treasury Bond ETF. Bitcoin declined over 2%. Notable stock movements included Marathon Digital and Snowflake plummeting, while Hormel Foods soared after exceeding earnings expectations.
February 29, 2024 | 7:30 pm
News sentiment analysis
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NEGATIVE IMPACT
Apple's stock dropped 1%, marking its tenth negative day out of the last thirteen, with its lowest levels since early November 2023.
Apple's continued decline, especially with the discounting of the iPhone 15 series in China, indicates a negative short-term impact on its stock price due to concerns over demand.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
Marathon Digital Holdings Inc. tumbled over 17%, despite reporting higher-than-predicted profits last quarter.
Despite positive earnings, MARA's significant drop, likely influenced by the broader crypto market downturn, suggests a negative short-term impact on its stock price.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 85
NEGATIVE IMPACT
Snowflake Inc. saw its stock tumble nearly 20% after announcing CEO Frank Slootman's retirement.
Snowflake's sharp decline following the CEO's retirement announcement, despite beating earnings, indicates a negative short-term sentiment among investors.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
AMD surged over 6%, reaching a new all-time high, leading the semiconductor sector.
AMD's significant surge and new all-time high reflect strong investor confidence and market leadership in the semiconductor sector, likely to positively impact its short-term stock price.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Hormel Foods Corp. rose over 13%, marking the highest daily performance among S&P 500 stocks after better-than-expected earnings.
Hormel Foods' significant rise after surpassing earnings expectations suggests a strong positive short-term impact on its stock price.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
The iShares 20+ Year Treasury Bond ETF rose 0.6% as treasury yields edged lower.
The rise in TLT reflects a move towards safer investments amid lower treasury yields, suggesting a positive short-term outlook for this ETF.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80