Nasdaq Futures Slide On Mega-Cap Tech Weakness: Analyst Paints 1999-Like Rosy Picture, Tells Investors To 'Hang On And Enjoy The Ride'
Portfolio Pulse from Shanthi Rexaline
Nasdaq futures are down due to mega-cap tech weakness, with analysts suggesting profit-taking ahead of key events like Federal Reserve Chair Jerome Powell's testimony. The S&P 500 and Nasdaq Composite retreated from all-time highs, while defensive sectors gained. Louis Navellier remains bullish, comparing 2024 to 1999's market. SPDR S&P 500 ETF Trust and Invesco QQQ ETF saw premarket declines. AeroVironment surged post-earnings, while GitLab, Paymentus, and Stitch Fix showed significant moves. Target and others are set to report earnings.
March 05, 2024 | 11:38 am
News sentiment analysis
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NEGATIVE IMPACT
Invesco QQQ ETF declined 0.61% in premarket trading, indicating investor caution particularly in the tech sector ahead of market-moving events.
QQQ's premarket decline is a direct result of the broader tech sector weakness, with investors likely taking profits ahead of anticipated market events.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 85
NEGATIVE IMPACT
SPDR S&P 500 ETF Trust slipped 0.25% in premarket trading, reflecting broader market caution ahead of significant economic events.
The decline in SPY reflects broader market sentiment and caution, likely influenced by upcoming economic data and Federal Reserve commentary.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
AeroVironment surged over 18.5% in premarket trading following a positive quarterly earnings announcement, highlighting investor confidence.
AeroVironment's significant premarket surge is attributed to its positive earnings report, indicating strong investor confidence in the company's performance.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 90