Wall Street Braces For Lower Open As Inflation Data Looms, Bitcoin Breaks New Barrier: Why This Analyst Thinks Magnificent 7 Rally Has More Legs
Portfolio Pulse from Shanthi Rexaline
U.S. stocks are poised for a lower open as investors await the February CPI report, crucial for the Fed's rate decision. Last week, major indices closed lower, with tech stocks leading the decline. Analysts remain optimistic about the 'Magnificent 7' stocks despite recent volatility. SPDR S&P 500 ETF Trust and Invesco QQQ ETF saw premarket declines. Coinbase and Robinhood surged with Bitcoin's rise. Asana, Casey's General Stores, Oracle, and Vail Resorts are set to report earnings. Global markets showed mixed reactions, with Asian markets mostly down and European markets opening lower.
March 11, 2024 | 11:24 am
News sentiment analysis
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NEGATIVE IMPACT
Invesco QQQ ETF experienced a slight premarket drop of 0.03% to $438.87, mirroring broader market concerns.
The minor premarket drop in QQQ is indicative of broader market concerns, particularly regarding tech stocks and upcoming economic data.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 75
NEGATIVE IMPACT
SPDR S&P 500 ETF Trust saw a premarket decline of 0.16% to $510.92, indicating investor caution ahead of the CPI report.
The premarket decline in SPY reflects investor sentiment and caution ahead of the CPI report, which is crucial for the Fed's rate decision.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 80
POSITIVE IMPACT
Coinbase Global, Inc. surged in premarket trading as Bitcoin broke the $70,000 barrier, reaching new all-time highs.
Coinbase's premarket surge is directly linked to Bitcoin's performance, as the company's business model is heavily reliant on cryptocurrency trading.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 90
POSITIVE IMPACT
Robinhood Markets, Inc. also saw a sharp rise in premarket trading, buoyed by Bitcoin's ascent to new highs.
Robinhood's premarket performance is positively impacted by Bitcoin's rally, given its crypto trading platform.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 85