Inflation Squeezes Stocks, Bitcoin Slips To $68,000, While Commodities On Track For Best Week In Months: What's Driving Markets Friday?
Portfolio Pulse from Piero Cingari
Wall Street experienced a risk-off sentiment due to high producer inflation figures, affecting major stock indices and cryptocurrencies. The Nasdaq 100 trailed, while small caps and energy stocks avoided losses. The VIX was up 5%, and the iShares 20+ Year Treasury Bond ETF (TLT) fell nearly 3%. Bitcoin dropped to $68,000. Commodities, especially industrial metals and oil, saw gains, with the Invesco DB Commodity Index Tracking Fund (DBC) poised for its best week since January 2024. Major ETFs like SPY, DIA, and QQQ fell, while sector-specific ETFs like XLE and XLB saw gains. Individual stocks like SCCO, JBL, Z, COMP, RDFN, ADBE, GERN, and CSGP had notable movements.
March 15, 2024 | 6:12 pm
News sentiment analysis
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NEGATIVE IMPACT
SPDR Dow Jones Industrial Average fell 0.9% to $386.69, impacted by market pessimism.
The drop in DIA reflects the broader market downturn, suggesting a negative short-term impact.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Invesco QQQ Trust fell 1.2% to $433, indicating tech sector vulnerability.
The decline in QQQ is due to the tech-heavy index's sensitivity to market fluctuations, indicating a negative short-term impact.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 85
NEGATIVE IMPACT
SPDR S&P 500 ETF Trust fell 1.1% to $509.37, reflecting broader market pessimism.
The decline in SPY is a direct result of the risk-off sentiment in the market, indicating a negative short-term impact.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
iShares 20+ Year Treasury Bond ETF fell nearly 3% amid the worst week for bonds since mid-October 2023.
The drop in TLT is directly related to the surge in Treasury yields, indicating a negative short-term impact due to inflation concerns.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Technology Sector SPDR Fund down 1.7%, highlighting tech sector's vulnerability.
The significant drop in XLK reflects the tech sector's sensitivity to market fluctuations, indicating a negative short-term impact.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
Invesco DB Commodity Index Tracking Fund is on track for its best week since early January 2024, driven by a surge in commodities.
The positive performance of DBC is attributed to the broader surge in commodities, indicating a favorable short-term outlook.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 85
POSITIVE IMPACT
Materials Select Sector SPDR Fund up by 0.2%, reflecting strength in commodities.
The gain in XLB is due to the positive performance of commodities, suggesting a favorable short-term outlook for the materials sector.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 75
POSITIVE IMPACT
Energy Select Sector SPDR Fund up by 0.1%, bucking the broader market trend.
The slight gain in XLE amidst a market downturn highlights the resilience of the energy sector, indicating a positive short-term outlook.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 75