Wall Street Set To Open Lower After AMD Earnings Disappoint As Traders Look To Fed's Powell For Relief: Why This Analyst Sees Incoming Summer Rally
Portfolio Pulse from Shanthi Rexaline
Wall Street is expected to open lower due to AMD's disappointing earnings, impacting the tech sector and broader market. However, the Federal Reserve's interest rate decision and Chairman Jerome Powell's press conference could influence the market's direction. Analysts see the April market pullback as a correction, setting the stage for a potential summer rally. Premarket trading saw SPDR S&P 500 ETF Trust and Invesco QQQ ETF decline. Economic data and bond yields have pressured stocks, with major indices ending lower in the previous session. Analysts anticipate Powell's guidance on rate outlook and expect a summer rally, considering it's an election year.
May 01, 2024 | 10:44 am
News sentiment analysis
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NEGATIVE IMPACT
AMD's disappointing earnings report has negatively impacted its stock price and the broader tech sector.
AMD's underwhelming quarterly report directly impacts its stock price and has a ripple effect on the tech sector, likely leading to a short-term decrease in its stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Invesco QQQ ETF saw a premarket slump, likely affected by AMD's earnings and broader tech sector concerns.
QQQ's premarket performance is negatively impacted by AMD's poor earnings report and the resulting bearish outlook on the tech sector, indicating a short-term negative impact on its price.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
SPDR S&P 500 ETF Trust fell in premarket trading, reflecting broader market sentiment after AMD's earnings and ahead of the Fed's decision.
SPY's premarket decline is influenced by negative sentiment from AMD's earnings and uncertainty about the Federal Reserve's upcoming interest rate decision, suggesting a short-term negative impact.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80