Nasdaq, S&P 500 Futures Keep Head Above Water Ahead Of Fed Speeches: Analyst Says Market-Boosting Themes 'Firmly In Place'
Portfolio Pulse from Shanthi Rexaline
U.S. index futures are modestly higher ahead of Federal Reserve speeches, with Nvidia's upcoming earnings report being a key focus. The SPDR S&P 500 ETF Trust and Invesco QQQ ETF showed slight gains in premarket trading. Li Auto fell, while Wix.com jumped on earnings. Analysts remain positive about the market's near-term outlook, driven by themes like AI, tech, and consumer spending.
May 20, 2024 | 11:48 am
News sentiment analysis
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NEGATIVE IMPACT
Li Auto fell about 4.40% in premarket trading following its quarterly results announcement.
Li Auto's significant drop in premarket trading suggests a negative market reaction to its quarterly results.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Nvidia's upcoming earnings report is highly anticipated and could boost the market regardless of the outcome. The stock is priced for perfection, trading at 31.8 times forecasted 2026 earnings.
Nvidia's earnings report is seen as a 'grand finale' for the first quarter announcement season. Given its significant role in AI and tech, a positive or even neutral report could boost market sentiment.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
The Invesco QQQ ETF traded up 0.20% in premarket trading, reflecting gains in the Nasdaq 100 futures ahead of key Federal Reserve speeches.
The Invesco QQQ ETF's premarket rise indicates positive sentiment in the tech-heavy Nasdaq 100, driven by expectations from upcoming Federal Reserve speeches.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust rose 0.12% in premarket trading, reflecting modest gains in U.S. index futures ahead of key Federal Reserve speeches.
The SPDR S&P 500 ETF Trust's premarket rise indicates positive sentiment in the market, driven by expectations from upcoming Federal Reserve speeches.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Wix.com jumped over 7.50% in premarket trading on strong earnings.
Wix.com's significant rise in premarket trading indicates a positive market reaction to its strong earnings report.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70