Wall Street Braces For Subdued Start Ahead Of Nvidia Earnings, Fed Minutes: Analyst Cautions About Guarding Against 'Over-Exuberance'
Portfolio Pulse from Shanthi Rexaline
Wall Street is expected to have a subdued start ahead of Nvidia's earnings report and the release of the Fed minutes. Index futures are trading lower, with the SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ ETF (QQQ) showing minor changes in premarket trading. Analysts are cautious about over-exuberance despite recent market gains. Viasat fell 11% and Urban Outfitters gained 6.50% in premarket trading following their earnings reports. Other notable companies reporting include Analog Devices, PDD Holdings, TJX Companies, Williams-Sonoma, Target, Vipshop, Snowflake, Synopsys, V.F. Corporation, and Zuora.
May 22, 2024 | 11:21 am
News sentiment analysis
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NEGATIVE IMPACT
Viasat fell about 11% in premarket trading following its quarterly results announcement, indicating negative market reaction.
Viasat's significant drop in premarket trading suggests a negative reaction to its earnings report.
CONFIDENCE 85
IMPORTANCE 50
RELEVANCE 60
NEUTRAL IMPACT
Invesco QQQ ETF traded up 0.01% in premarket trading, showing minimal change as investors await Nvidia's earnings and Fed minutes.
The QQQ's minimal change in premarket trading reflects a wait-and-see approach by investors ahead of significant market events.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
SPDR S&P 500 ETF Trust fell 0.11% in premarket trading, reflecting cautious market sentiment ahead of Nvidia's earnings and Fed minutes.
The SPY's minor decline in premarket trading indicates cautious sentiment among investors ahead of key events.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Nvidia's earnings report is highly anticipated and could influence market direction. The option market is pricing an 8% swing, indicating potential volatility.
Nvidia's earnings report is a significant event that could impact market sentiment and direction. The option market's pricing suggests high volatility.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Urban Outfitters gained about 6.50% in premarket trading following its earnings report, indicating positive market reaction.
Urban Outfitters' significant gain in premarket trading suggests a positive reaction to its earnings report.
CONFIDENCE 85
IMPORTANCE 50
RELEVANCE 60