Nasdaq 100 Eyes Record High Close, Fifth Positive Week As Traders Flock To AI-Linked Stocks: What's Driving Markets Friday?
Portfolio Pulse from Piero Cingari
The Nasdaq 100 surged over 1% on Friday, setting the stage for a record high close and marking its fifth consecutive week of gains. The S&P 500 rose 0.7%, while small-cap stocks saw robust gains. AI-linked stocks and sectors like chipmakers, solar, and power utilities performed well. Treasury yields remained stable, and the U.S. dollar index fell, providing relief to precious metals and crude oil. Several companies saw significant stock movements due to earnings reports.
May 24, 2024 | 5:54 pm
News sentiment analysis
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POSITIVE IMPACT
Booz Allen Hamilton Corp. rose 3.6% in reaction to positive earnings.
BAH saw a rise due to positive earnings results.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Buckle Inc. rose 2% in reaction to positive earnings.
BKE saw a rise due to positive earnings results.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Deckers Outdoor Corp. skyrocketed 14% to record highs after beating earnings and revenue estimates.
DECK saw a significant rise due to strong earnings and revenue performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The SPDR Dow Jones Industrial Average rose 0.2%, showing modest gains.
The DIA tracks the Dow Jones Industrial Average, which saw modest gains.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
First Solar Inc. rose over 8%, on track for the highest close since August 2008.
FSLR saw a significant rise due to strong momentum in solar-related stocks.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The iShares Russell 2000 ETF rose 1%, indicating strong performance in small-cap stocks.
Small-cap stocks performed well, contributing to the rise in the IWM ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The Invesco QQQ Trust rose 1%, reflecting strong performance in tech stocks, particularly those linked to AI.
The QQQ tracks the Nasdaq 100, which saw a significant rise due to investor confidence in AI-driven stocks.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Ross Stores Inc. rose 9% in reaction to positive earnings.
ROST saw a significant rise due to positive earnings results.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust rose 0.6%, partially recovering from Thursday’s losses.
The SPY tracks the S&P 500, which saw a moderate rise, reflecting overall market recovery.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
StepStone Group Inc. rose 10% in reaction to positive earnings.
STEP saw a significant rise due to positive earnings results.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
The United States Oil Fund rose 1%, reflecting gains in crude oil prices.
The USO rose as crude oil prices increased, reflecting positive market sentiment.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Petco Health and Wellness Company Inc. rallied 12% after RBC lifted its price target.
WOOF saw a significant rise after RBC lifted its price target.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The Consumer Discretionary Select Sector SPDR Fund rose 1.1%, outperforming other sectors.
The XLY outperformed other sectors, indicating strong consumer discretionary performance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Intuit Inc. fell 8% following disappointing earnings.
INTU saw a significant decline due to disappointing earnings results.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The Invesco DB USD Index Bullish Fund ETF fell 0.3%, ending a six-day winning streak.
The UUP fell as the U.S. dollar index declined, ending a six-day winning streak.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Workday Inc. fell 14% following disappointing earnings.
WDAY saw a significant decline due to disappointing earnings results.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The Health Care Select Sector SPDR Fund eased 0.1%, lagging behind other sectors.
The XLV lagged behind other sectors, indicating weaker performance in healthcare stocks.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60