VIX Rises 8%, Treasury Yields Jump, Dow Plunges: Why Is Wall Street Wobbling Wednesday? (CORRECTED)
Portfolio Pulse from Piero Cingari
Wall Street experienced significant volatility on Thursday, with major indices and sectors trading in the red. The VIX rose 8%, and Treasury yields surged, leading to declines in fixed-income assets. Key ETFs and stocks such as TLT, UUP, SPY, QQQ, DIA, IWM, AAL, MRO, MRNA, and MOH were impacted.
May 29, 2024 | 3:01 pm
News sentiment analysis
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NEGATIVE IMPACT
American Airlines Group Inc. (AAL) dropped over 14% following analyst downgrades.
Analyst downgrades typically lead to significant stock price declines, negatively impacting AAL.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The SPDR Dow Jones Industrial Average (DIA) fell 0.8%, marking its fourth red day out of the last five.
Continued market declines and increased volatility negatively impacted DIA.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The iShares Russell 2000 ETF (IWM) fell 1.3% as small caps faced significant pressure.
Increased market volatility and broad declines in small-cap stocks negatively impacted IWM.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Molina Healthcare Inc. (MOH) dropped 7.5%, on track for its largest fall since September 2020.
Significant stock price declines typically indicate negative sentiment, impacting MOH.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Moderna Inc. (MRNA) fell 7%, continuing its decline after an 8% drop on Wednesday.
Continued declines in stock price typically indicate negative sentiment, impacting MRNA.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The Invesco QQQ Trust (QQQ) fell 0.5% amid market volatility.
Increased market volatility and broad declines in tech stocks negatively impacted QQQ.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) fell 0.6% amid broad market declines.
Broad market declines and increased volatility negatively impacted SPY.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The iShares 20+ Year Treasury Bond ETF (TLT) fell 0.9% due to rising Treasury yields.
Rising Treasury yields typically lead to declines in bond prices, negatively impacting TLT.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Marathon Oil Corp. (MRO) rose nearly 10% in response to an all-stock acquisition deal by ConocoPhillips.
Acquisition deals typically lead to positive stock price movements for the acquired company, benefiting MRO.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Invesco DB USD Index Bullish Fund ETF (UUP) rose 0.3% as the U.S. Dollar Index increased.
A stronger U.S. Dollar Index typically benefits UUP, reflecting increased demand for the dollar.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60