Wall Street On Backfoot As Traders Sweat Over Key Inflation Data: Economist Warns Stock Rally May Stumble If Bond Yield Crosses This Level
Portfolio Pulse from Shanthi Rexaline
U.S. stocks are expected to remain weak due to elevated bond yields and mixed earnings. Key economic data, including inflation, jobs, and GDP reports, are on traders' radar. Major ETFs like SPY and QQQ are down in premarket trading. Several companies, including Agilent Technologies and Salesforce, are experiencing significant stock movements due to earnings reports.
May 30, 2024 | 11:47 am
News sentiment analysis
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POSITIVE IMPACT
C3.ai, Inc. (AI) is up over 14.5% in premarket trading following its earnings report.
C3.ai's significant rise in premarket trading is due to a positive earnings report, suggesting strong investor confidence.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 85
POSITIVE IMPACT
HP Inc. (HPQ) is up about 5.8% in premarket trading following its earnings report.
HPQ's rise in premarket trading is attributed to a positive earnings report, indicating strong performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Okta, Inc. (OKTA) is up over 5.5% in premarket trading following its earnings report.
Okta's increase in premarket trading is due to a positive earnings report, reflecting investor optimism.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 75
POSITIVE IMPACT
Palantir Technologies, Inc. (PLTR) climbed over 2% in premarket trading on a contract win.
Palantir's rise in premarket trading is due to a new contract win, indicating positive business developments.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Pure Storage, Inc. (PSTG) is up about 10% in premarket trading following its earnings report.
Pure Storage's rise in premarket trading is due to a positive earnings report, indicating strong performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Agilent Technologies, Inc. (A) fell over 13% in premarket trading following its earnings release.
Agilent's significant drop in premarket trading is directly tied to its earnings release, indicating investor disappointment.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Salesforce, Inc. (CRM) is down about 16% in premarket trading following its earnings report.
Salesforce's significant drop in premarket trading is due to a disappointing earnings report, indicating investor concerns.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
nCino, Inc. (NCNO) is down about 6.5% in premarket trading following its earnings report.
nCino's drop in premarket trading is due to a disappointing earnings report, reflecting investor concerns.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 75
NEGATIVE IMPACT
Nutanix, Inc. (NTNX) is down over 11.7% in premarket trading following its earnings report.
Nutanix's significant drop in premarket trading is due to a disappointing earnings report, indicating investor concerns.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 85
NEGATIVE IMPACT
UiPath Inc. (PATH) is down over 30% in premarket trading following its earnings report.
UiPath's significant drop in premarket trading is due to a disappointing earnings report, indicating major investor concerns.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The Invesco QQQ ETF (QQQ) is down 0.32% in premarket trading, influenced by the same factors affecting the broader market, including bond yields and earnings.
QQQ's decline is in line with broader market trends, driven by concerns over bond yields and mixed earnings reports.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) is down 0.43% in premarket trading due to concerns over elevated bond yields and mixed earnings reports.
The decline in SPY reflects broader market concerns about bond yields and mixed earnings, which are likely to weigh on the ETF in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80