Tech, Blue Chip Stocks Drop; Small Caps, Real Estate Rebound As Yields Ease; Solar Industry Shines: What's Driving Markets Thursday?
Portfolio Pulse from Piero Cingari
Wall Street saw a decline in major large-cap indices due to downturns in tech and communication services sectors. Investors shifted focus to small caps, real estate, and solar stocks. The second estimate of Q1 GDP growth was revised down to 1.3%. The S&P 500, Nasdaq 100, and Dow Jones Industrial Average fell, while the iShares Russell 2000 ETF and iShares 20+ Year Treasury Bond ETF rose. Salesforce plummeted 20% after missing revenue expectations, while HP Inc. rose 19% on strong results. Other notable movers included Kohl Corp., Dollar General, Best Buy, Hormel Foods, Burlington Stores, Birkenstock, Agilent Technologies, Pure Storage, Okta, Nutanix, Ui Path, and Credo Technology.

May 30, 2024 | 5:57 pm
News sentiment analysis
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NEGATIVE IMPACT
Agilent Technologies Inc. fell 8% reacting to earnings.
Agilent Technologies' stock fell due to a negative reaction to its earnings report.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Burlington Stores Inc. fell 19% reacting to earnings.
Burlington Stores' significant drop is a direct reaction to its earnings report, indicating poor performance.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Salesforce Inc. plummeted 20% after missing quarterly revenue and issuing lower-than-expected guidance.
Salesforce's significant drop is due to missing revenue expectations and issuing lower guidance, which directly impacts investor sentiment negatively.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Dollar General Corp. fell 5.9% reacting to earnings.
Dollar General's stock fell due to a negative reaction to its earnings report.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
The SPDR Dow Jones Industrial Average fell 0.6% as large-cap indices declined.
The SPDR Dow Jones Industrial Average fell due to a decline in large-cap indices, driven by downturns in tech and communication services sectors.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Hormel Foods Inc. fell 8.5% reacting to earnings.
Hormel Foods' stock fell due to a negative reaction to its earnings report.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Kohl Corp. fell 23% reacting to earnings.
Kohl Corp.'s significant drop is a direct reaction to its earnings report, indicating poor performance.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Nutanix Inc. fell 22% reacting to earnings.
Nutanix's significant drop is a direct reaction to its earnings report, indicating poor performance.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Okta Inc. fell 5.9% reacting to earnings.
Okta's stock fell due to a negative reaction to its earnings report.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Ui Path Inc. fell 34% reacting to earnings.
Ui Path's significant drop is a direct reaction to its earnings report, indicating poor performance.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
The Invesco QQQ Trust fell 0.47% as tech-heavy indices declined.
The Invesco QQQ Trust fell due to a decline in tech-heavy indices, driven by downturns in tech and communication services sectors.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust fell 0.3% as large-cap indices declined.
The SPDR S&P 500 ETF Trust fell due to a decline in large-cap indices, driven by downturns in tech and communication services sectors.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
The Technology Select Sector SPDR Fund lagged, down 1.5%.
The Technology Select Sector SPDR Fund fell due to a decline in tech stocks, driven by downturns in tech and communication services sectors.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Best Buy Co. Inc rose 12.6% reacting to earnings.
Best Buy's stock rose significantly due to a positive reaction to its earnings report.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Birkenstock Holding plc rose 11% reacting to earnings.
Birkenstock's stock rose significantly due to a positive reaction to its earnings report.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Credo Technology Group Holding Ltd. rose 21% reacting to earnings.
Credo Technology's stock rose significantly due to a positive reaction to its earnings report.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Gold, tracked by the SPDR Gold Trust, rose 0.4%.
Gold prices rose, likely due to decreased Treasury yields and economic uncertainty, making it a more attractive investment.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
HP Inc. rose 19% amid stronger-than-expected quarterly results.
HP Inc.'s stock rose significantly due to better-than-expected quarterly results, boosting investor confidence.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
The iShares Russell 2000 ETF increased by 1.2% as investors shifted focus to small caps.
The iShares Russell 2000 ETF rose due to increased investor interest in small caps, which have underperformed compared to tech stocks.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Pure Storage Inc. rose 1.8% reacting to earnings.
Pure Storage's stock rose due to a positive reaction to its earnings report.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
The Invesco Solar ETF rallied 2.8% as solar stocks outperformed.
The Invesco Solar ETF rose due to increased investor interest in solar stocks, which have underperformed compared to tech stocks.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The iShares 20+ Year Treasury Bond ETF rebounded by 0.9% as Treasury yields decreased.
The iShares 20+ Year Treasury Bond ETF rose due to a decrease in Treasury yields, making bonds more attractive.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The Real Estate Select Sector SPDR Fund outperformed, up by 1.3%.
The Real Estate Select Sector SPDR Fund rose due to increased investor interest in real estate, which has underperformed compared to tech stocks.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100