Tech Stocks Crumble As Wall Street's 5-Week Rally Ends; Bonds Offer Safe Haven As Growth Worries Reemerge: What's Driving Markets Friday?
Portfolio Pulse from Piero Cingari
Tech stocks fell as Wall Street's 5-week rally ended, with the Nasdaq 100 dropping 1.5%. The S&P 500 and Russell 2000 also declined, while the Dow Jones rose. Concerns about economic slowdown and deceleration in personal spending and income contributed to the market's performance. Bonds and defensive stocks gained, with the iShares 20+ Year Treasury Bond ETF rising 0.6%. Gold and Bitcoin fell. Notable stock movements included MongoDB dropping 23% and The Gap rising 26% after earnings reports.
May 31, 2024 | 5:44 pm
News sentiment analysis
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POSITIVE IMPACT
The Cooper Companies Inc. rose 3.7% after reacting to earnings reports.
The stock rose significantly as investors reacted positively to the company's earnings report.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Caesars Entertainment Inc. rose over 10% after rumors that Carl Icahn invested in the casino company.
The stock rose significantly due to rumors of investment by a prominent investor, Carl Icahn.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The SPDR Dow Jones Industrial Average rose 0.4%, reflecting a shift to high-quality defensive stocks amid economic concerns.
The ETF tracks the Dow Jones, which rose as investors moved to defensive stocks amid economic concerns.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The Gap Inc. rose 26% after sharply beating both earnings and revenue estimates last quarter.
The stock surged due to strong earnings and revenue performance, exceeding market expectations.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
NetApp Inc. rose 0.6% after reacting to earnings reports.
The stock saw a slight increase as investors reacted to the company's earnings report.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
The iShares 20+ Year Treasury Bond ETF rose 0.6% as Treasury yields fell, boosting fixed-income assets.
The ETF tracks long-term Treasury bonds, which gained as yields fell, making fixed-income assets more attractive.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Ulta Beauty Inc. rose 0.9% after reacting to earnings reports.
The stock saw a slight increase as investors reacted to the company's earnings report.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Zscaler Inc. rose 7% after reacting to earnings reports.
The stock rose significantly as investors reacted positively to the company's earnings report.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Costco Corp. fell 2.5% after reacting to earnings reports.
The stock declined as investors reacted to the company's earnings report.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Dell Technologies Inc. fell 20% after reacting to earnings reports.
The stock dropped significantly as investors reacted negatively to the company's earnings report.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR Gold Trust fell 0.5% despite market volatility, as investors did not flock to gold as a safe haven.
The ETF tracks gold prices, which fell despite market volatility, indicating that investors did not see gold as a safe haven.
CONFIDENCE 75
IMPORTANCE 40
RELEVANCE 50
NEGATIVE IMPACT
MongoDB Inc. plummeted 23% after issuing weak guidance for the upcoming quarter and fiscal-year 2025.
The stock dropped significantly due to weak future guidance, indicating potential challenges ahead.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Marvell Technology Inc. fell 11% after reacting to earnings reports.
The stock declined as investors reacted to the company's earnings report.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The Invesco QQQ Trust fell 1.4% as tech stocks declined amid economic slowdown concerns.
The ETF tracks the Nasdaq 100, which fell due to a decline in tech stocks amid economic slowdown concerns.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
SentinelOne Inc. fell 12% after reacting to earnings reports.
The stock declined significantly as investors reacted negatively to the company's earnings report.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust fell 0.4% as concerns about economic slowdown and deceleration in personal spending and income emerged.
The ETF tracks the S&P 500, which fell due to economic concerns and deceleration in personal spending and income.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Veeva Systems Inc. fell 11% after reacting to earnings reports.
The stock declined as investors reacted to the company's earnings report.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70