'This Is What We Really Needed': NYSE Trader Reacts To Inflation Data And Its Impact On Stock Market
Portfolio Pulse from Aaron Bry
April's PCE report, the Federal Reserve's preferred measure of inflation, came in as expected, causing an initial spike in the SPDR S&P 500 Index Trust (SPY) during pre-market trading. However, stocks, including tech leaders like NVIDIA (NVDA) and Microsoft (MSFT), traded lower as the day progressed. Jonathan Corpina from Meridian Equity Partners provided a cautious outlook, suggesting the market needed a breather and might not hold onto gains.
May 31, 2024 | 6:41 pm
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NEGATIVE IMPACT
Microsoft Corp (MSFT) also traded lower following the initial spike in the market due to the PCE report, mirroring the overall market trend.
MSFT's stock price is affected by general market conditions. The initial positive reaction to the PCE report was not sustained, leading to a decline in MSFT's stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
NVIDIA Corp (NVDA) traded lower despite the initial positive reaction to the PCE report, reflecting broader market trends.
NVDA's performance is influenced by overall market sentiment. Despite the initial positive reaction to the PCE report, the broader market decline led to NVDA trading lower.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The SPDR S&P 500 Index Trust (SPY) initially spiked during pre-market trading following the release of April's PCE report but later traded lower as the overall market declined.
SPY is directly impacted by overall market movements. The initial spike was due to the PCE report meeting expectations, but the subsequent decline reflects broader market trends.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100