Stocks Reclaim Record Highs As Jobs Data Fuels Growth Optimism; Gold, Bonds Tumble As Yields Rise: What's Driving Markets Friday?
Portfolio Pulse from Piero Cingari
Wall Street hit record highs on Friday following a stronger-than-expected jobs report. Non-farm payrolls increased by 272,000 in May, surpassing expectations. This led to a reassessment of rate-cut hopes, causing bond yields to rise and fixed-income markets to drop. The S&P 500 and Nasdaq 100 reached new highs, while small caps fell. The U.S. dollar index rallied, pressuring commodities like gold and silver. Major ETFs and stocks had mixed performances, with notable declines in GameStop, AMC, and mining stocks.
June 07, 2024 | 5:54 pm
News sentiment analysis
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NEGATIVE IMPACT
Agnico Eagle Mines Limited (AEM) fell 6.9% due to rising bond yields and a stronger dollar impacting mining stocks.
Rising bond yields and a stronger dollar negatively impacted mining stocks, leading to declines in AEM.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
AMC Entertainment Holdings Inc. (AMC) fell nearly 15%, continuing its decline amid broader market movements.
AMC's stock continued to decline, reflecting broader market trends and investor sentiment.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
DocuSign Inc. (DOCU) fell 5% following its earnings report.
DocuSign's earnings report led to a decline in its stock price.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Freeport-McMoRan Inc. (FCX) dropped 4.5% as rising bond yields and a stronger dollar pressured mining stocks.
Rising bond yields and a stronger dollar negatively impacted mining stocks, leading to declines in FCX.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
GameStop Corp. (GME) plummeted over 30% after missing quarterly results, despite a livestream by Keith Gill.
GameStop's disappointing quarterly results led to a significant drop in its stock price, despite efforts to rally support.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Samsara Inc. (IOT) dropped 13% following its earnings report.
Samsara's earnings report led to a significant drop in its stock price.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Vail Resorts Inc. (MTN) fell 12% following its earnings report.
Vail Resorts' earnings report led to a significant drop in its stock price.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Newmont Corp. (NEM) tumbled 5% as rising bond yields and a stronger dollar pressured mining stocks.
Rising bond yields and a stronger dollar negatively impacted mining stocks, leading to declines in NEM.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The iShares 20+ Year Treasury Bond ETF (TLT) fell 1.8% due to a sharp rise in bond yields following the strong jobs report.
The strong jobs report led to a reassessment of rate-cut expectations, causing bond yields to rise and negatively impacting TLT.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The Materials Select Sector SPDR Fund (XLB) lagged, down 0.8%, as rising bond yields and a stronger dollar pressured the sector.
Rising bond yields and a stronger dollar negatively impacted the materials sector, leading to declines in XLB.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Braze Inc. (BRZE) rose 2% following its earnings report.
Braze's positive earnings report led to a rise in its stock price.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The SPDR Dow Jones Industrial Average (DIA) increased by 0.2% to $390.22, reflecting gains in the Dow Jones index.
Positive jobs data boosted investor sentiment, leading to gains in the Dow Jones and DIA.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Invesco QQQ Trust (QQQ) rose 0.4% to $465.35 as the Nasdaq 100 reached a new all-time high.
The strong jobs report led to optimism about economic growth, driving the Nasdaq 100 and QQQ to new highs.
CONFIDENCE 95
IMPORTANCE 75
RELEVANCE 85
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) rose 0.3% to $536.27 as the S&P 500 reached a new all-time high.
The strong jobs report fueled optimism about economic growth, driving the S&P 500 and SPY to new highs.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
The Invesco DB USD Index Bullish Fund ETF (UUP) rallied 0.8%, marking its strongest session since late April, driven by a stronger U.S. dollar.
The stronger-than-expected jobs report boosted the U.S. dollar, positively impacting UUP.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The Financials Staples Select Sector SPDR Fund (XLF) outperformed, rising by 0.8% amid positive economic data.
Positive jobs data boosted investor sentiment in financial stocks, leading to gains in XLF.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70