Wall Street Poised To Extend Record Run On Tech Strength, Tesla Soars, GameStop Rebounds: Analyst Says 'Bull Market Has Legs Left'
Portfolio Pulse from Shanthi Rexaline
Wall Street is poised to extend its record run, driven by tech strength. Broadcom and Tesla are leading the charge, with Broadcom reacting to earnings and a stock split, and Tesla on the likelihood of shareholders approving Elon Musk’s pay package. GameStop also rebounds. Key economic data releases include the producer price inflation report and weekly jobless claims.
June 13, 2024 | 11:45 am
News sentiment analysis
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POSITIVE IMPACT
Broadcom surged over 13% in premarket trading following strong quarterly results and the announcement of a 10-for-1 stock split.
Broadcom's strong earnings and the announcement of a significant stock split are likely to boost investor confidence and drive the stock price higher in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
GameStop gained about 3.7% in premarket trading after a sharp pullback on Wednesday.
GameStop's rebound after a sharp pullback indicates a potential recovery, likely driving the stock price higher in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Invesco QQQ ETF traded up 0.66% in premarket trading, driven by strong performance in tech stocks.
The rise in QQQ is driven by strong performance in tech stocks, likely leading to a short-term increase in the ETF's price.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 70
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust rose 0.11% in premarket trading, reflecting the broader market's positive sentiment.
The slight increase in SPY reflects the overall positive sentiment in the market, likely leading to a modest rise in the ETF's price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Tesla rose over 5% in premarket trading as shareholders are likely to approve Elon Musk’s pay package and the shift of incorporation to Texas.
The approval of Elon Musk’s pay package and the shift of incorporation to Texas are positive signals for Tesla, likely driving the stock price higher in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100