Wall Street On Track To Resume Meteoric Climb, Nvidia Builds On Gains: Analyst Says 'Now Until Later In The Month Is…Seasonally Worst Times'
Portfolio Pulse from Shanthi Rexaline
U.S. stocks are expected to continue their upward trend as the market reopens after the Juneteenth holiday. Tech stocks, particularly Nvidia, have shown strong performance, but analysts caution about potential seasonal weakness later in June. Key economic data, including jobless claims and housing starts, will be closely watched. Nvidia, Super Micro Computer, and several other companies are in focus due to recent developments and upcoming earnings reports.
June 20, 2024 | 11:25 am
News sentiment analysis
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NEUTRAL IMPACT
Accenture is among the notable companies reporting quarterly results ahead of the market open.
Accenture's upcoming earnings report could impact its stock price, but the overall market sentiment and tech sector performance are likely to have a more significant influence.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Smith & Wesson Brands will release its quarterly report after the market close.
Smith & Wesson's earnings report could impact its stock price, but broader market trends and economic data are likely to play a more significant role.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Nvidia continues its strong performance, rising nearly 2.70% in premarket trading. The company has become the most-valued global corporation.
Nvidia's strong premarket performance and its status as the most-valued global corporation indicate continued investor confidence and potential for short-term gains.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
The Invesco QQQ ETF traded up 0.66% in premarket trading, driven by strong performance in the tech sector.
The rise in QQQ is driven by strong performance in the tech sector, indicating positive investor sentiment and potential for short-term gains.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
Super Micro Computer rose over 3% after Elon Musk announced the company will build half of the racks for his AI company x.AI's supercomputer.
Elon Musk's announcement is a significant endorsement, likely boosting investor sentiment and driving short-term gains for Super Micro Computer.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 80
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust rose 0.40% in premarket trading, reflecting overall market optimism.
The rise in SPY reflects general market optimism, likely driven by positive sentiment in the tech sector and upcoming economic data.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70