Wall Street Set For Weak Opening As Tech Rally Falters With Micron, Nvidia Edging Lower: Analyst Says Narrow Market Performance To Persists Unless One Of These Materializes
Portfolio Pulse from Shanthi Rexaline
Wall Street is set for a weak opening as the tech rally falters, with Micron and Nvidia edging lower. Traders remain cautious ahead of key economic data and events. Micron's earnings have negatively impacted the tech sector, while Nvidia's rally cools off. Bond yields have risen, and futures for major indices are slightly down. Several companies, including Micron, H.B. Fuller, Worthington Steel, Levi Strauss, Acuity Brands, Apogee Enterprises, McCormick, Walgreens Boots Alliance, and Nike, are in focus due to earnings reports.
June 27, 2024 | 11:31 am
News sentiment analysis
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NEUTRAL IMPACT
The Invesco QQQ ETF fell 0.08% in premarket trading, reflecting the broader weakness in the tech sector.
The Invesco QQQ ETF is slightly down in premarket trading, mirroring the overall weakness in the tech sector. The impact is neutral as the market awaits further economic data.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust edged down 0.05% in premarket trading as traders remain cautious ahead of key economic data.
The SPDR S&P 500 ETF Trust is slightly down in premarket trading due to overall market caution. The impact is neutral as traders await key economic data.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
International Paper Co. fell nearly 15% on a scuttled buyout deal.
The scuttled buyout deal has led to a significant drop in International Paper Co.'s stock price, reflecting investor disappointment and uncertainty.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 70
NEGATIVE IMPACT
Levi Strauss & Co. plunged over 15% in premarket trading following its earnings report.
Levi Strauss & Co.'s earnings report has led to a significant drop in its stock price, indicating investor disappointment. This could lead to further short-term declines.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 70
NEGATIVE IMPACT
Micron's earnings report has led to a nearly 4.75% drop in premarket trading, negatively impacting the tech sector.
Micron's earnings report has disappointed investors, leading to a significant drop in its stock price. This has a ripple effect on the tech sector, contributing to a weak market opening.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Nvidia's two-day rally is cooling off following its annual shareholder meeting, contributing to a weaker tech sector.
Nvidia's rally is losing momentum, which is contributing to the overall weakness in the tech sector. This could lead to a short-term decline in Nvidia's stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80