GDP Growth Upwardly Revised In Q1 But Consumer Spending Weakens, Continuing Jobless Claims Hit Nearly 3-Year Highs: Thursday's Economic Digest
Portfolio Pulse from Piero Cingari
The U.S. economy saw a modest GDP growth of 1.4% in Q1 2024, slightly up from the previous estimate but down from Q4 2023. Consumer spending weakened, and continuing jobless claims hit nearly 3-year highs. The S&P 500 and tech stocks showed slight gains, while CVS Health and Goldman Sachs lagged.
June 27, 2024 | 2:34 pm
News sentiment analysis
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NEGATIVE IMPACT
CVS Health Corp. (CVS) declined by 4.4%, reflecting investor concerns amid mixed economic data.
CVS Health's stock declined due to investor concerns about the mixed economic data, including weakening consumer spending and rising jobless claims.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Goldman Sachs (GS) fell by 2.6%, likely impacted by the Fed’s stress tests results and mixed economic data.
Goldman Sachs' stock decline is attributed to the negative impact of the Fed’s stress tests results and concerns about the mixed economic data.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 70
NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) saw a slight increase of 0.2% following the GDP revision and mixed economic signals.
The slight increase in SPY reflects the market's mixed reaction to the GDP revision and economic data. While GDP growth was revised upward, weakening consumer spending and rising jobless claims create uncertainty.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Adobe Inc. (ADBE) increased by 1.6%, reflecting the tech sector's strength amid mixed economic data.
Adobe's stock benefited from the tech sector's overall positive performance, which outweighed concerns about the broader economy.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Salesforce Inc. (CRM) saw a 2.4% increase, benefiting from the overall positive sentiment in the tech sector.
Salesforce's stock rose due to the positive sentiment in the tech sector, which outperformed despite mixed economic signals.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Meta Platforms Inc. (META) saw a 1.5% increase, driven by the tech sector's outperformance.
Meta's stock rose due to the tech sector's strength, which helped offset concerns about the broader economic outlook.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
The Invesco QQQ Trust (QQQ) outperformed with a 0.4% increase, driven by gains in top tech stocks despite mixed economic data.
Tech stocks showed resilience, leading to a 0.4% increase in QQQ. The market's focus on tech sector performance outweighed concerns about consumer spending and jobless claims.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70