Stocks Show Modest Gains Ahead Of Fed's Inflation Report; Chipmakers Struggle, While Gold And Bitcoin Rebound: What's Driving Markets Thursday?
Portfolio Pulse from Piero Cingari
Wall Street saw modest gains on Thursday as traders awaited the Federal Reserve's inflation report. U.S. banks passed the Fed's 2024 stress tests, with regional banks outperforming. The semiconductor sector struggled, while gold and Bitcoin rebounded. Key stock movers included Salesforce, Goldman Sachs, Amazon, and Walgreens Boots Alliance.
June 27, 2024 | 5:33 pm
News sentiment analysis
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POSITIVE IMPACT
Amazon.com Inc increased by 2.2% after unveiling a new section focused on budget-friendly fashion and lifestyle products.
The new product section is likely to drive additional revenue, positively impacting $AMZN.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Acuity Brands, Inc. rose 0.9% in reaction to company earnings.
Positive earnings results are likely to have a modest positive impact on $AYI.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Salesforce Inc. rallied 6%, marking the best performance within the S&P 500.
Strong performance by Salesforce indicates positive investor sentiment, likely boosting $CRM.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The SPDR Gold Trust gained 1.2%, erasing Wednesday’s losses.
A weaker dollar and lower yields are positive for gold, boosting $GLD.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Jefferies Financial Group Inc. rose 6.7% in reaction to company earnings.
Positive earnings results are likely to boost $JEF.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Regional banks, tracked by the SPDR S&P Regional Banking ETF, performed well in the Fed's 2024 stress tests.
The positive performance of regional banks in the stress tests is likely to boost investor confidence in $KRE.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
McCormick & Co. Inc. rose 4.6% in reaction to company earnings.
Positive earnings results are likely to boost $MKC.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The iShares 20+ Year Treasury ETF rose 0.5% as Treasury yields moved lower.
Lower Treasury yields increase demand for long-term bonds, benefiting $TLT.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Goldman Sachs Inc. fell 2.3% in reaction to the Fed’s stress tests.
Negative reaction to the stress test results is likely to weigh on $GS.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Levi Strauss & Co. fell 16.5% in reaction to company earnings.
Negative earnings results are likely to significantly impact $LEVI negatively.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Micron Technologies Inc. fell 6.4% in reaction to company earnings.
Negative earnings results are likely to weigh on $MU.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Nvidia Corp. declined almost 2%, contributing to the semiconductor sector's struggles.
Nvidia's decline is part of the broader negative trend in the semiconductor sector, impacting $NVDA.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The Simply Good Foods Company fell 1.7% in reaction to company earnings.
Negative earnings results are likely to have a modest negative impact on $SMPL.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
The iShares Semiconductor ETF fell 0.7%, marking its fifth negative session in the last six.
Continued negative performance in the semiconductor sector is likely to weigh on $SOXX.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Walgreens Boots Alliance Inc. tumbled 25% in reaction to quarterly earnings.
Disappointing earnings results are likely to significantly impact $WBA negatively.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80