Wall Street On 'Wait-And-Watch' Mode Ahead Of Jobs Data, Bitcoin Plummets, Tesla Extends Climb: Analyst Flags 2 Factors That Pose Risk To Rally
Portfolio Pulse from Shanthi Rexaline
Wall Street is in a 'wait-and-watch' mode ahead of the monthly non-farm payrolls data. ADP's private payrolls survey showed slower job gains, and weak economic data has increased the odds of rate cuts. Bitcoin's plunge has negatively impacted crypto-linked stocks like Coinbase and Robinhood. Tesla continues its upward trend.
July 05, 2024 | 3:01 pm
News sentiment analysis
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NEGATIVE IMPACT
Canaan Inc. saw a sharp decline in premarket trading due to Bitcoin's drop. The stock is expected to remain under pressure in the short term.
Canaan's stock is closely tied to Bitcoin's performance. The recent decline in Bitcoin has negatively impacted CAN, indicating short-term pressure.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Coinbase Global, Inc. fell over 6% in premarket trading due to Bitcoin's plunge. The stock is likely to remain volatile in the short term as crypto markets react to ongoing developments.
Coinbase's stock is highly correlated with Bitcoin's performance. The recent plunge in Bitcoin has led to a significant drop in COIN's stock price, indicating short-term volatility.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Robinhood Markets, Inc. fell 2.5% in premarket trading due to Bitcoin's decline. The stock may face short-term pressure as the crypto market remains volatile.
Robinhood's exposure to the crypto market has led to a decline in its stock price following Bitcoin's plunge. The stock is likely to face short-term pressure.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Marathon Digital Holdings, Inc. saw a sharp decline in premarket trading due to Bitcoin's drop. The stock is expected to remain under pressure in the short term.
Marathon Digital's stock is closely tied to Bitcoin's performance. The recent decline in Bitcoin has negatively impacted MARA, indicating short-term pressure.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Riot Platforms, Inc. experienced a significant drop in premarket trading due to Bitcoin's decline. The stock is likely to face short-term volatility.
Riot Platforms' stock is highly sensitive to Bitcoin's price movements. The recent decline in Bitcoin has led to a significant drop in RIOT's stock price, indicating short-term volatility.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Invesco QQQ ETF rose 0.20% in premarket trading. The ETF's performance will be closely watched in relation to the non-farm payrolls data and its impact on tech stocks.
The QQQ ETF, which tracks the Nasdaq-100, is sensitive to economic data that affects tech stocks. The upcoming jobs report could influence its short-term performance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
SPDR S&P 500 ETF Trust moved up 0.04% in premarket trading. The ETF is likely to be influenced by the upcoming non-farm payrolls data and its implications for interest rates.
The SPY ETF's movement is closely tied to overall market sentiment, which is currently influenced by upcoming economic data. A positive or negative surprise in the jobs data could impact SPY's short-term performance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Tesla, Inc. continues its upward trend, on track to climb for an eighth straight session. The stock's momentum is likely to persist in the short term.
Tesla's stock has been on a strong upward trend, and the momentum is expected to continue in the short term, driven by positive market sentiment.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90