S&P 500 Prints New Record Highs Ahead Of Powell Speech; Russell 2000 Rally Continues, Trump Stocks Spike: What's Driving Markets Monday?
Portfolio Pulse from Piero Cingari
The U.S. stock market hit new all-time highs ahead of Fed Chair Jerome Powell's speech. The Russell 2000 Index, tracked by the iShares Russell 2000 ETF (IWM), continued its rally, while energy and financial sectors outperformed. Bitcoin surged, boosting related stocks. Goldman Sachs and BlackRock rose on strong earnings, while Macy's plummeted after ending buyout talks.
July 15, 2024 | 4:03 pm
News sentiment analysis
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NEGATIVE IMPACT
Macy's Inc. (M) plummeted by about 13% as the company ended buyout talks with Arkhouse Management.
The end of buyout talks with Arkhouse Management is likely to negatively impact Macy's stock in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The Utilities Select Sector SPDR Fund (XLU) lagged, down 2%, marking its worst daily performance since January 2024.
Poor performance in the utilities sector is likely to negatively impact XLU in the short term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
BlackRock Inc. (BLK) rose 0.4% in reaction to its quarterly results.
Positive quarterly results are likely to support short-term gains in BLK.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Coinbase Global Inc. (COIN) rallied 10.5% as Bitcoin surged.
The surge in Bitcoin prices is likely to drive short-term gains in Bitcoin-linked stocks like COIN.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The SPDR Dow Jones Industrial Average (DIA) rose by 0.6% to $402.83, reflecting gains in the Dow Jones index.
The rise in the Dow Jones index is likely to positively impact DIA in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Trump Media & Technology Group Corp. (DJT) rallied over 27% on Monday, driven by rising market-implied odds of Trump following the assassination attempt.
Increased market-implied odds of Trump winning the 2024 elections are driving significant gains in DJT.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Goldman Sachs Group Inc. (GS) rose over 1% to a new all-time peak as the bank reported stronger-than-expected earnings and revenue last quarter.
Strong earnings and revenue reports are likely to drive short-term gains in GS.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
The iShares Russell 2000 ETF (IWM) rose over 2%, marking its fourth straight session of gains and an 8% rise over the last four sessions.
The continued rally in small caps, as tracked by IWM, indicates strong investor confidence in this segment, likely driving short-term price increases.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Marathon Digital Holdings Inc. (MARA) rallied 9% as Bitcoin surged.
The surge in Bitcoin prices is likely to drive short-term gains in Bitcoin-linked stocks like MARA.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
MicroStrategy Inc. (MSTR) rallied 13% as Bitcoin surged.
The surge in Bitcoin prices is likely to drive short-term gains in Bitcoin-linked stocks like MSTR.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The Invesco QQQ Trust (QQQ) soared 0.8% to $498.93, driven by gains in the tech-heavy Nasdaq 100.
The tech sector's performance is boosting QQQ, likely leading to short-term price increases.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 75
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) rose 0.6% to $563.41, reflecting the broader market's new all-time highs.
The S&P 500's new all-time highs suggest positive market sentiment, likely benefiting SPY in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Energy Select Sector SPDR Fund (XLE) outperformed, up by 1.7%, reflecting strong performance in the energy sector.
Strong performance in the energy sector is likely to drive short-term gains in XLE.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60