Small-Cap Gains Resume Ahead Of Major Tech Earnings; UPS Faces Worst Day Ever, Bitcoin Dips Below $66,000: What's Driving Markets Tuesday?
Portfolio Pulse from Piero Cingari
On Tuesday, small-cap stocks outperformed large caps as investors awaited key earnings reports from Alphabet and Tesla. The Russell 2000 index rose 0.8%, while the Nasdaq 100 dipped 0.2%. United Parcel Service (UPS) plunged 14% after missing earnings and revenue estimates. Bitcoin dropped over 2% to $65,800.
July 23, 2024 | 5:53 pm
News sentiment analysis
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NEGATIVE IMPACT
The Invesco QQQ Trust fell 0.2%, reflecting the dip in the tech-heavy Nasdaq 100 index.
The decline in the Nasdaq 100 index indicates a negative impact on QQQ, which tracks tech stocks.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
UPS experienced a 14% drop after missing earnings and revenue estimates, marking its worst day since going public.
Missing earnings and revenue estimates typically leads to a significant drop in stock price, as seen with UPS.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
The Energy Select Sector SPDR Fund lagged, falling by 1.4%.
The decline in the energy sector indicates negative sentiment, impacting XLE.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 60
NEUTRAL IMPACT
The SPDR Dow Jones Industrial Average ETF edged down 0.1%, reflecting a slight decline in the Dow Jones index.
The slight decline in the Dow Jones index suggests a minor negative impact on DIA.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust remained flat, reflecting little movement in the S&P 500 index.
The flat performance of the S&P 500 index suggests a neutral impact on SPY.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
Investors are anticipating Alphabet's earnings report, which could impact its stock price.
Earnings reports often lead to significant stock price movements. Positive results could drive the stock up.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The iShares Russell 2000 ETF rose 0.8%, reflecting the outperformance of small-cap stocks.
The rise in the Russell 2000 index indicates positive sentiment towards small-cap stocks, benefiting IWM.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Tesla's upcoming earnings report is highly anticipated and could influence its stock price.
Earnings reports are critical for stock price movements. Positive results could boost Tesla's stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Financials Select Sector SPDR Fund outperformed, rising by 0.4%.
The rise in the financial sector indicates positive sentiment, benefiting XLF.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 60