Wall Street Set To Tumble As Macro Concerns Return, VIX Spikes And Global Markets Sell Off: Safe-Haven Gold Rises To Record High As Traders Eye July Jobs Data
Portfolio Pulse from Shanthi Rexaline
Wall Street is set for a downturn as macroeconomic concerns resurface, with the VIX spiking and global markets selling off. Safe-haven gold has reached a record high. Key non-farm payrolls data is awaited, which could significantly impact the market. Tech stocks are expected to be hit hard, with notable premarket movements in Amazon, Apple, and Intel. The semiconductor sector is also under pressure.
August 02, 2024 | 12:01 pm
News sentiment analysis
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POSITIVE IMPACT
Apple rose about 0.80% in premarket trading in reaction to earnings.
Apple's slight premarket rise suggests a positive reaction to its earnings, indicating potential short-term price increase.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 90
POSITIVE IMPACT
Meta's earnings provided support to communication services stocks, despite broader market declines.
Meta's positive earnings report has provided some support to the communication services sector, indicating potential short-term price stability or increase.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Invesco QQQ ETF rose 0.48% in premarket trading.
QQQ's slight premarket rise suggests a neutral to slightly positive sentiment, but broader market concerns may limit significant gains.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
SPDR S&P 500 ETF Trust moved up 0.31% in premarket trading.
SPY's slight premarket rise suggests a neutral to slightly positive sentiment, but broader market concerns may limit significant gains.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Amazon fell over 8% in premarket trading due to earnings reaction.
Amazon's significant premarket drop is directly tied to its earnings report, indicating investor disappointment and potential short-term price decline.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Intel plunged over 20.50% in premarket trading due to earnings reaction.
Intel's significant premarket drop is directly tied to its earnings report, indicating investor disappointment and potential short-term price decline.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
iShares Semiconductor ETF down about 2% amid negative headlines in the semiconductor space.
The semiconductor sector is facing negative sentiment, leading to a decline in the iShares Semiconductor ETF, indicating potential short-term price decline.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80