Wall Street Momentum Stalls After Thursday's Rally, Palantir Jumps To 3-Year Highs, Bonds Rally: What's Driving Markets Friday?
Portfolio Pulse from Piero Cingari
Wall Street's momentum slowed on Friday after a strong Thursday rally. Major indices were mostly flat, with the S&P 500 slightly up. Palantir hit a 3-year high due to a partnership with Microsoft. Bonds rallied, and the dollar weakened. Key stock movers included Eli Lilly, Cisco, and several others reacting to earnings reports.
August 09, 2024 | 5:13 pm
News sentiment analysis
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POSITIVE IMPACT
Eli Lilly & Co. surged over 6% after several investment banks raised their price targets following a strong earnings report last quarter.
Strong earnings and raised price targets from investment banks are likely to boost investor confidence and drive the stock price higher.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Palantir Technologies Inc. climbed 1.5%, building on the previous day’s 11% surge following a partnership with Microsoft to deliver advanced cloud, AI, and analytics capabilities to U.S. defense and intelligence agencies.
The partnership with Microsoft is a significant development for Palantir, likely boosting investor confidence and driving the stock price higher.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
The iShares 20+ Year Treasury Bond ETF rallied 1%, snapping a three-session losing streak as demand for long-dated U.S. Treasury bonds increased.
Increased demand for long-dated U.S. Treasury bonds and declining yields are positive for TLT, likely driving its price higher.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Health Care Select Sector SPDR Fund outperformed, up by 0.4%, indicating strength in the healthcare sector.
The outperformance of the healthcare sector is reflected in the XLV ETF, indicating a positive short-term impact.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 70
NEUTRAL IMPACT
The SPDR Dow Jones Industrial Average was flat at $394.74, indicating no significant movement in the Dow Jones index.
The flat performance of the Dow Jones index is reflected in the DIA ETF, indicating a neutral short-term impact.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEUTRAL IMPACT
The Invesco QQQ Trust Series inched 0.2% higher to $448.94, reflecting slight positive movement in the tech-heavy Nasdaq 100 index.
The slight positive movement in the Nasdaq 100 index is reflected in the QQQ ETF, indicating a neutral short-term impact.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust rose 0.2% to $531.66, reflecting the overall slight positive movement in the S&P 500 index.
The slight positive movement in the S&P 500 index is reflected in the SPY ETF, indicating a neutral short-term impact.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Cisco Systems Inc. declined over 1% after revealing plans for thousands of job cuts, marking its second round of layoffs this year.
The announcement of significant job cuts is likely to be viewed negatively by investors, potentially driving the stock price lower.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 85
NEGATIVE IMPACT
The iShares Russell 2000 ETF fell 0.5% to $205.88, reflecting the decline in the Russell 2000 index.
The decline in the Russell 2000 index is reflected in the IWM ETF, indicating a negative short-term impact.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The Industrial Select Sector SPDR Fund lagged, down by 0.2%, indicating weakness in the industrial sector.
The underperformance of the industrial sector is reflected in the XLI ETF, indicating a negative short-term impact.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 70