Wall Street Set For Subdued Start As Traders Await All-Important Inflation Data, Bitcoin Tops $61K: Fund Manager Flags This Event As Pivotal To Near-term Market Recovery
Portfolio Pulse from Shanthi Rexaline
Wall Street is set for a cautious start as traders await the consumer price inflation report. Bond yields are slipping, and if inflation data shows a continued decrease, the Federal Reserve may cut rates. Nvidia and other AI-levered tech stocks could benefit from strong AI server demand. Peloton surged on a partnership with Alphabet's Fitbit, while Kellanova rose on acquisition news. Several companies, including Cardinal Health and Cisco, are reporting earnings. Bitcoin topped $61K, and global markets showed mixed reactions.
August 14, 2024 | 11:11 am
News sentiment analysis
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NEUTRAL IMPACT
Cardinal Health is among the notable companies reporting earnings ahead of the market open.
Earnings reports can significantly impact stock prices, but the direction depends on the results. Hence, the impact is neutral until the earnings are disclosed.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Cisco Systems is set to report earnings after the market close.
Earnings reports can significantly impact stock prices, but the direction depends on the results. Hence, the impact is neutral until the earnings are disclosed.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Invesco QQQ ETF rose 0.05% in premarket trading.
A slight premarket increase indicates a neutral to positive sentiment, but the impact is minimal.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
NEUTRAL IMPACT
SPDR S&P 500 ETF Trust edged up 0.06% in premarket trading.
A slight premarket increase indicates a neutral to positive sentiment, but the impact is minimal.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Kellanova rose about 6.50% after reports that Mars, Inc. is nearing a deal to buy the company.
The potential acquisition by Mars, Inc. is a major event for Kellanova, likely driving the stock price higher due to investor optimism.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
Nvidia could benefit from strong AI server demand as indicated by Hon Hai Precision Industry's commentary.
Hon Hai Precision Industry's commentary on strong AI server demand suggests increased business for Nvidia, likely boosting its stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Peloton surged nearly 7% in premarket trading after announcing a content partnership with Alphabet's Fitbit.
The partnership with Alphabet's Fitbit is a significant development for Peloton, likely driving investor optimism and boosting the stock price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 90