US Stocks Set To Start Week On Flat Note As Focus Shifts To Fed Speeches: Strategist Says Strong Gains Ahead If S&P 500 Extends Winning Streak To 8 Sessions
Portfolio Pulse from Shanthi Rexaline
US stocks are set to start the week on a flat note with a focus on upcoming Fed speeches and the Democratic National Convention. The S&P 500 and Nasdaq Composite are on a seven-session winning streak. Chip stocks, including Micron Technology, Nvidia, and AMD, weakened in premarket trading. The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ ETF (QQQ) showed minor movements. Analysts suggest strong gains if the S&P 500 extends its winning streak to eight sessions. Estée Lauder and Palo Alto Networks are set to release quarterly results.
August 19, 2024 | 10:38 am
News sentiment analysis
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NEGATIVE IMPACT
Advanced Micro Devices weakened in premarket trading following recent advances.
AMD's premarket weakness suggests a potential short-term negative impact, likely due to profit-taking after recent gains.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Micron Technology fell over 1.75% in premarket trading due to negative sell-side commentary from Citigroup.
Negative commentary from Citigroup has led to a significant premarket decline for Micron Technology, indicating a likely short-term negative impact.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Nvidia Corp. weakened in premarket trading following recent advances.
Nvidia's premarket weakness suggests a potential short-term negative impact, likely due to profit-taking after recent gains.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Estée Lauder is set to release its quarterly results.
The upcoming earnings report for Estée Lauder could provide new information, but the immediate impact is neutral until results are disclosed.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
NEUTRAL IMPACT
Palo Alto Networks is set to release its quarterly results.
The upcoming earnings report for Palo Alto Networks could provide new information, but the immediate impact is neutral until results are disclosed.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
NEUTRAL IMPACT
The Invesco QQQ ETF fell 0.02% in premarket trading. The tech-heavy Nasdaq Composite is on a seven-session winning streak.
The QQQ ETF is tied to the Nasdaq Composite, which is on a winning streak. However, the slight premarket decline suggests a neutral short-term impact.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust edged up 0.03% in premarket trading. Analysts suggest strong gains if the S&P 500 extends its winning streak to eight sessions.
The SPY ETF is closely tied to the performance of the S&P 500. Analysts predict strong gains if the S&P 500 continues its winning streak, which could positively impact SPY.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Positive commentary from Walmart helped sustain the market rally last week.
Walmart's positive commentary contributed to market optimism, which could have a short-term positive impact on its stock.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50