US Stocks May Take A Breather After S&P 500's Impressive 8-Session Winning Streak: Strategist Says Market Will Hit Fresh Highs In Next 4 Weeks, But Warns Investors Of Potential Risks
Portfolio Pulse from Shanthi Rexaline
US stocks may pause after an 8-session winning streak, with potential risks ahead. The S&P 500 and Nasdaq have reached new highs, but strategists warn of a possible pullback. Tech and crypto-exposed stocks are expected to maintain momentum. Key events include Fed speeches and Powell's upcoming address.
August 20, 2024 | 10:48 am
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POSITIVE IMPACT
Amgen, Inc. was among the stocks contributing to the Dow's recent gains, helping it reach its highest level since July 17.
AMGN's performance supported the Dow's rise, suggesting a likely short-term positive impact on its stock price.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
Coinbase Global, Inc. is seeing gains due to the recent Bitcoin rally, which has positively impacted its stock.
COIN's stock is positively impacted by the Bitcoin rally, suggesting a likely short-term positive impact.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
Intel Corp. was a key contributor to the Dow's gains, which is on a five-session winning streak, reaching its highest level since July 17.
INTC's positive performance contributed to the Dow's gains, indicating a likely short-term positive impact on its stock price.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
McDonald's Corp. contributed to the Dow's gains, which is on a five-session winning streak. The stock's performance helped push the Dow to its highest level since July 17.
MCD's positive performance contributed to the Dow's gains, indicating a likely short-term positive impact on its stock price.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
MicroStrategy Incorporated is benefiting from the recent Bitcoin rally, which has propped up its stock.
MSTR's stock is positively impacted by the Bitcoin rally, suggesting a likely short-term positive impact.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
Palo Alto Networks, Inc. rose over 2.4% in premarket trading following its quarterly results announcement, indicating strong investor confidence.
PANW's significant premarket rise following its earnings announcement suggests strong investor confidence and a likely positive short-term impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 70
NEUTRAL IMPACT
The Invesco QQQ ETF gained 0.10% in premarket trading, indicating continued strength in tech stocks. The Nasdaq Composite has rebounded from correction territory, but strategists warn of potential risks.
QQQ's premarket gain reflects tech sector strength. Despite the Nasdaq's recovery, strategists warn of potential risks, suggesting a neutral short-term impact.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) edged up 0.04% in premarket trading, reflecting the S&P 500's recent gains. However, strategists warn of potential risks and a possible pullback after an 8-session winning streak.
SPY's slight premarket gain reflects the S&P 500's recent performance. However, strategists caution about potential risks, suggesting a neutral short-term impact.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80