Wall Street Poised For Sharply Lower Start As Risk-Off Sentiment Dominates, VIX Spikes: Analysts Fret Over Sluggish September Seasonality (CORRECTED)
Portfolio Pulse from Shanthi Rexaline
Wall Street is expected to open lower due to risk-off sentiment and a spike in the VIX. The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ ETF (QQQ) are down in premarket trading. Nvidia's earnings impacted the market negatively last week. Unity Software rose on an analyst upgrade, while U.S. Steel fell after political comments. Upcoming economic data and Fed decisions are key focuses.
September 03, 2024 | 10:50 am
News sentiment analysis
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NEGATIVE IMPACT
Nvidia's earnings report negatively impacted the market last week, contributing to a stall and pullback in stocks.
Nvidia's earnings report was a key factor in the market's performance last week, causing a negative impact on investor sentiment and contributing to a pullback.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
The Invesco QQQ ETF is down 0.67% in premarket trading, reflecting the tech-heavy Nasdaq's vulnerability to current market sentiment and economic uncertainties.
The QQQ tracks the Nasdaq-100, which is sensitive to tech sector performance. Current market sentiment and economic uncertainties are negatively impacting tech stocks.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust is down 0.49% in premarket trading as risk-off sentiment dominates the market, influenced by upcoming economic data and Fed decisions.
The SPY is a broad market ETF and is directly affected by overall market sentiment. The current risk-off sentiment and anticipation of economic data and Fed decisions are causing a decline.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
U.S. Steel fell over 7.5% after Kamala Harris opposed its sale to Nippon Steel, reflecting political influence on the stock.
Political comments from Kamala Harris against the sale to Nippon Steel have negatively impacted U.S. Steel's stock price, highlighting regulatory and political risks.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
Unity Software rose over 6% in premarket trading following an analyst upgrade, indicating positive sentiment towards the stock.
The analyst upgrade has led to a positive market reaction, boosting Unity Software's stock price in premarket trading.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70