Wall Street Poised For Pullback Ahead Of August CPI Data: Strategist Says Further Dip Likely Before Rally Resumes Following Next Week's Fed Meeting
Portfolio Pulse from Shanthi Rexaline
Wall Street is cautious ahead of the August CPI report, with futures slightly down. The market is influenced by the recent presidential debate and upcoming Fed meeting. Stocks like GameStop and Petco fell due to earnings, while Trump Media & Technology Group saw a significant drop post-debate.
September 11, 2024 | 10:56 am
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NEUTRAL IMPACT
Invesco QQQ ETF slipped 0.29% in premarket trading, reflecting caution ahead of CPI data and Fed meeting.
QQQ tracks the Nasdaq-100, which is sensitive to macroeconomic data like CPI and Fed decisions. Current market caution is reflected in its premarket decline.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
SPDR S&P 500 ETF Trust is down 0.25% in premarket trading as the market awaits the August CPI report and Fed meeting.
SPY is a broad market ETF, and its movement reflects overall market sentiment. The upcoming CPI report and Fed meeting are key factors influencing its price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Trump Media & Technology Group plunged over 15% as Trump's debate performance was seen as weak.
The significant drop in Trump Media's stock is directly linked to the perceived negative impact of Trump's debate performance.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 95
NEGATIVE IMPACT
GameStop shares fell about 9% in premarket trading following disappointing quarterly results.
GameStop's significant premarket drop is directly linked to its earnings report, indicating negative investor sentiment.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Petco Health and Wellness declined over 3.50% in premarket trading due to earnings results.
Petco's premarket decline is attributed to its earnings report, suggesting a negative market reaction.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 85