Stocks Edge Lower As Fed Rate Decision Looms, Treasury Yields Rise As Odds Improve For Smaller Cut: What's Driving Markets Wednesday?
Portfolio Pulse from Piero Cingari
Ahead of the FOMC meeting, Wall Street is experiencing modest losses with uncertainty over the size of the expected rate cut. Treasury yields are rising, and the VIX is up 8%, indicating increased market anxiety. Major indices and ETFs are mostly down, except for the Energy Select Sector SPDR Fund (XLE), which is up. ResMed Inc. (RMD) fell over 5% due to a downgrade, while General Motors Co. (GM) rose over 2% after announcing access to Tesla's Supercharger network.
September 18, 2024 | 4:32 pm
News sentiment analysis
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NEGATIVE IMPACT
The SPDR Dow Jones Industrial Average (DIA) fell 0.3% due to market jitters ahead of the FOMC meeting.
DIA is impacted by the overall market uncertainty and investor caution ahead of the FOMC meeting.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The iShares Russell 2000 ETF (IWM) eased 0.5% due to market uncertainty ahead of the FOMC meeting.
IWM is impacted by the overall market sentiment and uncertainty regarding the FOMC rate decision.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The Invesco QQQ Trust Series (QQQ) fell 0.4% amid uncertainty over the FOMC rate decision.
QQQ is affected by market uncertainty and investor caution regarding the FOMC rate decision.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
ResMed Inc. (RMD) fell over 5% after Wolfe Research downgraded the stock from 'Peer Perform' to 'Underperform'.
RMD's significant drop is directly linked to the downgrade by Wolfe Research, impacting investor sentiment.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) fell 0.3% amid market uncertainty over the FOMC rate decision.
SPY is affected by overall market sentiment and uncertainty regarding the FOMC rate decision, leading to a decline.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The Technology Select Sector SPDR Fund (XLK) lagged, down 0.8% amid market uncertainty.
XLK is affected by the broader market uncertainty and investor caution, particularly impacting tech stocks.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
General Motors Co. (GM) shares rose over 2% after announcing access to Tesla's Supercharger network.
GM's stock rose due to positive news about expanding its EV infrastructure through Tesla's Supercharger network.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
The Energy Select Sector SPDR Fund (XLE) outperformed, rising 0.2% despite overall market declines.
XLE's rise is notable as it outperformed other sectors, possibly due to sector-specific factors.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70