Wall Street Primed For Relief Rally As Traders Eye Jobless Claims, FedEx Earnings After Fed's 50 Basis-Point Cut: Strategist Says These Stocks Will Gain Edge In First 6 Months Of Rate Cut
Portfolio Pulse from Shanthi Rexaline
U.S. stocks are poised for a relief rally following the Federal Reserve's 50 basis-point rate cut. Traders are focusing on jobless claims and FedEx earnings. Tech and small-cap stocks are expected to rally, although strategists warn of a potential tech cool-off. The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ ETF (QQQ) saw premarket gains. Analysts suggest value and defensive stocks may outperform in the coming months.
September 19, 2024 | 10:53 am
News sentiment analysis
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NEGATIVE IMPACT
Steelcase Inc. shares fell nearly 8% in premarket trading following its quarterly results, indicating a negative market reaction.
The significant drop in Steelcase's stock price in premarket trading suggests a negative reaction to its quarterly earnings report.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
FedEx is set to report earnings after the market close, which could impact its stock price. The market is closely watching these results following the Fed's rate cut.
FedEx's earnings report is significant as it comes right after the Fed's rate cut, which has set a positive tone in the market. Positive earnings could further boost its stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Invesco QQQ ETF gained 2.00% in premarket trading, driven by optimism in tech stocks despite warnings of a potential cool-off.
The QQQ's premarket rise reflects investor optimism in tech stocks following the Fed's rate cut, although strategists caution about a potential cool-off.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) jumped 1.55% in premarket trading, reflecting optimism following the Fed's rate cut.
The SPY's premarket gain indicates a positive market reaction to the Fed's rate cut, suggesting a potential short-term rally in the broader market.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70