Wall Street Falls On Triple Witching Day, Fed's Waller Pushes Gold To Fresh Record Highs, FedEx Plummets: What's Driving Markets Friday?
Portfolio Pulse from Piero Cingari
Wall Street experienced a lackluster session on Friday, coinciding with 'triple witching' day. Despite this, volatility remained low. Fed Governor Waller's dovish comments pushed gold to record highs. Major indices and ETFs saw slight declines, with FedEx plummeting due to poor earnings, while Nike rose on a new CEO appointment.
September 20, 2024 | 5:14 pm
News sentiment analysis
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POSITIVE IMPACT
Nike shares rose over 6% after appointing Elliot Hill as the new CEO.
Nike's stock price increase is attributed to positive investor sentiment following the announcement of a new CEO.
CONFIDENCE 100
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Utilities Select Sector SPDR Fund rose 2.1%, outperforming other sectors.
XLU's rise is due to its defensive nature, attracting investors in a cautious market.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
The SPDR Dow Jones Industrial Average ETF edged down 0.2% in a subdued market.
DIA's slight decline is consistent with the broader market's negative performance.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
FedEx shares dropped 13.6% following disappointing quarterly earnings.
FedEx's significant drop in share price is directly linked to its poor earnings report, indicating a negative short-term impact.
CONFIDENCE 100
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The iShares Russell 2000 ETF fell 0.7%, reflecting small-cap stock struggles.
IWM's decline is indicative of the challenges faced by small-cap stocks in the current market.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The Invesco QQQ Trust Series fell 0.3% as tech stocks faced pressure.
QQQ's decline is due to the tech sector's underperformance in the current market environment.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust fell 0.5% amid a generally negative market session.
The SPY ETF's decline reflects the overall negative sentiment in the market during the session.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The Industrials Select Sector SPDR Fund fell 0.7%, lagging behind other sectors.
XLI's decline reflects the broader market's negative sentiment, particularly in industrials.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 60