Stocks Rebound After Selloff As October Hiring Slump Fuels Interest Rate Cut Bets: 10 ETFs To Watch Friday
Portfolio Pulse from Piero Cingari
U.S. stocks rebounded after a hiring slump in October increased expectations for Federal Reserve interest rate cuts. The SPDR S&P 500 ETF Trust (SPY), Invesco QQQ Trust (QQQ), iShares Russell 2000 ETF (IWM), and other ETFs saw gains. Amazon's earnings boosted the Consumer Discretionary Select Sector SPDR Fund (XLY).
November 01, 2024 | 2:17 pm
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POSITIVE IMPACT
Amazon shares rallied 6% post-earnings, significantly boosting the consumer discretionary sector.
Amazon's strong earnings report led to a significant rise in its stock price, positively impacting the consumer discretionary sector.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
The Direxion Daily AMZN Bull 2X Shares ETF skyrocketed by 13% following Amazon's strong earnings.
AMZU, a leveraged ETF focused on Amazon, saw a significant increase due to Amazon's strong earnings performance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The SPDR Gold Trust rose 0.5% as investors sought safe havens amid economic uncertainty.
The GLD ETF, which tracks gold prices, saw a rise as investors turned to gold as a safe haven amid economic uncertainty.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Intel Corp. was among the best performers in the semiconductor sector following better-than-expected results.
Intel's strong performance contributed to the rebound in semiconductor stocks, positively impacting its stock price.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 75
POSITIVE IMPACT
The iShares U.S. Home Construction ETF rose 1.8% as rate cut expectations boosted real estate stocks.
The ITB ETF, which focuses on home construction, benefited from the prospect of lower interest rates, which are favorable for the real estate sector.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The iShares Russell 2000 ETF surged 1.2%, outperforming larger indices as small caps benefited from rate cut expectations.
Small-cap stocks, represented by the IWM ETF, often react positively to rate cuts due to their higher sensitivity to economic conditions.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 75
POSITIVE IMPACT
The Roundhill Magnificent Seven ETF rose 1.4% after a sharp decline, driven by rate cut expectations.
The MAGS ETF, which had previously seen a significant drop, rebounded as the market priced in potential rate cuts.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
The Invesco QQQ Trust, tracking the Nasdaq 100, rose 0.6% amid rising rate cut expectations.
The QQQ ETF, representing the tech-heavy Nasdaq 100, benefited from the prospect of lower interest rates, which are favorable for growth stocks.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The iShares Semiconductor ETF rose 1.6% as semiconductors rebounded after a previous decline.
The SOXX ETF, representing semiconductor stocks, saw gains as the sector rebounded from a previous drop.
CONFIDENCE 80
IMPORTANCE 55
RELEVANCE 65
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust rebounded 0.7% after a previous slump, driven by increased expectations for Federal Reserve rate cuts.
The SPY ETF, which tracks the S&P 500, saw a rebound due to market expectations of a Federal Reserve rate cut, which generally supports stock prices.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The United States Oil Fund gained 1% amid rising geopolitical tensions in the Middle East.
The USO ETF, which tracks oil prices, rose due to increased geopolitical tensions affecting oil supply and demand dynamics.
CONFIDENCE 85
IMPORTANCE 55
RELEVANCE 65
POSITIVE IMPACT
The Consumer Discretionary Select Sector SPDR Fund gained over 2%, driven by a 6% rally in Amazon shares post-earnings.
XLY, which includes consumer discretionary stocks, was significantly boosted by Amazon's strong earnings performance.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 85