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home / articles / wall street set to open lower after amd earnings dis mwn benzinga


GRMN - Wall Street Set To Open Lower After AMD Earnings Disappoint As Traders Look To Fed's Powell For Relief: Why This Analyst Sees Incoming Summer Rally | Benzinga

A negative sentiment might linger on Wall Street on Wednesday, as evidenced by stock futures, after Advanced Micro Devices, Inc.‘s (NASDAQ:AMDunderwhelming quarterly report, exerting pressure on the tech sector and the broader market. However, the afternoon’s Federal Reserve interest rate decision and subsequent press conference by Chairman Jerome Powell could be the key catalyst that ultimately determines the session’s direction.

Despite potential short-term headwinds, some analysts view the April market pullback as a necessary correction after a strong rally, paving the way for renewed momentum in the coming months.


Futures
Performance (+/-)
Nasdaq 100
-0.72%
S&P 500
-0.43%
Dow
-0.21%
R2K
-0.60%


In premarket trading on Wednesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.41% to $499.92, and the Invesco QQQ ETF (NASDAQ:QQQ) slumped 0.75% to $421.40, according to Benzinga Pro data.

Cues From Previous Session:

Inclement economic data weighed down on the market on Tuesday, as the major averages reversed course, snapping a two-session advance. The employment cost index – a measure of wage-induced inflation rose more than expected in the first quarter, Chicago region’s manufacturing activity sunk further into contraction territory and consumer confidence fell below a threshold that demarcates receding and improving sentiment, three separate reports showed.

Bond yields spiked, exerting further downward pressure on stocks.

The averages opened narrowly mixed and moved roughly sideways in early trading. The indices declined steadily through the remainder of the session, ending notably lower for the day. The sell-off was broad-based, with IT, energy, and consumer discretionary stocks serving as big drags.


Index
Performance (+/-)
Value
Nasdaq Composite
-2.04%
15,657.82
S&P 500 Index
-1.57%
5,035.69
Dow Industrials
-1.49%
37,815.92
Russell 2000
-2.09%
1,973.91

For the month, the indices fell 4.41%, 4.16%, 5.00% and 7.09%, respectively, with the S&P 500 snapping a five-month winning run.

Insights From Analysts:

Powell alone can help lift some of the overhang surrounding the rate outlook and this could be the need of the hour, according to an analyst. Charlie Ripley, Senior Investment Strategist for Allianz Investment Management, said, “Market sentiment continues to waver on inflation-related data sets,” said the analyst, adding that data showing a jump in employment costs ...

Full story available on Benzinga.com

Stock Information

Company Name: Garmin Ltd. (Switzerland)
Stock Symbol: GRMN
Market: NASDAQ

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