Cautious: Tech rebound
Markets are seeing a relief rally led by technology after two consecutive down sessions. The July Consumer Price Index came in cooler than expected, giving investors confidence the Federal Reserve will maintain current rates. Volatility is subdued, with the VIX hovering near fourteen and a half. Analysts have also raised earnings estimates for the third quarter and full year for S&P 500 companies, bucking the historical trend of downward revisions. Energy and Financials led the upward earnings revisions, while Materials saw a decrease. Oil prices are easing slightly after recent geopolitical tensions.
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Source: OpenAI GPT-4
Ticker: QQQ
Top ETF Picks by Sector
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