mlsanityData to 7 Oct 2026

The Wall Street Neophyte: A Zero-Shot Analysis of ChatGPT Over MultiModal Stock Movement Prediction Challenges

arXiv 2304.05351 ↗First posted 10 Apr 2023cs.CL cs.LG q-fin.STcited by 59

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Abstract (arXiv)

Recently, large language models (LLMs) like ChatGPT have demonstrated remarkable performance across a variety of natural language processing tasks. However, their effectiveness in the financial domain, specifically in predicting stock market movements, remains to be explored. In this paper, we conduct an extensive zero-shot analysis of ChatGPT's capabilities in multimodal stock movement prediction, on three tweets and historical stock price datasets. Our findings indicate that ChatGPT is a "Wall Street Neophyte" with limited success in predicting stock movements, as it underperforms not only state-of-the-art methods but also traditional methods like linear regression using price features. Despite the potential of Chain-of-Thought prompting strategies and the inclusion of tweets, ChatGPT's performance remains subpar. Furthermore, we observe limitations in its explainability and stability, suggesting the need for more specialized training or fine-tuning. This research provides insights into ChatGPT's capabilities and serves as a foundation for future work aimed at improving financial market analysis and prediction by leveraging social media sentiment and historical stock data.

Key facts. Cited by 59 papers in the map (data through 7 Oct 2026). Builds on 3 of its 25 references that are in the map. First posted on arXiv 10 Apr 2023.

Builds on

3 of 25 references.

References · 3

  1. 2013Efficient Estimation of Word Representations in Vector Spacecited by 4,346
  2. 2014Distributed Representations of Sentences and Documentscited by 677
  3. 2017A Dual-Stage Attention-Based Recurrent Neural Network for Time Series Predictioncited by 245

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Cited by year (2026 to 7 Oct)

Citing papers per year: 2023: 13; 2024: 24; 2025: 12; 2026: 10.

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  1. 2023Large Language Models Empowered Agent-based Modeling and Simulation: A Survey and Perspectivescited by 253
  2. 2024Foundation Models for Time Series Analysis: A Tutorial and Surveycited by 234
  3. 2024Leak, Cheat, Repeat: Data Contamination and Evaluation Malpractices in Closed-Source LLMscited by 224
  4. 2023PIXIU: A Large Language Model, Instruction Data and Evaluation Benchmark for Financecited by 217
  5. 2023Gender bias and stereotypes in Large Language Modelscited by 185
  6. 2024FinBen: A Holistic Financial Benchmark for Large Language Modelscited by 140
  7. 2023Can ChatGPT Forecast Stock Price Movements? Return Predictability and Large Language Modelscited by 125
  8. 2024Large Language Models for Time Series: A Surveycited by 113
  9. 2023Large Models for Time Series and Spatio-Temporal Data: A Survey and Outlookcited by 109
  10. 2024LLM as a Mastermind: A Survey of Strategic Reasoning with Large Language Modelscited by 97
  11. 2024A Survey of Large Language Models for Financial Applications: Progress, Prospects and Challengescited by 86
  12. 2024From Individual to Society: A Survey on Social Simulation Driven by Large Language Model-based Agentscited by 76
38 more
  1. 2023GPTEval: A Survey on Assessments of ChatGPT and GPT-4cited by 73
  2. 2024Empowering Time Series Analysis with Large Language Models: A Surveycited by 60
  3. 2024Open-FinLLMs: Open Multimodal Large Language Models for Financial Applicationscited by 36
  4. 2024AI for social science and social science of AI: A Surveycited by 29
  5. 2025Multi-modal Time Series Analysis: A Tutorial and Surveycited by 24
  6. 2024Empowering Time Series Analysis with Foundation Models: A Comprehensive Surveycited by 23
  7. 2024XAI meets LLMs: A Survey of the Relation between Explainable AI and Large Language Modelscited by 23
  8. 2025A Survey of Reasoning and Agentic Systems in Time Series with Large Language Modelscited by 21
  9. 2023Empowering Many, Biasing a Few: Generalist Credit Scoring through Large Language Modelscited by 20
  10. 2025How Can Time Series Analysis Benefit From Multiple Modalities? A Survey and Outlookcited by 20
  11. 2025BRIDGE: Bootstrapping Text to Control Time-Series Generation via Multi-Agent Iterative Optimization and Diffusion Modelingcited by 18
  12. 2023Integrating Stock Features and Global Information via Large Language Models for Enhanced Stock Return Predictioncited by 16
  13. 2024Can Language Models Use Forecasting Strategies?cited by 13
  14. 2025Retrieval-augmented Large Language Models for Financial Time Series Forecastingcited by 12
  15. 2025Domaino1s: Guiding LLM Reasoning for Explainable Answers in High-Stakes Domainscited by 11
  16. 2023A Comprehensive Review on Financial Explainable AIcited by 10
  17. 2025Deep Learning for Time Series Forecasting: A Surveycited by 10
  18. 2024Ploutos: Towards interpretable stock movement prediction with financial large language modelcited by 9
  19. 2025From Deep Learning to LLMs: A survey of AI in Quantitative Investmentcited by 9
  20. 2024A Comparative Analysis of Instruction Fine-Tuning LLMs for Financial Text Classificationcited by 8
  21. 2024No Language is an Island: Unifying Chinese and English in Financial Large Language Models, Instruction Data, and Benchmarkscited by 7
  22. 2025STEER-ME: Assessing the Microeconomic Reasoning of Large Language Modelscited by 7
  23. 2024FinVision: A Multi-Agent Framework for Stock Market Predictioncited by 6
  24. 2024D'olares or Dollars? Unraveling the Bilingual Prowess of Financial LLMs Between Spanish and Englishcited by 5
  25. 2023PharmacyGPT: The AI Pharmacistcited by 3
  26. 2023Methods for Acquiring and Incorporating Knowledge into Stock Price Prediction: A Surveycited by 3
  27. 2024Protected group bias and stereotypes in Large Language Modelscited by 3
  28. 2024Stock Movement Prediction with Multimodal Stable Fusion via Gated Cross-Attention Mechanismcited by 3
  29. 2024Quantifying Qualitative Insights: Leveraging LLMs to Market Predictcited by 3
  30. 2025MASCA: LLM based-Multi Agents System for Credit Assessmentcited by 3
  31. 2023Potential of ChatGPT in predicting stock market trends based on Twitter Sentiment Analysiscited by 2
  32. 2024Can ChatGPT Compute Trustworthy Sentiment Scores from Bloomberg Market Wraps?cited by 2
  33. 2025Ethereum Price Prediction Employing Large Language Models for Short-term and Few-shot Forecastingcited by 2
  34. 2026A Review of Large Language Models for Stock Price Forecasting from a Hedge-Fund Perspectivecited by 2
  35. 2024Higher Order Transformers: Enhancing Stock Movement Prediction On Multimodal Time-Series Datacited by 1
  36. 2026Prompting Underestimates LLM Capability for Time Series Classificationcited by 1
  37. 2026AlphaForgeBench: Benchmarking End-to-End Trading Strategy Design with Large Language Modelscited by 1
  38. 2026Streaming Knowledge Compilation: Proactive Materiality-Scored Pinning for Time-Evolving LLM Wikiscited by 1

50 most cited of 59 All 59 (JSON)

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  4. 2024FinTral: A Family of GPT-4 Level Multimodal Financial Large Language Models
  5. 2024Financial Sentiment Analysis: Leveraging Actual and Synthetic Data for Supervised Fine-tuning
  6. 2024Can Large Language Models Beat Wall Street? Unveiling the Potential of AI in Stock Selection
  7. 2026Janus-Q: End-to-End Event-Driven Trading via Hierarchical-Gated Reward Modeling
  8. 2024Aligning LLMs with Human Instructions and Stock Market Feedback in Financial Sentiment Analysis