The MarketReader Minute
BioNTech's stock price fell following the announcement of mixed results from its Phase 3 clinical trial of a combined mRNA vaccine for influenza and COVID-19, which showed strong efficacy against influenza A and SARS-CoV-2 but inadequate immunity against influenza B.
The MarketReader Minute
This decrease, particularly in single-unit building starts, raises concerns about the housing market's health and its potential implications for the financial sector, contributing to the observed volatility in XLF.
The MarketReader Minute
Oil prices have experienced a slight decline, with Brent crude futures falling to $80.94 per barrel. This drop coincides with ongoing concerns regarding an economic slowdown in China and an unexpected increase in U.S. oil inventories, suggesting cooling demand.
The MarketReader Minute
Some of the largest macro moves in the market today include: Oil (WTI) -1.9%. Gold +0.9%. Nikkei 225 Index (Japan) -1.8%. Some of the largest moves among US mega-cap stocks include: Broadcom Inc (AVGO) -1.4%. Walmart Inc (WMT) -1.2%. Exxon Mobil Corp (XOM) -0.8%.Â
The MarketReader Minute
In the broader market context, the Russell 2000 Index rose by 1.99%, suggesting that the performance of small-cap stocks may be influencing dynamics within the biotechnology sector.
The MarketReader Minute
US Retail Sales for July exceeded expectations, surging 1.0%, while Initial Jobless Claims fell to 227,000, both of which have historically influenced XLY's performance. Additionally, the S&P 500 Index has increased by 1.01%, reflecting broader market sentiment.
The MarketReader Minute
Cisco (CSCO) benefited from favorable analyst actions following better-than-expected Q4 earnings, while Broadcom (AVGO) posted a solid return. Additionally, the S&P 500 Index's rise of 0.89% reflects broader market movements that may be influencing VGT's performance.
The MarketReader Minute
Key contributors to this performance include CVX, which saw a return of 0.72%, contributing 0.12% to the ETF's overall performance. VLO reported a return of 1.39%, contributing 0.05%
The MarketReader Minute
Some of the largest macro moves in the market today include: US 2Y Treasury Bond -0.3%. USD/CNH +0.6%. US 10Y Treasury Bond -0.7%. Some of the largest moves among US mega-cap stocks include: Walmart Inc (WMT) +8.6%. Amazon.com Inc (AMZN) +2.9%. Broadcom Inc (AVGO) +1.9%.Â
The MarketReader Minute
Moderna Inc (MRNA) also contributed positively after announcing a partnership with Coursera to launch a free online course on mRNA technology, aimed at enhancing education in STEM fields.
The MarketReader Minute
The Consumer Discretionary Select Sector SPDR Fund (XLY) experienced a slight decrease. Among its holdings, Amazon led with a notable return, followed by Chipotle Mexican Grill, General Motors, Airbnb, and eBay.
The MarketReader Minute
BAC and MMC each contributed minimally to the overall performance with small declines. Additionally, the AUD/USD currency pair has dropped by 0.29%, reflecting broader market sentiment that may correlate with the recent movement in XLF.
