The MarketReader Minute
Significant movements among VGT's holdings included declines from major contributors such as Apple, Intuit, Texas Instruments, Qualcomm, and Oracle. Apple CEO Tim Cook sold over $50 million in stock amid company transitions, while Qualcomm's CTO sold shares, raising concerns about insider sentiment.
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XLE has experienced a price increase, attributed to recent comments from President Biden regarding oil market stabilization measures. The Biden administration has purchased an additional 6 million barrels of crude oil for the Strategic Petroleum Reserve at an average price of $68.56 per barrel.
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Among the ETF's holdings, notable declines were observed in Amazon, Tesla, TJX, Home Depot, and Chipotle Mexican Grill, with Amazon planning to hire seasonal workers amid profit concerns.
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Some of the largest macro moves in the market today include: Copper -2.6%. US Dollar Index +0.3%. GBP/USD -1.1%.
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Significant contributors to this performance include Illumina (ILMN), which increased notably, alongside Gilead Sciences (GILD) and Mettler-Toledo (MTD), both of which also posted gains.
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NVIDIA (NVDA) also saw a decrease, as did First Solar (FSLR), which underperformed in the solar sector despite receiving a positive preliminary determination on Countervailing Duty.
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The Energy Select Sector SPDR Fund (XLE) has gained amid rising oil prices, due to escalating tensions in the Middle East following Iran's missile attack on Israel.
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UBS has issued a favorable outlook on the re-rating of commercial real estate-focused regional banks, as highlighted in their Q3 preview for US banks released recently. This analysis may reflect a positive sentiment towards the broader financial sector.
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Tesla (TSLA), fell sharply despite reporting strong Q3 production and delivery figures, as results did not meet heightened expectations. Nike (NKE) experienced a notable decline after withdrawing its FY25 guidance and posting disappointing Q1 earnings, prompting analyst downgrades.
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Some of the largest macro moves in the market today include: Oil (WTI) +1.4%. US 10Y Treasury Bond -0.3%. A50 Index (China) +1.3%. Some of the largest moves among US mega-cap stocks include: UnitedHealth Group Inc (UNH) +1.7%. Exxon Mobil Corp (XOM) +1.6%.
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Exxon Mobil reached a four-week high, aided by a substantial asset sale in Nigeria. Chevron has partnered with Honeywell to enhance refining efficiency through AI technologies.
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Mixed macroeconomic signals are evident, as the ISM Manufacturing PMI indicates continued contraction, while job openings exceed expectations. Conversely, construction spending unexpectedly fell, highlighting weaknesses in that sector. The ETF is trading with unusually high market volume today.
