The MarketReader Minute
Amazon's logistics and transition to electric vehicles may be affected by Rivian Automotive's halt in production of electric delivery vans due to a parts shortage.
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Key contributors to this performance include NVDA, AMD, CSCO, MU, and AAPL, with NVDA leading the way. Analysts have recently upgraded Cisco Systems (CSCO), boosting its average 12-month price target to $54.00, supported by a solid revenue growth rate and net margin.
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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.
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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.
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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.
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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
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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.
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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.
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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.
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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%
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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
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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.
