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.
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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.
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Microsoft has announced a partnership with Ituran Location and Control and Porsche to improve real-time data telemetry for racing teams in Brazil, Argentina, and Portugal for the upcoming season.
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The U.S. core consumer price index (CPI) rose by 0.2% in July, aligning with market expectations and slightly up from June's increase of 0.1%. On an annual basis, the core CPI increased by 3.2%, marking its lowest level since April 2021.
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NVIDIA returned significantly, contributing the most to the ETF's performance. Apple maintained its $3 trillion market cap and is set to launch the Apple Intelligence and iPhone 16 series with AI capabilities.
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Significant contributors to the ETF's performance included ExxonMobil, ConocoPhillips, Occidental Petroleum, Schlumberger, and Marathon Petroleum, all of which posted negative returns.
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Significant contributors to this performance included Starbucks, which saw a notable return following the appointment of Brian Niccol as its new Chairman and CEO, alongside Amazon, Tesla, Booking Holdings, and TJX, all of which posted positive returns.
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Some of the largest macro moves in the market today include: Ethereum -3.0%. Nasdaq 100 Index (US) +0.9%. USD/CNH -0.2%. Some of the largest moves among US mega-cap stocks include: NVIDIA Corp (NVDA) +3.5%.
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AMD made headlines with its acquisition of Silo AI for $665 million to enhance its AI solutions. Micron Technology faced a price target reduction by Mizuho analyst, dropping from $155 to $145, although the Outperform rating remains intact.
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Chevron has commenced oil and gas production from its Anchor project in the deepwater U.S. Gulf of Mexico, utilizing advanced high-pressure technology and an all-electric facility aimed at reducing carbon emissions.
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In the broader market context, the Russell 2000 Index has also decreased by 0.13%, reflecting a cautious sentiment that may be affecting biotech stocks. This overall market movement coincides with the ETF's downward trend.
The MarketReader Minute
Some of the largest macro moves in the market today include: Ethereum +4.6%. Copper +1.4%. Nikkei 225 Index (Japan) +1.6%. Some of the largest moves among US mega-cap stocks include: Eli Lilly and Co (LLY) +1.7%. Walmart Inc (WMT) +0.8%.
