The MarketReader Minute
VRTX, MRNA, REGN, GILD, and AMGN all demonstrated notable increases in their respective stock prices, bolstering the ETF's upward movement during market hours on Wednesday.
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Tesla (TSLA) reported a production record for Powerwalls and strong growth in its energy segment, alongside a pilot program for Tesla Semi trucks. Additionally, Tesla issued a recall for 2016 Model X vehicles due to cosmetic trim concerns.
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Some of the largest macro moves in the market today include: USD/CNH +0.2%. Some of the largest moves among US mega-cap stocks include: Alphabet Inc (GOOGL) -1.2%. Alphabet Inc (GOOG) -1.1%. Walmart Inc (WMT) +1.1%.
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significant macroeconomic data revealed a notable decline in U.S. housing starts by 6.8% in July 2024, marking the steepest drop since March. This decrease, particularly in single-unit building starts, raises concerns about the housing market's health and the financial sector.
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the S&P 500 Index has also declined slightly, by 0.13%, suggesting broader market influences are affecting the technology sector's performance.
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Brent crude fell below $78 per barrel and West Texas Intermediate slipped under $74 per barrel. The easing geopolitical tensions surrounding Israel-Hamas ceasefire talks have contributed to reduced fears of supply disruptions from the Middle East, alongside ongoing concerns about Chinese demand.
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Some of the largest macro moves in the market today include: Gold +0.9%. Bitcoin +2.1%. Some of the largest moves among US mega-cap stocks include: Eli Lilly and Co (LLY) +2.0%.
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The Australian dollar has appreciated against the U.S. dollar, reflecting broader market sentiment that may influence consumer discretionary spending. This movement in the AUD/USD currency pair is noteworthy in the context of overall economic conditions.
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oil prices are under pressure from concerns about weaker demand in China, although geopolitical tensions may restrict further declines. The USD/CAD currency pair has decreased slightly, reflecting broader market dynamics and contributing to the stability of XLE.
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The top contributors to this performance include UTHR, which experienced a significant rise, contributing the most to the ETF's performance. MRNA and VRTX also posted modest gains, with each making a smaller contribution.
The MarketReader Minute
Some of the largest macro moves in the market today include: USD/CNH -0.3%. Some of the largest moves among US mega-cap stocks include: Alphabet Inc (GOOG) +1.5%. Alphabet Inc (GOOGL) +1.4%.
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.
