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Thursday, November 21

Some of the largest macro moves in the market today include: Ethereum +8.7%. Bitcoin +3.5%. Oil (WTI) +1.4%.

Recent economic data releases have shown mixed signals regarding the U.S. economy, significantly impacting market sentiment. Initial unemployment claims fell to 213,000 for the week ending November 16th, indicating a robust labor market and providing leeway for potential monetary policy adjustments by the Federal Reserve if inflation remains high. Conversely, the Philadelphia Fed Manufacturing Index unexpectedly dropped to -5.5 in November from October's reading of 10.3, suggesting weakening manufacturing activity despite some positive employment indicators.

Geopolitical tensions are also influencing markets as Russia launched an intercontinental ballistic missile amid ongoing conflicts with Ukraine; this has heightened safe-haven demand for assets like gold while contributing to fluctuations in currency values such as JPY and USD against other major currencies due to risk aversion among investors. The situation is compounded by expectations surrounding President-elect Donald Trump's administration potentially raising tariffs that could further impact global trade dynamics.

In central banking news, Bank of Japan Governor Kazuo Ueda hinted at possible future interest rate hikes but emphasized that decisions would be made based on incoming data leading up to their next meeting scheduled for December 18-19. This cautious approach reflects broader concerns about maintaining stability amidst fluctuating exchange rates and evolving geopolitical landscapes affecting both domestic economies and international relations.

Bitcoin (BTC/USD) [+3.5%]
Bitcoin reached a new all-time high of 98,310 today, driven by the total net asset value of U.S. Bitcoin spot ETFs surpassing 100 billion within just 10 months of their launch. This surge coincides with increased institutional interest and optimism surrounding President-elect Donald Trump's administration, which may create a more favorable environment for cryptocurrencies. Ongoing geopolitical tensions have also led to safe-haven flows into Bitcoin amidst global market uncertainties. Social media buzz highlights Bitcoin's recent achievement of 97,500, with projections for it to reach 100,000 soon, alongside discussions regarding the strengthening dollar and its impact on various currencies. Additionally, Ethereum has surged by over 7%, reflecting a strong correlation with Bitcoin and potentially contributing to its recent increase.

United States Oil Fund LP (USO) [+1.5%]
Crude oil prices have risen, with WTI trading higher and Brent also experiencing an increase. This upward movement is occurring amid escalating geopolitical tensions, particularly related to the Russia-Ukraine conflict, which has overshadowed a larger-than-expected rise in U.S. crude inventories. In premarket activity, United States Oil Fund LP (USO) is trading up significantly, reflecting these developments. Concurrently, Brent Spot Oil has faced a slight daily return decline due to the same geopolitical tensions, which have also prompted safe-haven flows into assets like gold. Additionally, the U.S. dollar has strengthened against major currencies, influenced by these geopolitical factors and expectations of further interest rate cuts from the Federal Reserve amid cooling inflation pressures in the United States.

SNOW | +24.5% | +13.2B
Snowflake Inc. | Internet Services & Infrastructure
Snowflake Inc. reported strong third-quarter results, with revenue reaching $942.1 million, a 28% increase year-over-year, and adjusted earnings per share of $0.20, surpassing the $0.15 estimate. The company raised its fourth-quarter product revenue guidance to between $906 million and $911 million, exceeding the previous forecast of $890.7 million. Additionally, Snowflake increased its fiscal year 2025 product revenue outlook to $3.43 billion from $3.36 billion, reflecting a 29% year-over-year growth. Following the earnings announcement, Snowflake's shares surged significantly, with analysts responding positively; Goldman Sachs raised its price target to $220, while Baird increased theirs from $152 to $180. The company also announced a strategic acquisition of Datavolo and a multi-year partnership with Anthropic to enhance its data integration and AI capabilities.

PDD | -11.9% | -67.8B
PDD Holdings Inc | Broadline Retail
PDD Holdings Inc. reported its third-quarter 2024 financial results, revealing a non-GAAP EPS of RMB18.59, which fell short of the consensus estimate of RMB19.67. Revenue for the quarter was RMB99.35 billion, below the expected RMB102.87 billion, despite a year-over-year increase of 44%. The company's adjusted net profit was RMB27.46 billion, exceeding analyst expectations. However, these results coincided with intensified competition and ongoing external challenges, leading to a significant decline in share price, with pre-market trading reflecting an approximate 11% drop. Social media discussions highlighted that PDD's operating profit grew 46% year-over-year but faced pressures from rising costs, resulting in a decrease in net margin to 25%. This quarter marked the slowest revenue growth in over two years as the company navigates competitive pressures and geopolitical tensions.

DDOG | +4.5%| +2.1B
Datadog Inc | Application Software
Datadog Inc's stock price rose significantly, aligning with a broader positive trend in the market. The increase followed notable gains in Snowflake Inc, which surged after releasing strong third-quarter results, including revenue that exceeded estimates and an upgraded fiscal year 2025 product revenue guidance. This favorable sentiment was further echoed by the performance of tech peers such as MongoDB, which also experienced a rise. Additionally, social media conversations highlighted Datadog's transition from negative to positive territory at market close, reflecting a shift in sentiment. Analysts have recognized Datadog as a key player in the AI and cloud sectors, bolstering its growth narrative amid market dynamics favoring technology stocks.

NVDA | +1.6%| +57.0B
NVIDIA Corp | Semiconductors
NVIDIA Corp's stock has increased, aligning with a broader market uptick. Goldman Sachs has reaffirmed a Buy rating, raising its price target to 165, while Evercore ISI Group has also maintained an Outperform rating with a target increase to 190. Wells Fargo raised its target to 185 from 165 while keeping an Overweight rating. The company reported Q3 earnings of 35.1 billion, reflecting a 94% year-over-year increase, with data center revenue reaching 30.8 billion, up 112%. NVIDIA's CFO highlighted expectations for sequential growth in the networking business for Q4. Despite a dip in after-hours trading following the earnings announcement, analysts anticipate upgrades due to strong demand for AI technology and the company's guidance for Q4 revenue of approximately 37.5 billion, slightly above consensus estimates.

NVO | -2.6% | -8.8B
Novo Nordisk A/S | Pharmaceuticals
Novo Nordisk A/S (NVO) has experienced a notable price drop of 2.6% since Wednesday. Recent social media posts highlighted promising data from the AASLD24 conference, where NVO and Viking Therapeutics presented significant findings on their GLP-1 therapies for metabolic dysfunction associated with steatohepatitis. The phase III ESSENCE trial results indicated that semaglutide achieved a resolution rate of steatohepatitis in over 30% of patients, far exceeding the placebo rate. Analysts anticipate that these developments could lead to expanded payer coverage and a potential FDA filing for semaglutide in early 2025. Additionally, discussions surrounding Amgen's weight-loss drug data suggest potential impacts on the obesity drug market, with NVO being a key player amid ongoing competition in this sector.

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