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Monday, July 29

Some of the largest macro moves in the market today include: Nasdaq 100 Index (US) +1.0%. Ethereum +3.3%. S&P 500 Index (US) +0.6%. Some of the largest moves among US mega-cap stocks include: Broadcom Inc (AVGO) +1.7%. Alphabet Inc (GOOGL) +1.5%. Alphabet Inc (GOOG) +1.5%. 

The upcoming week is set to be pivotal for global markets with several major central bank meetings, including the Federal Reserve (Fed), Bank of England (BoE), and Bank of Japan (BoJ). The Fed's meeting on Wednesday will likely maintain current interest rates but may hint at future rate cuts. Similarly, BoE’s decision on Thursday could see a close vote regarding potential rate adjustments amid mixed economic signals.

Economic data releases are also in focus this week. Key indicators include GDP reports from France, Germany, and the Eurozone; inflation figures from Australia and Europe; as well as U.S. employment statistics such as JOLTS Job Openings and Non-Farm Payrolls report due Friday which might influence market sentiment significantly.

In addition to macroeconomic events, corporate earnings season continues with notable tech giants like Apple Inc., Microsoft Corp., Amazon.com Inc., Meta Platforms Inc., among others reporting their quarterly results throughout the week. These announcements are expected to provide further insights into sector performance amidst ongoing economic uncertainties.

XLI [+0.9%]
The Industrial Select Sector SPDR Fund (XLI) has experienced a price increase of 1.0%, aligning with the broader market's upward movement, as evidenced by the Dow Jones Index's rise of 0.47%. This correlation underscores the ETF's performance within the context of the overall market dynamics. Notably, among its holdings, significant contributions came from companies such as ETN, GE, UBER, CAT, and ADP, reflecting their positive returns. Mizuho has identified Uber Technologies Inc. as a key player due to its resilient demand and low expectations, suggesting potential for favorable market outlook and price appreciation.

QQQ [+0.8%]
Invesco QQQ Trust Series I has moved higher in tandem with the broader market, reflecting a 0.7% increase since Friday's close. The Dow Jones Index also experienced an uptick, contributing to this positive momentum. Key holdings within the ETF have shown significant performance, with Microsoft, Broadcom, Meta Platforms, Tesla, and Amazon all reporting increases. Microsoft is anticipated to release strong fourth-quarter earnings, while Meta has seen growth in active users on its Threads platform. Tesla has garnered attention as a top pick by Morgan Stanley due to cost-cutting measures and advancements in technology. Hedge funds have maintained their positions in technology stocks amid market fluctuations, demonstrating resilience despite recent sell-offs.

ABT |-5.2%|-9.0B
Abbott Laboratories is experiencing a significant decline in its stock price, moving in tandem with its sector. A jury has ordered the company to pay $495 million in damages related to its Similac infant formula, which has been linked to an increased risk of necrotizing enterocolitis in premature infants. This ruling has resulted in a notable pre-market drop in Abbott's stock price. The case is part of nearly 1,000 similar lawsuits against the company, raising concerns about potential liabilities and challenges ahead. The combination of these legal issues and the overall market movement has led to a pre-market decrease of approximately 5.2% in Abbott's shares.

COIN | +3.7% | +2.3B
Coinbase Global Inc has seen a price increase of 3.9% in pre-market trading. The Financial Times reported that Vice President Kamala Harris' campaign is attempting to "reset" relations with the crypto industry, which includes outreach to Coinbase. This initiative occurs amid growing support for Donald Trump within the sector. Additionally, Coinbase is set to announce its Q2 FY2024 earnings on August 1, 2024, with an EPS estimate of $0.94 and a revenue estimate of $1.4 billion. In related market movements, Bitcoin has increased by 1.75%, aligning with Coinbase's price movement.

MSTR |+4.0%|+1.3B
MicroStrategy Inc shares increased significantly during the previous trading session, closing 9% higher amid ongoing discussions about Bitcoin's future valuation. Peter Schiff criticized the "never sell your Bitcoin" strategy promoted by co-founder Michael Saylor and Donald Trump, who suggested that the U.S. would retain its Bitcoin holdings under his presidency, potentially enhancing its value. The company is set to announce its Q2 FY2024 earnings on August 1, 2024, with an EPS estimate of $-1.1 and a revenue estimate of $122.6 million. Additionally, Bitcoin saw a movement of over 2%, which has historically correlated with MicroStrategy's performance.

ON |+7.9% | +2.6B
ON Semiconductor Corp is experiencing a significant price increase, aligning with the broader market's upward movement. The company reported Q2 2024 financial results, posting net income of $338.2 million and revenue of $1.74 billion, surpassing analysts' expectations. The adjusted EPS of $0.96 exceeded the consensus estimate of $0.92. CEO Hassane El-Khoury highlighted the company's focus on growth through market share gains and strategic investments, particularly in silicon carbide for automotive applications, reinforced by a recent supply agreement with Volkswagen Group. This positive earnings report has contributed to the stock's notable rise.

AZN |+2.4%|+3.0B
AstraZeneca PLC is experiencing a price increase, aligning with a broader market rally and outperforming its sector peers. The stock has reached a four-week high, reflecting a modest rise over the past month and a significant gain over the last year. This uptick coincides with positive interim results from the AMPLIFY Phase III trial, where AstraZeneca's Calquence, in combination with venetoclax, demonstrated a statistically significant improvement in progression-free survival for untreated chronic lymphocytic leukaemia patients compared to standard treatment. The safety profile remained consistent with known data, with no new signals identified. Additionally, AstraZeneca announced a semi-annual dividend of $0.49, maintaining a steady annual increase and a solid payout ratio supported by projected earnings of $4.68 per share for the upcoming year. Analyst sentiment remains bullish, with several upgrades to "strong-buy" ratings and an average target price of 88.00 for the stock.

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