Welcome to the MarketReader Minute.

Below are AI-generated insights on today’s premarket moves, powered by MarketReader technology.

If you find the insights useful, you may subscribe to our new sector-specific newsletters or share this on Twitter.

Tuesday, June 3

Noteworthy macro moves today: US Dollar Index +0.5%. Copper -1.4%.

Recent economic data releases have significantly influenced market sentiment, particularly in the Eurozone. The preliminary consumer price inflation for May showed a decline to 1.9% year-on-year from April's 2.2%, falling below expectations and marking the first time it has dipped under the European Central Bank’s target since September 2024. This development reinforces speculation about an imminent rate cut by the ECB during its upcoming meeting on June 5.

In addition to inflation concerns, labor market indicators are also drawing attention as investors await key U.S. employment data later today, including JOLTS Job Openings expected at around 7.1 million—slightly lower than last month’s figures of approximately 7.19 million—and factory orders anticipated to show a decrease of about -3%. These reports will provide crucial insights into job demand and overall economic health amid ongoing trade tensions between major economies like China and the United States.

Furthermore, geopolitical factors continue to weigh heavily on markets with rising uncertainties surrounding U.S.-China relations following President Trump's recent tariff announcements aimed at steel imports that could escalate existing trade conflicts further impacting global growth forecasts recently downgraded by organizations such as OECD due largely to these tariffs' implications across various sectors worldwide.

iShares China Large-Cap ETF (FXI) [+1.3%]
The iShares China Large-Cap ETF (FXI) has experienced a price increase of 1.3% since Monday. Recent news indicates that the U.S. has extended its tariff pause on certain Chinese goods until August 31, which may bolster market sentiment towards Chinese equities. However, China's Caixin Manufacturing PMI fell significantly to 48.3 in May, missing consensus estimates and highlighting ongoing challenges in the manufacturing sector. Social media discussions have also noted the contraction in manufacturing activity, coinciding with FXI's price movement. Additionally, significant contributions to FXI's performance have come from Li Auto, which saw a notable return amid positive projections from Goldman Sachs regarding its sales and profitability outlook. The movement in USD/CNH also contributed positively to the ETF's performance.

SPDR Gold Shares (GLD) [-0.8%]
SPDR Gold Shares (GLD) has seen a price drop of 0.8% since Monday. Gold prices have decreased today, influenced by a rebound in the US Dollar amid trade tensions and profit-taking activities. Concurrently, President Trump's announcement to double tariffs on steel and aluminum imports has added to global market uncertainties, affecting gold's appeal as a safe-haven asset. The spot price of gold is currently at $3,362.37, reflecting a notable increase from the previous day. Additionally, silver has declined significantly, which may be contributing to the movement in GLD, given the historical correlation between the two metals. Social media discussions reflect a mix of caution and bullish expectations for GLD, with some users predicting a rise toward previous all-time highs.

CRDO | +13.9% | +1.6B
Credo Technology Group Holding Ltd | Semiconductors
Credo Technology Group Holding Ltd reported its fourth-quarter financial results, achieving a net income of 36.6 million and revenue of 170.03 million, surpassing the consensus estimate of 159.6 million. The adjusted earnings per share were 0.35, exceeding expectations of 0.28. For the first quarter of fiscal year 2026, the company anticipates revenue between 185 million and 195 million, significantly above the consensus estimate of 162.4 million. The projected gross margin is expected to range from 63.4% to 65.4%. Following these announcements, shares rose approximately 14%. The earnings call highlighted a quarterly revenue increase of 26% and a remarkable year-over-year growth of 180%. Additionally, the full fiscal year revenue reached 437 million, representing a 126% increase from the previous year. The non-GAAP gross margin for Q4 was reported at 67.4%, reflecting a substantial increase.

BNTX | +9.4% | +2.8B
BioNTech SE | Biotechnology
BioNTech SE's stock price has increased significantly following a strategic partnership announcement with Bristol-Myers Squibb, made approximately 15 hours ago. This collaboration is expected to enhance BioNTech's capabilities in the healthcare sector. The stock price is currently reported at $113.10, reflecting a notable increase of $10. Analysts have responded positively, with Berenburg raising its price target from $130 to $150 while maintaining a buy rating. Truist has also increased its price target from $151 to $155, retaining a buy recommendation. This movement occurs within a mixed performance landscape in the overall healthcare sector, but BioNTech's rise stands out prominently.

DG | +10.2% | +2.4B
Dollar General Corp | Merchandise Retail
Dollar General Corporation reported its first-quarter 2025 financial results, posting earnings per share of 1.78, exceeding the consensus estimate of 1.49. Net sales reached 10.44 billion, surpassing expectations of 10.29 billion, driven by a same-store sales increase of 2.4%. The company narrowed its fiscal 2025 EPS guidance to a range of 5.20 to 5.80, up from the previous 5.10 to 5.80. Additionally, it raised its net sales growth outlook to approximately 3.7% to 4.7%, compared to the prior estimate of 3.4% to 4.4%. Following the announcement, shares experienced a significant increase in premarket trading, reflecting positive sentiment around the earnings report.

FERG | +13.2% | +5.4B
Ferguson PLC | Trading Companies & Distributors
Ferguson PLC reported third-quarter results showing adjusted earnings per share of 2.50, exceeding the consensus estimate of 2.02 by a notable margin. This figure reflects a year-over-year increase from 2.32. Sales reached 7.62 billion, surpassing analyst expectations of 7.42 billion and marking a year-over-year rise from 7.31 billion. The company also noted an improvement in gross margin to 31.0%, up by 50 basis points from the previous year. Operating margin stood at 8.0%, or 9.4% when adjusted. Following the earnings announcement, Ferguson revised its fiscal year 2025 sales growth outlook to low to mid-single digits and raised its adjusted operating margin guidance to between 8.5% and 9.0%. Following the results, Ferguson's stock moved up significantly in pre-market trading.

HIMS | +5.6% | +726.1M Hims & Hers Health Inc | Health Care Services Hims & Hers Health, Inc. has announced its intention to acquire ZAVA, a European digital health platform, as part of its strategy for international expansion. This acquisition will allow Hims & Hers to enter markets in the United Kingdom, Germany, France, and Ireland, with a projected closing date in the second half of 2025. The deal will be funded entirely through cash from the company's balance sheet. ZAVA's established operations include over 1 million active customers and nearly 2.3 million consultations expected in 2024, which Hims & Hers aims to leverage to enhance its service offerings in dermatology, weight loss, sexual health, and mental health. Concurrently, social media discussions reflect a mix of optimism about Hims & Hers's potential and concerns regarding competition from larger players like Amazon.

Thank you for spending a minute with us. 

If you have 2 more minutes, watch this demo of the MarketReader Platform: