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Friday, April 10

Noteworthy macro moves today: Copper +2.4%. DAX 30 Index (Germany) +1.0%. USD/TRY +0.2%. Noteworthy US mega-cap moves today: JPMorgan Chase & Co (JPM) -0.7%. Mastercard Inc (MA) -0.6%. Exxon Mobil Corp (XOM) -0.5%. 

Global equity markets are trading higher following the release of U.S. inflation data this morning, which showed the Consumer Price Index (CPI) rose by 3.3% year-over-year in March, matching expectations but indicating persistent inflationary pressures driven largely by energy costs due to geopolitical tensions. Core inflation also came in slightly below forecasts at 2.6%, leading to mixed market reactions as investors weigh the implications for future Federal Reserve policy.

In Canada, employment data released today indicated a modest increase of 14,000 jobs overall in March; however, full-time employment saw an unexpected decline of 1,100 jobs while part-time positions rose by 15,200. The unemployment rate held steady at 6.7%, slightly better than expectations of a rise to 6.8%, suggesting some resilience in the labor market despite ongoing economic challenges.

Additionally, bond traders are reacting to rising global interest rates influenced by political developments and upcoming inflation data releases; U.S. Treasury yields have been volatile following today's CPI report as investors remain cautious amid uncertainties surrounding sustained high levels of inflation and potential impacts on monetary policy decisions moving forward.

United States Oil Fund LP (USO) [-1.6%]
Geopolitical tensions have intensified around oil transit through the Strait of Hormuz, particularly following President Trump's criticism of Iran regarding tanker passage fees and unfulfilled agreements. This has contributed to a negative sentiment I n the oil market, compounded by reports of a significant release of 30 million barrels from U.S. crude oil reserves. Additionally, attacks on Saudi Arabia's East-West Pipeline have reduced production by approximately 600,000 barrels per day. As a result, the United States Oil Fund LP is trading lower, reflecting these adverse developments in the supply landscape. The fund has dropped significantly since Thursday's close, aligning with the downward pressure on crude oil prices amid these ongoing geopolitical concerns.

Ethereum (ETH/USD) [+1.6%]
The recent announcement of a two-week ceasefire between the U.S. and Iran has coincided with Ethereum's notable price increase, reflecting a broader rise in risk appetite among investors. Analysts are now projecting potential valuations for Ethereum between $7,000 and $9,000 as geopolitical tensions ease. In addition, social media discussions highlight significant developments, including Brian Armstrong's support for the Clarity Act aimed at regulatory clarity in the crypto sector. Ethereum's staking ratio has reached an all-time high, with approximately $85 billion worth of staked ETH. Furthermore, ETH fees are being transformed into valuable assets through initiatives involving major players like BlackRock and DTCC. Positive ETF flows for Ethereum have also been noted, with recent net inflows reported at $85.19 million. Currently, Ethereum is trading higher since Thursday's close, maintaining its position above its 20-day moving average.

LITE | +5.6% | +3.5B
Lumentum Holdings Inc | Communications Equipment
Lumentum Holdings Inc. has announced that its order book is fully booked through 2028, driven by the ongoing demand surge from the artificial intelligence sector, particularly from U.S. hyperscalers. This follows a substantial $2 billion investment from Nvidia in March. The company anticipates selling out its production capacity for 2028 within the next two quarters. CEO Mike Hurlston noted that the firm is targeting brownfield sites to accelerate capacity expansion. Despite challenges posed by Chinese suppliers, Lumentum's robust demand positions it favorably in the current market landscape. The stock is trading higher in pre-market hours, reflecting this strong demand backdrop.

MRVL | +3.7% | +60.4B
Marvell Technology Inc | Semiconductors
Marvell Technology Inc recently went ex-dividend, distributing $0.06 per share. This development comes amid growing attention on the company's high-speed networking solutions, which are crucial for AI data centers. Analysts have pointed out that Marvell's optical components business may be undervalued, suggesting potential for future growth. Additionally, discussions on social media indicate that some investors perceive Marvell as overlooked, with a sentiment of optimism regarding its price point of 80. In pre-market trading, shares are significantly higher since Thursday's close, continuing a pattern of strength observed over the last three sessions.

TSM | +2.3% | +225.6B
Taiwan Semiconductor Manufacturing Co Ltd | Semiconductors
Taiwan Semiconductor Manufacturing Co Ltd (TSMC) reported a robust first-quarter revenue of NT$1.134 trillion ($35.71 billion), exceeding analysts' expectations of NT$1.125 trillion and reflecting a substantial 35% year-over-year growth. This impressive performance is attributed to rising demand for artificial intelligence applications, with March's net revenue reaching NT$415.19 billion, up from NT$285.96 billion in the same month last year. The strong financial results have likely bolstered market sentiment surrounding TSMC, contributing to a notable increase in U.S.-listed shares, which are trading higher in pre-market hours. The stock has seen a cumulative rise since Thursday's close, driven by these favorable earnings announcements.

NVO | +2.2% | +2.8B
Novo Nordisk A/S | Pharmaceuticals
Novo Nordisk A/S is experiencing a notable increase in pre-market trading, attributed in part to a reported 4% week-over-week rise in oral Wegovy prescriptions during the recent Easter holiday weekend, reaching approximately 105.3k. This uptick contrasts with Eli Lilly's Zepbound prescriptions, which declined by 3%. Additionally, discussions on social media have highlighted perceptions of potential undervaluation, with some users suggesting that Novo Nordisk could double in value and still be considered undervalued. This sentiment is underscored by a reported price-to-earnings (PE) ratio of 20. The stock is currently trading higher since Thursday's close, positioning it above its recent moving averages.

CRWD | +1.8% | +1.8B
CrowdStrike Holdings Inc | Systems Software
CrowdStrike Holdings Inc. received renewed support following an investor meeting in Paris, where the company's CFO engaged with stakeholders. This engagement resulted in Stifel reiterating a "Buy" rating and setting a price target of $480, reflecting confidence in CrowdStrike's strategic direction and operational outlook. In pre-market hours, shares are trading higher, marking a notable increase since Thursday's close, despite a slight decline observed in after-market trading yesterday. Additionally, CrowdStrike has formed a partnership with Anthropic to enhance cybersecurity solutions, countering previous speculation about potential threats to its business model. This partnership, along with participation in Project Glas alongside Palo Alto Networks, indicates a strategic alliance aimed at strengthening its market position amid evolving cybersecurity challenges.

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