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.

Monday, November 18

Some of the largest macro moves in the market today include: Gold +1.6%. Some of the largest moves among US mega-cap stocks include: Tesla Inc (TSLA) +5.9%. NVIDIA Corp (NVDA) -2.7%.

Recent market movements are significantly influenced by geopolitical developments and central bank communications. The Biden administration's decision to allow Ukraine to use long-range U.S. missiles against Russian targets has heightened tensions, impacting investor sentiment as markets await further implications from the G20 summit in Brazil, where this issue will be a focal point.

In economic data releases, Canada reported an increase of C$29.3 billion in foreign investment for September 2024, surpassing expectations and indicating strong interest from international investors despite mixed signals on housing starts that fell short of forecasts with only a 7.8% month-over-month rise compared to anticipated figures.

Additionally, comments from Bank of Japan Governor Kazuo Ueda regarding potential rate hikes have led to fluctuations in the Japanese Yen (JPY), contributing to its underperformance today amid broader concerns about future monetary policy directions across major economies—including those impacted by incoming policies under President-elect Donald Trump—that may affect trade dynamics globally.

SPDR Gold Shares (GLD) [+1.6%]
SPDR Gold Shares (GLD) has seen a price increase of 1.6% in pre-market trading, coinciding with gold prices for December delivery rising approximately 1% to around 2,595 per ounce. This uptick in gold prices is significant amidst heightened market volatility and geopolitical tensions, particularly following the U.S. authorization for Ukraine to use long-range missiles against Russia, which has spurred safe-haven demand for gold. Additionally, large buyers have purchased 16,000 February $265 calls for GLD, signaling notable activity in the options market. Goldman Sachs has recently recommended investing in gold, forecasting a price target of 3,000 per ounce next year, influenced by central bank purchases and anticipated Federal Reserve rate cuts in 2025. Meanwhile, silver has also increased by nearly 2%, reflecting a strong correlation with gold and further contributing to the positive movement in GLD.

iShares Russell 2000 ETF (IWM) [+0.4%]
The iShares Russell 2000 ETF (IWM) has experienced a price increase of 0.4% since Friday. Social media discussions from November 15 to November 17 highlighted that IWM had previously dropped significantly, alongside declines in major indices. Observations noted that IWM has posted four consecutive topping tails while remaining above its 20, 50, and 200-day moving averages. Additionally, there is an emerging trading community focused on IWM, suggesting heightened engagement. Recent movements among the ETF's holdings included notable performances from Super Micro Computer Inc., which is preparing to file a plan with Nasdaq to avoid delisting, and Twist Bioscience Corp., which exceeded sales expectations. Federal Reserve Chair Jerome Powell's recent comments on interest rates and ongoing geopolitical tensions have also contributed to market sentiment, coinciding with IWM's recent performance.

CYBN | +18.0% | +1.9B
Cybin Inc | Pharmaceuticals
Cybin Inc. reported significant results from its Phase 2 study of CYB003, showing breakthrough efficacy in treating major depressive disorder (MDD) over a 12-month period. The study revealed that two 16 mg doses of CYB003, administered three weeks apart, resulted in a 100% response rate, with 71% of participants achieving remission. The treatment demonstrated a robust 23-point reduction in the Montgomery-Asberg Depression Rating Scale score compared to baseline and maintained an excellent safety profile with no new adverse events reported. The U.S. Food and Drug Administration granted Breakthrough Therapy Designation for CYB003, expediting its review process. Additionally, Cybin has initiated a multinational Phase 3 program named PARADIGM to further evaluate CYB003's efficacy and safety, targeting a market potential exceeding $300 million. The company holds $154.3 million in cash to support ongoing trials and aims to transform MDD care with this innovative therapy.

TSLA | +5.9% | +63.6B
Tesla Inc | Automobile Manufacturers
Tesla shares have seen a significant increase, attributed to recent developments surrounding the company. Reports indicate that the incoming Trump administration plans to prioritize a federal framework for fully self-driving vehicles, which is a key area for Tesla. This regulatory focus has contributed to positive sentiment regarding Tesla's future in autonomous driving. Elon Musk acknowledged rising demand for larger Tesla models, aligning with the company's strategy to broaden its vehicle offerings. Social media highlighted an over 8% surge in premarket trading, following news of the regulatory focus. Analysts from RBC and Barclays noted that federal deregulation on autonomous vehicles could positively affect Tesla shares, particularly with the anticipated launch of its robotaxi service by 2026. In the past week, Tesla shares have risen significantly, reflecting optimism about the company's market position amid these developments.

NVDA | -2.7%| -93.3B
NVIDIA Corp | Semiconductors
NVIDIA Corp is currently facing significant challenges with its new Blackwell graphics processing units, which are reportedly overheating when used in NVIDIA-designed server racks. This situation has prompted the company to request multiple redesigns from suppliers. Customer concerns have escalated, leading to cancellations of over $1 billion in orders. Social media discussions reflect a premarket decline of approximately 2.7% as these issues unfold. Analysts have mixed sentiments regarding NVIDIA's upcoming earnings report scheduled for November 20, 2024, despite the company's strong demand in the AI sector. The anticipated Q3 FY2025 earnings report includes an EPS estimate of $0.74 and a revenue estimate of $32.9 billion, both significantly higher than previous estimates.

WBD | +2.1%| +475.1M
Warner Bros Discovery Inc | Movies & Entertainment
Warner Bros. Discovery has settled its legal dispute with the NBA, allowing the company to maintain a business relationship with the league for at least the next decade. The agreement permits Warner Bros. Discovery to develop new NBA-related shows in both the U.S. and international markets, while also securing international NBA rights in parts of Northern Europe and Latin America, excluding Mexico and Brazil. Despite losing rights to regular and postseason games on the TNT Network after this season, the company will license its popular 'Inside the NBA' program to ESPN during key moments of the upcoming season. Insider buying has been noted, particularly from key executives, following the resolution of the NBA dispute, reflecting a positive outlook for the company. This settlement is expected to alleviate uncertainty regarding operations and could lead to an estimated $100 million in profit over the first five years of the agreement.

NFLX | -1.6% | -5.4B
Netflix Inc | Movies & Entertainment
Netflix Inc's stock has dropped significantly, down 1.6% since Friday. The company's recent live sports debut during the boxing match between Jake Paul and Mike Tyson on November 15 faced considerable technical difficulties, with over 500,000 reports of streaming failures. Despite attracting approximately 60 million households globally and peaking at 65 million concurrent streams, the event was marred by buffering and low-resolution issues, leading to widespread frustration among viewers. Social media discussions highlighted these challenges, with some users predicting a potential decline in Netflix's stock value. The event was still recognized as record-breaking in viewership, including 50 million households for the co-main event featuring Katie Taylor and Amanda Serrano. Nonetheless, the technical failures could weigh heavily on Netflix's reputation in live sports streaming.

Thank you for spending a minute with us. 

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