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Wednesday, December 3

Noteworthy macro moves today: Copper +3.0%. Bitcoin +2.0%. Ethereum +3.2%. 

Global equity markets are trading higher amid expectations for a Federal Reserve interest rate cut following the release of disappointing U.S. private sector employment data, which showed a decrease in jobs in November, contrary to forecasts for an increase by economists.

In Europe, the DAX is up as strong Eurozone private sector growth data supports market sentiment, with the composite PMI rising to its highest level since May and indicating robust activity in both manufacturing and services sectors.

Meanwhile, Bitcoin has rebounded above $91,000 after a significant drop earlier in the week, contributing to renewed optimism in cryptocurrency markets as institutional participation increases alongside positive macroeconomic signals ahead of key economic data releases this week.

Global X Copper Miners ETF (COPX) [+2.6%]
Benchmark copper on the London Metal Exchange reached a record high of 11,338 per metric ton, contributing to a daily return of 3.14% for the Global X Copper Miners ETF (COPX). Major copper producers such as Freeport-McMoRan and Southern Copper Corporation benefited from this surge. Social media discussions noted that copper prices exceeded 11,400 per ton, reflecting a year-to-date increase of approximately 30%. This rise is linked to increased warehouse withdrawals from Taiwan and South Korea, along with disputes between smelters and miners over treatment fees. Among COPX's holdings, Freeport-McMoRan Inc. and Southern Copper Corp. were top contributors to performance, bolstered by the favorable copper price environment. Additionally, the United States Copper Index Fund (CPER) rose by 2.93%, aligning with broader market movements that likely influenced COPX's recent gains.

Bitcoin (BTC/USD) [+2.0%]
Bitcoin surged above 93,000 today, reflecting a strong recovery in major digital assets. This follows a rise of 1.8% overnight, reaching approximately 92,900, amid renewed risk appetite after earlier volatility this week. The U.S. dollar weakened against several currencies due to speculation about an impending interest rate cut by the Federal Reserve, which may positively influence cryptocurrency markets. Social media highlighted Bitcoin's near two-week high of approximately 93,541, with a notable increase of 7.4%. In the past 36 hours, Bitcoin added over 200 billion to its market cap, although the market faced significant volatility, with nearly 400 million in liquidations on the short side reported in the last 24 hours. Concurrently, Ethereum increased by 2.87%, demonstrating a strong correlation with Bitcoin's movement.

MRVL | +10.5% | +139.8B
Marvell Technology Inc | Semiconductors
Marvell Technology Inc. announced its acquisition of Celestial AI for approximately $3.25 billion, consisting of $1 billion in cash and around 27.2 million shares. This acquisition is aimed at enhancing Marvell's capabilities in AI connectivity, particularly within the optical interconnect market for data centers, and is expected to close in Q1 2026, pending regulatory approvals. The company reported Q3 revenue of $2.075 billion, exceeding estimates with a net income of $1.901 billion and an adjusted EPS of $0.76. For Q4, Marvell guided revenue expectations of approximately $2.2 billion. Following the earnings call, the stock initially dropped but later surged significantly due to optimistic projections for future revenue growth. Analysts have raised their price targets for Marvell, reflecting a positive outlook despite some concerns regarding the nature of its reported profitability.

PSTG | -13.2% | -3.5B
Pure Storage Inc | Technology Hardware, Storage & Peripherals
Pure Storage reported a decline in net income for Q3, with GAAP EPS at 0.16, down from 0.19 the previous year. Revenue reached 964.5 million, slightly above the consensus estimate of 956.48 million. The company raised its full-year revenue guidance to between 3.63 billion and 3.64 billion, up from the previous range of 3.60 billion to 3.63 billion. Despite these results, the stock experienced a significant drop, influenced by a downgrade from Positive to Neutral at Susquehanna. Social media discussions highlighted key financial metrics, including operating income of 53.9 million and adjusted operating income of 196.2 million, both exceeding expectations. Operating cash flow was reported at 116 million, with an adjusted gross margin of 74.1%. However, the stock was noted to be down nearly 15% in pre-market trading, amid comments from the CEO regarding memory price inflation and market dynamics.

OKTA | -5.3% | -696.0M
Okta Inc | Internet Services & Infrastructure
Okta Inc. reported its third-quarter fiscal year 2026 financial results, with a non-GAAP EPS of 0.82, exceeding the estimate of 0.76, and revenue of 742 million, surpassing the consensus of 730.3 million. The company raised its fiscal year 2025 EPS guidance to a range of 3.43-3.44 from 3.33-3.38 and increased its fiscal year 2026 revenue outlook to 2.906 billion-2.908 billion from 2.875 billion-2.885 billion. Despite these positive metrics, shares fell due to concerns over slowing growth in key performance indicators and a cautious fourth-quarter revenue forecast of 748 million to 750 million against a consensus of 738.7 million. Social media sentiment shifted negatively following comments from the CEO regarding AI capabilities, contributing to a decline in the stock price, which has dropped approximately 5.8% since Tuesday.

BMY | +3.4% | +3.5B
Bristol-Myers Squibb Co | Pharmaceuticals
Bristol-Myers Squibb Co. has announced the continuation of its ADEPT-2 Phase 3 study for Cobenfy, which targets psychosis associated with Alzheimer's disease. This decision follows a blinded review that revealed irregularities at a limited number of clinical trial sites, resulting in the exclusion of affected patient data from the primary analysis prior to database lock. After discussions with the U.S. Food and Drug Administration, an independent interim analysis was performed, which led the Data Monitoring Committee to recommend additional patient enrollment to achieve the original study target. Cobenfy, currently approved for treating schizophrenia, is being positioned as a potential first-in-class therapy for agitation and psychosis. Results from the ADEPT program are expected by the end of 2026.

MCHP | +3.3% | +1.0B
Microchip Technology Inc | Semiconductors
Microchip Technology Inc. has raised its financial guidance for the third quarter of fiscal year 2026, now anticipating net sales between $1.109 billion and $1.149 billion, reflecting a 12% year-over-year growth. Adjusted earnings per share are projected at approximately $0.40, an increase from the previous guidance of $0.34 to $0.40. CEO Steve Sanghi highlighted robust bookings activity and a backlog that has exceeded expectations through November. Concurrently, Marvell Technology Inc. experienced a significant surge in its stock price following its announcement of acquiring Celestial AI for around $3.25 billion, which is expected to enhance its position in AI connectivity and data center infrastructure. This positive momentum in Marvell, historically correlated with Microchip, may have contributed to Microchip's recent price increase of 3.3%.

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