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Wednesday, December 24

Noteworthy macro moves today: USD/CNH -0.2%. 

Global equity markets are trading mixed as participants prepare for the Christmas holiday, with US stock and bond markets set to close early today. Recent economic data showing a decline in initial jobless claims to 214,000, below expectations of 223,000, has contributed to a sense of stability in the labor market, although continuing claims rose slightly.

The S&P 500 reached a record high earlier this week following a strong GDP growth report of 4.3% for Q3, which has led to reduced expectations for immediate rate cuts by the Federal Reserve. However, ongoing concerns about inflation and its impact on monetary policy continue to weigh on investor sentiment.

In Asia, equity indices are trading lower amid thin volumes as traders remain cautious ahead of the holidays. The Bank of Japan's recent meeting minutes indicated discussions around potential interest rate hikes due to low real rates and inflation risks, contributing to mixed market reactions in the region.

United States Copper Index Fund (CPER) [+0.5%]
Copper has surpassed $12,000 per ton for the first time, marking a significant milestone following a substantial price increase over the year. The market is projected to face a structural deficit of 19 million metric tons by 2050 without new mining developments and recycling initiatives. Supply disruptions, declining ore grades, and operational challenges are affecting production across key regions. Concurrently, demand is rising due to electrification needs in power grids, renewable energy, electric vehicles, and technology sectors. Chile, the largest copper producer, plans to advance thirteen projects totaling approximately $14.8 billion by 2026, potentially adding nearly 500,000 tons of annual capacity. Social media highlights that copper closed at new all-time highs recently, specifically mentioning the United States Copper Index Fund (CPER). The fund's price has moved up since Tuesday, reflecting these developments in the copper market.

iShares Biotechnology ETF (IBB) [+0.5%]
KKR & Co. Inc. has identified biotechnology as a crucial growth sector in its recent “High Grading” Outlook for 2026, published approximately 3 hours and 45 minutes ago. The report describes biotechnology as a "secular growth story," influenced by aging demographics and the increasing use of AI in drug development. It highlights that large pharmaceutical companies are confronting patent cliffs and are in search of innovative, AI-driven pipelines, making biotech more appealing compared to traditional tech sectors. The iShares Biotechnology ETF (IBB) has recorded significant year-to-date and one-year performance increases. Among its holdings, Dynavax Technologies Corporation is set to be acquired by Sanofi for $2.2 billion, enhancing Sanofi's adult immunization portfolio, pending a first-quarter 2026 closing.

NKE | +2.6% | +2.4B
Nike Inc | Footwear
Nike Inc shares have experienced a notable increase, influenced significantly by the broader Footwear sector's upward movement. This rise follows the recent disclosure of substantial insider purchases, notably by Tim Cook, the CEO of Apple and a board member since 2005, who acquired 50,000 shares for approximately $2.95 million at an average price of $58.97 per share. This marks his first open market acquisition in two decades, increasing his total holdings to over 105,000 shares valued at around $6.04 million. Additionally, Nike Director Robert Swan purchased 8,691 shares for about $500,000. Social media discussions have highlighted Cook's investment, noting that it coincides with Nike's stock being at its lowest level since 2017 and a year-to-date decline of 22%. Following the announcement, Nike's stock rose by $1.50 to $58.70 overnight.

INTC | -3.2% | -4.7B
Intel Corp | Semiconductors
Intel Corp's stock has experienced significant downward pressure, declining by over 3% in premarket trading. This follows reports that Nvidia has halted testing of Intel's 18A chip manufacturing process. Nvidia had been assessing the feasibility of utilizing this advanced technology but chose not to proceed, raising concerns regarding Intel's manufacturing capabilities. An Intel spokesperson asserted that the 18A technologies are progressing well, yet did not address Nvidia's decision. This development is particularly notable given Nvidia's previous $5 billion investment in Intel aimed at fostering collaboration. Additionally, a Commerce Department official remarked that while the U.S. government has provided Intel with opportunities for success, the company is not considered "too strategic to fail." These factors underscore ongoing challenges for Intel as it navigates its position in the competitive semiconductor market.

NVO | +1.9% | +3.4B
Novo Nordisk A/S | Pharmaceuticals
Novo Nordisk A/S has gained attention following the recent FDA approval of its Wegovy pill, which has positively influenced its stock performance. This approval, reported approximately 16 hours ago, coincides with an overall increase in the health care sector, driven in part by Novo Nordisk's gains. In the competitive landscape of India's obesity drug market, both Novo Nordisk and Eli Lilly are intensifying efforts to capture market share ahead of the anticipated entry of cheaper generic versions in March 2025. Analysts highlight that these generics could be priced significantly lower, presenting challenges for both companies. On social media, discussions reflect optimism regarding Novo Nordisk's trajectory, particularly with the FDA approval of the GLP-1 pill, which is viewed as part of the company's strategy for a turnaround by 2026.

ASTS | +3.7% | +841.1M
AST SpaceMobile Inc | Alternative Carriers
AST SpaceMobile Inc. has launched its BlueBird 6 satellite, now recognized as the largest commercial communications array deployed in low Earth orbit, measuring nearly 2,400 square feet. The launch took place on December 23 from the Satish Dhawan Space Centre in India. BlueBird 6 is three times larger than previous models and is designed to provide high-speed 4G and 5G cellular broadband directly to standard smartphones, supporting peak data rates of up to 120 Mbps. This deployment is part of a broader strategy to launch 45 to 60 satellites by the end of 2026. The company has established agreements with over 50 mobile network operators worldwide, representing nearly 3 billion subscribers. Following the launch, communication with BlueBird 6 was confirmed as operational and nominal, marking a significant milestone in AST SpaceMobile's satellite communications efforts.

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