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

Thursday, August 13

Noteworthy macro moves today: US 10Y Treasury Bond Index +0.3%. US 2Y Treasury Bond Index +0.1%. Noteworthy US mega-cap moves today: Space Exploration Technologies Corp. Class A Common Stock (SPCX) +1.4%. Mastercard Inc (MA) +0.8%. Visa Inc (V) +0.8%.

Global equity indices are trading higher today, with notable gains in the U.S., where major indices are generally up. This positive sentiment is supported by recent economic data indicating stability in inflation and jobless claims, which may ease concerns about aggressive interest rate hikes from the Federal Reserve.

In the U.S., initial jobless claims released today rose to 209k for the week ending August 8, above the 202k expected, though the level still suggests continued strength in the labor market. Additionally, producer prices were flat in July, contrasting with forecasts of a slight increase, which may further support a dovish stance from the Fed regarding future rate hikes.

Asian markets are mixed; while Japan's Nikkei 225 and China's A50 index have shown strong performance driven by optimism around AI technology and semiconductor sectors, Singapore's market is lower amid broader regional uncertainties linked to geopolitical tensions. The rebound in Japan is particularly notable as it reflects rising expectations for potential interest rate hikes from the Bank of Japan.

In Europe, equity indices are trading mixed as well; while Germany's DAX and France's CAC 40 have gained ground due to easing oil prices and stable inflation data from the U.S., the UK's FTSE 100 has declined due to losses in mining and energy sectors amidst ongoing concerns over economic stability.

United States Oil Fund LP (USO) [-1.6%]
U.S. gasoline prices have surged past $4 per gallon for the first time since August 12, contributing to negative sentiment in oil-related investments, according to GasBuddy analyst Patrick De Haan. This increase comes amid rising tensions with Iran, impacting energy markets. Additionally, both West Texas Intermediate (WTI) and Brent crude prices have declined, which has negatively affected the United States Oil Fund. In pre-market trading, shares of United States Oil Fund LP are falling, having reached a session low of -1.82% earlier this morning before declining further.

iShares MSCI South Korea ETF (EWY) [-0.7%]
Pre-market trading for the iShares MSCI South Korea ETF shows a decline, reflecting a broader downward trend since Wednesday's close. The ETF is trading lower despite a notable surge in the South Korean KOSPI index, which rose by 3.68% due to strong performances in financial and technology sectors. Additionally, social media commentary indicates that EWY led among country ETFs today, suggesting some investor interest. However, the ETF's performance has been directional, reaching an early low of -1.14%. The AUD/USD currency pair also declined by 0.13%, which may reflect broader market sentiment impacting both assets.

iShares U.S. Home Construction ETF (ITB) [+0.7%]
Investor sentiment towards the iShares U.S. Home Construction ETF is being positively influenced by NextEra Energy's agreements with the U.S. Department of Commerce and Japan to fund natural gas projects in Texas and Pennsylvania. This development may contribute to ITB's modest gain in pre-market hours. Additionally, a significant rise in Asian stock markets, driven by advancements in AI stocks, could bolster confidence in the materials sector that ITB tracks. Among the ETF's holdings, notable contributors include Lowe's Companies, Inc., D.R. Horton, Inc., The Home Depot, Inc., Sherwin-Williams Company, and Lennox International Inc., each providing positive returns. Overall, ITB is trading higher since Wednesday's close, reflecting these supportive factors.

LNVGY | +11.7% | +120.2B
Lenovo Group Ltd | Information Technology
Lenovo Group Ltd reported first-quarter revenue of $26.943 billion, significantly exceeding estimates of $22.274 billion, which has driven a positive market response. The company also noted a remarkable 60% year-on-year growth in AI-related revenue, totaling $9.3 billion and accounting for 35% of total revenue. Despite a net loss attributable to equity holders of $609 million and a loss per share of 5.04 cents, adjusted net income surged by 176% year-on-year to $1.1 billion, reflecting improved margins and operational efficiencies. Following this strong performance, shares are trading sharply higher in pre-market hours, with notable increases observed among U.S. PC makers as well.

CSCO | -6.5% | -30.3B
Cisco Systems Inc | Information Technology
Cisco Systems Inc reported strong fourth-quarter results, with revenue of $17.25 billion exceeding the forecast of $16.82 billion and adjusted earnings per share of $1.22 surpassing the consensus estimate of $1.17. Despite this positive performance, the stock is trading lower in pre-market hours, reflecting a sell-off following the earnings announcement. Investors reacted to the company's guidance for fiscal 2027, projecting revenue between $72.2 billion and $73.4 billion and adjusted EPS of $5.05 to $5.11, which, while above estimates, did not alleviate broader market sentiment concerns. This decline follows a modest increase in after-hours trading yesterday, highlighting a significant reversal in sentiment as trading approaches the regular session.

COHR | -6.5% | -3.3B
Coherent Corp | Information Technology
Coherent Corp's stock is experiencing a notable decline in pre-market trading, despite a price target increase by Needham to $420 from $380 and strong fourth-quarter earnings results. The company reported revenue of $2.05 billion and adjusted earnings per share of $1.74, both surpassing analyst expectations. However, the stock's downward pressure appears to stem from heightened market expectations following a recent surge in share price. Analysts suggest that while the company's fundamentals remain strong, there are concerns about sustaining aggressive growth projections. Social media discussions indicate a sentiment that the stock may have been overvalued leading into the earnings announcement, despite robust demand in key segments.

TPR | -9.7% | -3.1B
Tapestry Inc | Consumer Discretionary
Tapestry Inc's stock is sharply lower in pre-market trading following its fourth-quarter earnings report. While the company returned to profitability with net income of $347.8 million, compared to a loss of $517.1 million a year earlier, it did not meet revenue expectations for fiscal 2027. Tapestry reported Q4 sales of $1.88 billion, aligning with estimates, but its revenue guidance for next year of $8.4 billion to $8.5 billion fell short of the consensus forecast of $8.47 billion. Although adjusted EPS of $1.32 exceeded expectations, concerns regarding the company's growth outlook have led to a significant decline in share price during pre-market hours.

PAAS | -6.6% | -1.2B
Pan American Silver Corp | Materials
Pan American Silver Corp reported weaker-than-expected second-quarter results, contributing to a decline in stock price during pre-market hours. The company's adjusted earnings of $0.73 per share missed the analyst estimate of $1.04, while revenue of $1.124 billion fell short of the consensus estimate of $1.158 billion. Additionally, gold production was lower than anticipated at 165,900 ounces, which impacted overall performance. Analysts at BMO Capital lowered their price target on the stock to Cdn$75.00 from Cdn$76.00 while maintaining a Market Perform rating. This combination of disappointing earnings and a reduced price target has negatively affected investor sentiment, resulting in shares trading sharply lower since Wednesday's close.

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