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Thursday, June 27

The overall market is currently experiencing normal macro volatility.

Some of the largest moves in the market today include: Gold has experienced a move of +1.0%.

The US economy expanded an annualized 1.4% in Q1 2024, slightly higher than the previous estimate of 1.3%, while initial jobless claims fell by 6,000 to a total of 239,000 for the week ending June 22nd. Additionally, the US trade deficit in goods widened to $100.62 billion in May due to rising imports and exports with notable increases across various sectors including food and capital goods.

Global markets are reacting strongly today with central bank actions from figures like Bank of England's Governor Bailey and Japan’s retail sales data release showing declines potentially influencing currency movements.

Bond yields continue their upward trend driven by inflation surprises from Australia and Canada alongside climbing oil prices amidst uncertainty ahead of next week's labor data release for the US economy which remains historically tight but softened post-pandemic resilience levels.

GLD [+0.5%]
Gold prices are influenced by geopolitical instability, recession fears, and interest rate movements affecting the USD. Market optimism about a potential Fed rate cut could impact Gold's trajectory. Its safe-haven status during uncertain times and correlation with major currencies also affect its value amid global economic conditions.

MU |-5.4%|-8.1B
Micron Technology Inc reported strong Q3 earnings, beating estimates with higher EPS and revenues. The stock traded lower on concerns about fourth-quarter guidance matching expectations. Social media buzz highlighted positive outlook for Q4 but also indicated worries over lower-than-expected gross margins impacting investor sentiment initially leading to a stock drop after hours before stabilizing later on.

LEVI |-15.9%|-1.2B
Levi Strauss & Co reported Q2 earnings with higher EPS than expected and revenues meeting expectations. The company reaffirmed their FY24 guidance for both EPS and revenue, despite a stock price decline post-results due to missing revenue estimates but beating on adjusted EPS. Market share gains are being driven by direct-to-consumer business expansion and focus on women's products.

EADSY |+13.5%|+4.3B
Airbus SE experienced a positive development with Viasat expanding broadband SATCOM for their C295 fleet in Spain, enhancing collaboration and operational capabilities. This could boost Airbus' reputation and efficiency within the defense segment, potentially influencing investor sentiment positively. Additionally, Airbus seems to be outperforming its sector peers recently.

WBA |-15.6%|-1.8B
Walgreens Boots Alliance Inc reported lower than expected Q3 earnings, with EPS at $0.63 (est. $0.71) and revenue of $36.4B (est. 35.B). The company also revised down their FY2024 EPS guidance significantly to between $2..8-$2...95 from the previous range of$3...20-$3....35 due to challenges in the pharmacy industry and consumer environment impacts leading them to announce major US store closures as part of strategic adjustments for long-term growth potential amidst ongoing transformation initiatives aimed at cost-cutting measures.

AVAV | -6.1% | -312.5M
AeroVironment Inc reported strong Q4 earnings, beating expectations for EPS and revenues. Despite positive outlook in the Loitering Munitions Segment, lower FY25 guidance led to stock prices falling significantly post-results announcement below analyst consensus. This news coincided with a broader market downturn impacting AeroVironment's performance compared to sector peers since the previous close.

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