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Wednesday, July 10

Some of the largest macro moves in the market today include: Gold is up +0.7%. Nikkei 225 Index (Japan) is up +0.9%.

Federal Reserve Chair Jerome Powell is set to testify before the House Financial Services Committee today, following his previous testimony where he reiterated caution on interest rates and highlighted that high inflation remains a risk. This event has kept markets in anticipation as investors look for further clues about future monetary policy decisions.

In economic data releases, Italy's industrial production rose by 0.5% month-over-month in May 2024, surpassing market expectations of a 0.1% increase and rebounding from April’s decline. Meanwhile, China's producer prices fell by 0.8% year-on-year in June but marked the softest decrease since January last year due to government support measures; consumer inflation also edged down slightly below forecasts at an annual rate of 0.2%.

European equities are showing slight rebounds amidst political concerns particularly related to France while trading activity remains subdued ahead of key economic reports expected tomorrow including US CPI data which could significantly influence market sentiment depending on its outcome.

SPDR Gold Shares (GLD) [+0.7%]
Citi anticipates a rebound in physical gold demand, citing positive consumption trends and increased central bank buying. Expectations of record price ranges are driven by the Federal Reserve rate-cutting cycle. Projections for strong Chinese retail imports and stable official sector demand also contribute to market optimism surrounding future prices within this segment.

Ethereum (ETH/USD) [+0.7%]
Ethereum's price may have been positively influenced by blockchain startup Rome securing $9 million in funding to utilize Solana for Ethereum layer-2 networks. This could enhance scalability and transaction speed, potentially attracting more users and investors to the ecosystem, increasing demand for ETH tokens as a result.

NVDA |+2.1% | +68.0B
NVIDIA Corp's stock saw a positive price movement coinciding with the CEO selling 120,000 shares. Andreesen Horowitz is accumulating thousands of Nvidia H100 GPUs for AI deals, potentially boosting future GPU demand as part of NVIDIA's supply chain. Additionally, Jensen Huang sold $30.7 million in NVDA shares recently but still holds around $106 billion worth of stock. NVIDIA's performance correlated with Taiwan Semiconductor Manufacturing Co Ltd, during this period; indicating potential interdependencies between these two tech companies that investors monitoring semiconductor stocks should consider closely.

TSM |+2.5%|+123.6B
Taiwan Semiconductor Manufacturing Co Ltd (TSMC) reported strong Q2 revenue growth, surpassing estimates due to high demand for AI applications. June's consolidated revenue also showed a significant increase YoY. Wedbush reiterated an outperform rating with an increased price target, boosting investor confidence in TSMC's performance outlook amidst expectations of raised prices for advanced process nodes in early 2025 driven by heightened industry demand leading towards a potential market cap milestone of $1 trillion.

ILMN |+3.6%|+632.0M Illumina Inc acquired Fluent BioSciences, boosting its single-cell technology capabilities and multiomics strategy. This move showcases a commitment to comprehensive solutions for single-cell analysis, potentially impacting future performance positively. The acquisition has attracted attention from antitrust authorities as Illumina tests their patience in the #SingleCell and #NextGenSequencing space.

V | -1.6% | -8.5B
Visa Inc's stock was downgraded to Neutral by BAML, coinciding with the introduction of a new ad-supported premium subscription service by Charter Communications and TelevisaUnivision. This news may have influenced Visa indirectly through potential shifts in advertising spending trends. Additionally, Visa appears to be underperforming its sector peers and leading the sector's weakness since the previous close.

MA |-1.7%|-6.9B
Mastercard Inc's stock experienced a downgrade to Neutral by BAML, which may have contributed to the recent price movement. Investors should monitor how this change in recommendation could impact the company's performance moving forward. This change in recommendation could influence the company's future performance amidst broader sector weakness since the previous close.

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