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

Wednesday, August 26

Noteworthy macro moves today: Copper +1.8%. Noteworthy US mega-cap moves today: Meta Platforms Inc (META) +2.0%. AbbVie Inc (ABBV) -1.3%. Exxonmobil Holdings Corp (XOM) -1.2%.

Global equity indices are trading mixed, with European and Asian markets higher while U.S. indices are generally flat. The positive sentiment in Europe is supported by easing concerns over inflation and geopolitical tensions, particularly following a significant drop in crude oil prices due to the U.S.'s economic isolation of Iran, which traders view as a sign of reduced military conflict risk.

In the U.S., key economic data released today showed that the PCE price index rose by 0.2% month-over-month in July, above expectations of a 0.1% increase, while annual PCE inflation remained steady at 3.7%. Core PCE inflation also matched expectations at 3.3%, indicating persistent inflationary pressures that could influence future Federal Reserve policy decisions.

The CBI Distributive Trades data from the UK revealed a sharp decline to -48%, significantly worse than market expectations of -24%, suggesting deteriorating conditions in retail sales and consumer spending trends amidst ongoing economic challenges.

Noteworthy moves include copper prices rising by 1.8%, reflecting strong demand dynamics, while major U.S. stocks like Meta Platforms Inc gained 2% amid broader tech sector strength, contrasting with declines in energy stocks such as ExxonMobil Holdings Corp.

VanEck Gold Miners ETF (GDX) [-1.1%]
The VanEck Gold Miners ETF is trading lower in pre-market hours, reflecting a broader decline in the sector. Notably, gold prices have also decreased by 0.68%, which may be contributing to GDX's drop. The ETF's top holdings, including AU, NEM, and AEM, have all posted negative returns, further impacting its performance. Despite discussions on social media highlighting the ETF's recent strong run and potential for future gains, there are concerns about a possible correction following this upward trend. Earlier in the session, GDX reached a low of -1.53% before recovering slightly. Overall, the ETF remains significantly above its 20-day moving average after a strong month.

United States Oil Fund LP (USO) [-0.8%]
Increased oil offerings from Saudi Aramco for September loading, alongside geopolitical tensions in the Strait of Hormuz, are contributing to downward pressure on crude oil prices. This situation follows a reported sale of at least 4 million barrels to China, with bids for Arab Medium and Arab Heavy crude due today. Additionally, U.S. crude oil inventories rose by 4.2 million barrels for the week ending August 21, indicating oversupply concerns. As a result, United States Oil Fund LP is trading modestly lower in pre-market hours, reflecting these bearish market conditions. Earlier in the session, the asset reached a session low before slightly recovering but remains below its 20-day moving average.

State Street Energy Select Sector SPDR ETF (XLE) [-0.7%]
Brent crude oil prices fell by 3% to $84.56 per barrel, as Oman and Iran discussed a temporary maritime corridor in the Strait of Hormuz, easing inflation concerns and negatively impacting energy markets. Additionally, U.S. crude inventories rose more than expected last week, contributing to downward pressure on oil prices. This backdrop has influenced the State Street Energy Select Sector SPDR ETF, which is trading modestly lower in pre-market hours. Significant contributors to the ETF's performance include Exxon Mobil Corp, Chevron Corp, and Marathon Petroleum Corp, all of which reported declines. The ETF has reached a low of -0.79% this morning, reflecting ongoing market volatility and a continuation of lower closes over the past four sessions.

INTU | -9.1% | -8.1B
Intuit Inc | Information Technology
Intuit Inc is facing downward pressure in pre-market trading following significant downgrades from major Wall Street banks after the company issued disappointing fiscal 2027 guidance. JPMorgan downgraded its rating to Neutral from Overweight and cut its price target to $331 from $605, citing a weaker growth outlook and competitive pressures impacting TurboTax and QuickBooks. Similarly, Bank of America lowered its rating to Neutral from Buy, reducing its price target to $360 from $400, highlighting concerns about maintaining market share against lower-cost alternatives. Despite reporting a 13.6% year-over-year revenue increase for the fourth quarter, the guidance projecting revenue growth of only 9% to 10% fell short of analyst expectations, contributing to a notable decline in pre-market trading. Earlier in the session, shares experienced volatility, trading down significantly before recovering slightly.

BSX | -5.5% | -3.9B
Boston Scientific Corp | Health Care
Boston Scientific Corp disclosed a significant cybersecurity incident on August 25, 2026, affecting its information technology systems and causing widespread operational disruption. The company activated its incident response protocols and is working with third-party cybersecurity experts to investigate the breach. This incident has resulted in limitations in accessing critical business applications, including the processing and shipping of customer orders. As a consequence, Boston Scientific is unable to provide a timeline for full restoration or assess the potential material impact on its operations and finances. These developments have contributed to the stock's decline in pre-market trading.

SOGP | +26.0% | +3.4B
Sound Group Inc | Communication Services
Sound Group Inc reported a significant increase in its financial performance for the first half of the year, with net income reaching RMB120.5 million (approximately US$17.8 million), a 78% rise from RMB67.6 million in the previous year. Net revenues totaled RMB1.691 billion (around US$249.2 million), reflecting a 25% increase from the prior year. These strong earnings figures were published today at 7:45 AM ET and have contributed to positive market sentiment surrounding the stock. Following the earnings report, Sound Group shares moved higher in pre-market trading, initially gaining as much as 10%. However, earlier in the session, the stock pulled back from a session high, indicating some intraday volatility despite the overall upward trend since Tuesday's close.

SMMT | +14.5% | +1.8B
Summit Therapeutics Inc | Health Care
Summit Therapeutics Inc experienced a notable increase in pre-market trading following positive topline results from the Phase III HARMONi-GI1 study, reported by its partner Akeso. The study demonstrated statistically significant superiority in overall survival for ivonescimab plus chemotherapy compared to durvalumab plus chemotherapy in patients with advanced biliary tract cancer. Key secondary endpoints, including progression-free survival and objective response rate, were also met. Detailed safety and efficacy data are expected to be presented at an upcoming medical congress and published in a peer-reviewed journal. This development aligns with Summit's ongoing efforts to secure regulatory approvals for ivonescimab in its licensed territories.

ZM | -6.2% | -1.7B
Zoom Communications Inc | Information Technology
Zoom Communications Inc is facing negative price movement following its recent earnings report, which presented a mixed outlook. The company reported second-quarter revenue of $1.28 billion, exceeding expectations, but its guidance for the third quarter projected earnings per share between $1.46 and $1.48, falling short of the consensus estimate of $1.50. This has raised concerns among investors regarding future growth, particularly as the company integrates advanced AI capabilities that may impact operating margins. Analysts at Cantor Fitzgerald reiterated a Neutral rating with a price target of $104, adding to the negative sentiment. Despite reporting a year-over-year revenue growth of 4.9% and an enterprise revenue growth of 7.8%, the stock is declining in pre-market hours, reflecting investor caution.

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