The MarketReader Minute
Tesla (TSLA) contributed significantly with a robust return, buoyed by analyst Gary Black's comments on the company's upcoming affordable models and a visit from El Salvador's President to Giga Texas, underscoring Tesla's innovative edge in the electric vehicle market.
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Significant contributors to this performance include Exxon Mobil (XOM), Chevron (CVX), Schlumberger (SLB), EOG Resources (EOG), and Diamondback Energy (FANG), all registering positive returns.
The MarketReader Minute
Key holdings contributed negatively, with JPMorgan Chase (JPM), Moody's Corporation (MCO), Wells Fargo (WFC), Mastercard (MA), and Marsh & McLennan Companies (MMC) all reporting losses.
The MarketReader Minute
Some of the largest macro moves in the market today include: USD/CNH +0.2%. Ethereum +2.6%. Nikkei 225 Index (Japan) +1.6%. In Europe more broadly, business activity contracted at an accelerated pace with Eurozone's Manufacturing PMI dropping to 44.8.
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Key contributors to VGT's performance include NVIDIA, Microsoft, Qualcomm, Applied Materials, and Texas Instruments, all of which experienced negative returns.
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Home Depot (HD) and Lowe's (LOW) also experienced declines, while Lennar Corp (LEN) reported strong third-quarter results but saw its shares drop post-announcement despite beating earnings estimates and increasing new orders.
The MarketReader Minute
Some of the largest macro moves in the market today include: Gold +1.1%. Ethereum +3.6%. USD/CNH -0.3%. The Federal Reserve's recent decision to cut interest rates by 50 basis points has significantly impacted global markets.
The MarketReader Minute
Some of the largest macro moves in the market today include: Nasdaq 100 Index (US) +1.9%. S&P 500 Index (US) +1.4%. Oil (WTI) +2.7%. Some of the largest moves among US mega-cap stocks include: Broadcom Inc (AVGO) +3.5%. NVIDIA Corp (NVDA) +3.3%. Tesla Inc (TSLA) +2.9%.
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HC Wainwright & Co. reiterated a Buy rating on Exelixis, setting a price target of $29, backed by an average 12-month target of $29.4. Exelixis reported a robust revenue growth rate of over 35% as of June 30, 2024, alongside strong financial metrics, including a net margin exceeding 35%.
The MarketReader Minute
Booking Holdings (BKNG) and D.R. Horton (DHI) reported minor negative contributions, as did Tesla (TSLA), which experienced a slight decrease. Overall, these movements reflect a consistent downward trend among key constituents of the ETF, impacting its overall performance.
The MarketReader Minute
Among its top holdings, Exxon Mobil (XOM), Marathon Petroleum (MPC), Halliburton (HAL), Devon Energy Corp (DVN), and Baker Hughes Co (BKR) all posted negative returns, contributing to the fund's performance.
The MarketReader Minute
The most significant market event currently is the anticipation of a Federal Reserve interest rate decision, with expectations split between a 25 or 50 basis point cut.
