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%.
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%.
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.
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 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.
Wells Fargo (WFC) announced a partnership with Volkswagen Financial Services to enhance vehicle financing options in the U.S. Bank of America (BAC) appointed Johnbull Okpara as its Chief Accounting Officer, transitioning leadership from Citigroup.
Ascendis Pharma A/S (ASND) experienced a notable stock increase following positive results from the ApproaCH Trial, which demonstrated superior growth velocity in children with achondroplasia.
Key contributors to this performance include Microsoft (MSFT), which announced a 10% increase in its quarterly dividend to 0.83 per share and a new $60 billion share repurchase program, coinciding with its annual shareholders meeting scheduled for December 10, 2024.
Some of the largest macro moves in the market today include: Bitcoin +1.9%. Some of the largest moves among US mega-cap stocks include: Microsoft Corp (MSFT) +1.8%.
Key contributors to VGT's performance include Apple Inc., which faced significant challenges due to lower-than-expected demand for its iPhone 16 Pro and Pro Max models, resulting in a notable negative return.
Ascendis Pharma A/S (ASND) experienced a notable stock increase following positive results from the ApproaCH Trial, which demonstrated superior growth velocity in children with achondroplasia.
Some of the largest macro moves in the market today include: US Dollar Index -0.4%. Some of the largest moves among US mega-cap stocks include: Apple Inc (AAPL) -2.4%. Broadcom Inc (AVGO) -1.6%. The most significant market event currently is the anticipation of central bank decisions.
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Oil prices have rebounded, with Brent crude rising to $72.43 per barrel and West Texas Intermediate reaching $68.60 per barrel, amid concerns over supply disruptions from Hurricane Francine, which has impacted 42% of U.S. Gulf of Mexico output.
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Key contributors to this performance include Tesla (TSLA), which rose significantly, followed by Amazon (AMZN) and Home Depot (HD), both showing positive returns. Booking Holdings (BKNG) and D.R. Horton (DHI) also contributed to the overall gain, albeit to a lesser extent.
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Notably, BioNTech (BNTX) has contributed positively with a substantial return, amidst a mix of bearish and bullish options trading activity. Analyst ratings for BNTX reflect a consensus price target around $105.67.
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Key contributors to this performance include Nvidia, Broadcom, Oracle, Applied Materials, and Micron, each experiencing notable returns. Oracle Corp announced long-term revenue guidance exceeding consensus estimates, projecting at least $66 billion for fiscal 2026.
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Recent economic data releases have significantly influenced market movements. In the Euro Area, industrial production decreased by 0.3% month-over-month in July, aligning with expectations but highlighting ongoing challenges for intermediate and capital goods sectors.
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The Vanguard Information Technology ETF (VGT) has seen a price increase of 0.4% since Wednesday. Significant contributors to this performance include NVIDIA (NVDA), which returned nearly 2%, and Broadcom (AVGO), which rose over 4%.
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GM has announced a partnership with Hyundai for joint product development and clean energy technologies, alongside an expansion of its collaboration with EVgo to deploy fast charging stations across major U.S. cities.
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Moderna Inc. (MRNA), which dropped sharply after announcing a strategic shift to reduce R&D expenses and forecasting lower revenue for 2025. Biogen has recently appointed two new board members to enhance its governance.
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In the United States, producer prices rose more than anticipated in August with a monthly increase of 0.2%, driven primarily by higher service costs despite unchanged goods prices.
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The Consumer Discretionary Select Sector SPDR Fund (XLY) has declined by 1.3% since Tuesday. Key contributors to this movement include Tesla, which dropped significantly amid rising competition in the electric vehicle sector, particularly from Lucid Group and Kia.
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Macroeconomic data revealed an unexpected rise in U.S. gasoline stocks, which historically influences XLF’s movements. Crude oil inventories also increased, suggesting a trend of rising supply that could impact market sentiment.
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Crude oil inventories have risen, contrary to expectations, which has influenced market sentiment regarding energy investments. Additionally, the latest CPI report suggests persistent inflation pressures, potentially affecting Federal Reserve interest rate decisions .
