The MarketReader Minute
Bank of America has invested in Nasdaq Private Market, participating in a $62.4 million Series B financing round aimed at supporting product development and global growth. The ETF reacted positively to recent jobless claims data, with initial claims dropping significantly.
The MarketReader Minute
U.S. crude oil inventories fell sharply by 3,728K barrels last week, well above the anticipated decrease, which has contributed to rising WTI crude oil prices. Geopolitical tensions surrounding Iran may also influence market sentiment regarding oil supply chains.
The MarketReader Minute
Amazon, Tesla, Home Depot, Booking Holdings, and Lowe's, all posting notable returns. Tesla exported nearly 28,000 vehicles from China in July, capturing a 5.3% market share in the electric vehicle segment despite a year-over-year decline in exports.
The MarketReader Minute
Some of the largest macro moves in the market today include: Ethereum +5.7%. Bitcoin +4.9%. S&P 500 Index (US) +1.2%. Some of the largest moves among US mega-cap stocks include: Eli Lilly and Co (LLY) +12.2%. NVIDIA Corp (NVDA) +2.2%. Alphabet Inc (GOOGL) +1.3%.
The MarketReader Minute
Microsoft experienced gains despite legal challenges related to a cyber outage impacting Delta Air Lines. Apple also saw an increase as it enhanced AI capabilities in its macOS beta. The broader market context is reflected in the S&P 500 Index, which has risen by 1.78%.
The MarketReader Minute
the American Petroleum Institute noted a rise in crude oil inventories by 180,000 barrels last week, which has generated negative sentiment around energy prices. This sentiment is further complicated by a slight narrowing of the U.S. trade deficit due to increased oil and gas exports.
The MarketReader Minute
Tesla's CEO announced plans to enhance affordability for the Cybertruck, supported by production targets and cost-saving measures. Additionally, the S&P 500 Index rose by 1.52%, suggesting that broader market trends may be influencing XLY's movement.
The MarketReader Minute
Dow Jones Index has risen by 1.06%, suggesting a correlation with the movements observed in XLF. This alignment with the index may reflect prevailing market sentiment influencing the ETF's price action.
The MarketReader Minute
BeiGene Ltd reported strong Q2 2024 GAAP earnings per share, surpassing estimates, and its sales exceeded expectations, contributing positively to the ETF's performance. Additionally, Illumina's Q2 earnings, while missing estimates, showed a year-over-year increase and revenue.
The MarketReader Minute
Some of the largest macro moves in the market today include: S&P 500 Index (US) +1.5%. Nasdaq 100 Index (US) +2.0%. Oil (WTI) +2.4%. Some of the largest moves among US mega-cap stocks include: NVIDIA Corp (NVDA) +2.9%. Microsoft Corp (MSFT) +2.3%. Broadcom Inc (AVGO) +2.2%.
The MarketReader Minute
Microsoft (MSFT) also performed well, benefiting from an antitrust ruling against Google and facing legal disputes with Elon Musk. Palantir (PLTR) reported strong second-quarter results, exceeding revenue and earnings expectations, which led to a raised annual revenue forecast.
The MarketReader Minute
Tesla (TSLA), which has increased due to its trial for higher charging rates for Cybertrucks and a partnership with Costco in Taiwan for a limited-time EV sale. Amazon (AMZN) has demonstrated resilience, outperforming competitors despite some losses.
