The MarketReader Minute
Some of the largest macro moves in the market today include: Nikkei 225 Index (Japan) -4.2%. USD/JPY -1.6%. Recent economic data from the United States indicates a slower-than-expected rise in personal spending and income for August 2024.
The MarketReader Minute
Key contributors to this performance include Exxon Mobil Corp, which announced a $10 billion investment in offshore oil operations in Nigeria, and Chevron Corp, which eased regulatory concerns regarding its merger process.
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The Consumer Discretionary Select Sector SPDR Fund (XLY) has seen a slight price increase of 0.2% since Wednesday. Key contributors to this performance include Nike (NKE), Starbucks (SBUX), McDonald's (MCD), Royal Caribbean Cruises Ltd (RCL).
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Micron Technology Inc. reported strong fourth-quarter results, surpassing revenue and earnings expectations, which has positively influenced its share price. Additionally, Microsoft Corp.'s substantial investment in OpenAI, now transitioning to a for-profit model .
The MarketReader Minute
Some of the largest macro moves in the market today include: USD/CNH -0.7%. Oil (WTI) -2.6%. Copper +2.3%. Some of the largest moves among US mega-cap stocks include: NVIDIA Corp (NVDA) +2.5%. Broadcom Inc (AVGO) +1.9%. Exxon Mobil Corp (XOM) -1.7%.
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Intel (INTC) saw its stock cross the 50-day moving average, leading to a notable rise, alongside the announcement of its Xeon 6 with AI accelerators. Salesforce (CRM) is set to acquire Zoomin to enhance its Data Cloud capabilities.
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EOG has announced a conference call on November 8, 2024, to discuss its third-quarter results. Meanwhile, oil prices have settled higher due to Chinese monetary stimulus and ongoing supply concerns related to Middle East tensions.
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Amgen (AMGN), which dropped significantly following its approval for TEPEZZA in Japan, despite positive trial results for other treatments. Regeneron (REGN) faced challenges after a legal ruling favoring Amgen, although analysts remain optimistic about its market share growth.
The MarketReader Minute
Some of the largest macro moves in the market today include: USD/CNH +0.4%. Oil (WTI) -1.9%. A50 Index (China) +1.4%. Recent market movements have been significantly influenced by China's economic stimulus measures, which include record policy rate cuts.
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NVIDIA (NVDA) emerged as a top performer, with a notable return attributed to the CEO's sale of six million shares and a new partnership with NetApp to bolster AI capabilities.
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Regeneron Pharmaceuticals Inc. (REGN) saw a notable drop, attributed to a federal court ruling that denied its request for a preliminary injunction against Amgen's biosimilar of Eylea, leading to a substantial decline over the past month and subsequent analyst downgrades
The MarketReader Minute
Visa Inc. facing significant stock declines due to an antitrust lawsuit from the U.S. Department of Justice, while Mastercard, Wells Fargo, Bank of America, and Citigroup also reported negative returns.
