The MarketReader Minute
The Consumer Discretionary Select Sector SPDR Fund (XLY) has declined by 1.5% since Thursday, influenced by significant movements among its holdings. Concurrently, the U.S. job market presented mixed signals; August job growth was below expectations, although the unemployment rate fell to 4.2%.
The MarketReader Minute
Nvidia (NVDA) fell to a four-week low amid concerns regarding anticompetitive practices and reports of circumventing U.S. controls in China. Broadcom (AVGO) reported a net loss in Q3 but exceeded earnings estimates, though its weak Q4 revenue outlook contributed to a stock price drop.
The MarketReader Minute
Some of the largest macro moves in the market today include: US 2Y Treasury Bond +0.1%. Some of the largest moves among US mega-cap stocks include: Broadcom Inc (AVGO) -6.1%.
The MarketReader Minute
Gilead Sciences is set to present new data on its cancer treatment Trodelvy at the upcoming IASLC 2024 World Conference on Lung Cancer, focusing on various studies related to lung cancer, although the drug has not yet received regulatory approval for these indications.
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Tesla Inc. saw a notable rise, attributed to plans for launching its Full Self-Driving product in Europe and China by Q1 2025. Amazon's shares also traded higher following positive analyst coverage and the selection of Amazon Web Services by Central Japan Railway Company.
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Some of the largest macro moves in the market today include: Gold +1.0%. Bitcoin -2.4%. Ethereum -2.6%. Some of the largest moves among US mega-cap stocks include: Tesla Inc (TSLA) +2.4%. Broadcom Inc (AVGO) -1.6%.
The MarketReader Minute
Significant contributors to this performance included Tesla (TSLA), which experienced a notable rise following the introduction of a winter tire package for its Cybertruck and positive sales data.
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The Vanguard Information Technology ETF has declined, reflecting a broader downturn in the technology sector, largely attributed to the anticipated lackluster launch of Apple's iPhone 16. This sentiment is echoed by significant losses across other technology-focused ETFs.
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Some of the largest macro moves in the market today include: AEX 25 Index (Netherlands) -1.4%. Some of the largest moves among US mega-cap stocks include: NVIDIA Corp (NVDA) -1.9%.
The MarketReader Minute
Key contributors to this performance included Amazon (AMZN), which dropped significantly, contributing negatively to the fund's overall performance.
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The iShares Biotechnology ETF (IBB) has seen a price increase of 0.2% since Friday, driven by significant movements among its holdings. Notably, Vaxcyte, Inc. (PCVX) reported positive Phase 1/2 results for its pneumococcal vaccine, which contributed substantially to the ETF's performance.
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The ISM Manufacturing PMI reported a slight increase but remained below expectations, indicating ongoing contraction in U.S. factory activity. This data typically results in a pronounced reaction in the financial sector. Meanwhile, the ETF is currently outperforming other sectors like Technology.
