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%.
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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.
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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.
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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.
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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.
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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.
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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.
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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%.
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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.
The MarketReader Minute
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.
The MarketReader Minute
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.
