The MarketReader Minute
significant macroeconomic data revealed a notable decline in U.S. housing starts by 6.8% in July 2024, marking the steepest drop since March. This decrease, particularly in single-unit building starts, raises concerns about the housing market's health and the financial sector.
The MarketReader Minute
the S&P 500 Index has also declined slightly, by 0.13%, suggesting broader market influences are affecting the technology sector's performance.
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Brent crude fell below $78 per barrel and West Texas Intermediate slipped under $74 per barrel. The easing geopolitical tensions surrounding Israel-Hamas ceasefire talks have contributed to reduced fears of supply disruptions from the Middle East, alongside ongoing concerns about Chinese demand.
The MarketReader Minute
Some of the largest macro moves in the market today include: Gold +0.9%. Bitcoin +2.1%. Some of the largest moves among US mega-cap stocks include: Eli Lilly and Co (LLY) +2.0%.
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The Australian dollar has appreciated against the U.S. dollar, reflecting broader market sentiment that may influence consumer discretionary spending. This movement in the AUD/USD currency pair is noteworthy in the context of overall economic conditions.
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oil prices are under pressure from concerns about weaker demand in China, although geopolitical tensions may restrict further declines. The USD/CAD currency pair has decreased slightly, reflecting broader market dynamics and contributing to the stability of XLE.
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The top contributors to this performance include UTHR, which experienced a significant rise, contributing the most to the ETF's performance. MRNA and VRTX also posted modest gains, with each making a smaller contribution.
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Some of the largest macro moves in the market today include: USD/CNH -0.3%. Some of the largest moves among US mega-cap stocks include: Alphabet Inc (GOOG) +1.5%. Alphabet Inc (GOOGL) +1.4%.
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Amazon's logistics and transition to electric vehicles may be affected by Rivian Automotive's halt in production of electric delivery vans due to a parts shortage.
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Key contributors to this performance include NVDA, AMD, CSCO, MU, and AAPL, with NVDA leading the way. Analysts have recently upgraded Cisco Systems (CSCO), boosting its average 12-month price target to $54.00, supported by a solid revenue growth rate and net margin.
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BioNTech's stock price fell following the announcement of mixed results from its Phase 3 clinical trial of a combined mRNA vaccine for influenza and COVID-19, which showed strong efficacy against influenza A and SARS-CoV-2 but inadequate immunity against influenza B.
The MarketReader Minute
This decrease, particularly in single-unit building starts, raises concerns about the housing market's health and its potential implications for the financial sector, contributing to the observed volatility in XLF.
