Welcome to the MarketReader Minute.

Below are AI-generated insights on today’s premarket moves, powered by MarketReader technology.

If you find the insights useful, you may subscribe to our new sector-specific newsletters or share this on Twitter.

Tuesday, July 9

Some of the largest macro moves in the market today include: Ethereum is up +2.0%. A50 Index (China) is up +0.9%. CAC 40 Index (France) is down -1.4%.

Federal Reserve Chair Jerome Powell is set to testify before Congress today, with markets keenly awaiting any hints on future monetary policy following the recent Non-Farm Payroll (NFP) report. This testimony comes ahead of key economic data releases later in the week, including US Consumer Price Index (CPI) and Producer Price Index (PPI), which are expected to provide further insights into inflation trends.

In Europe, stock indices have seen significant declines amid political uncertainties in France and hawkish comments from Bank of England officials suggesting that rate cuts may not be imminent. The CAC 40 index has notably dropped by -1.4%, reflecting investor concerns over potential gridlock within the French government post-elections.

Retail sales data from the United Kingdom showed a surprising decline of 0.5% year-over-year for June, missing market expectations for a gain and reversing May's increase. This unexpected drop adds pressure on UK equities as investors reassess growth prospects amidst ongoing high debt levels flagged by Chancellor Reeves.

VanEck Semiconductor ETF (SMH) [+0.6%]
Keybanc's analyst maintains an Overweight rating on NVIDIA, increasing the price target significantly. This positive outlook is contributing to a recent uptick in NVIDIA Corp's stock price movement, reflecting confidence in future performance and growth prospects. Intel Corp saw a positive stock price movement influenced by DFI launching Com Express Mini Type 10 module featuring Intel Atom x7000RE series processors, indicating potential market excitement around new product offerings that may have contributed to the recent share value increase.

Bitcoin (BTC/USD) [+1.3%]
Bitcoin's price movement coincided with the Republican party's stance on cryptocurrency and experts predicting a potential surge to $100,000 by the U.S. presidential election in November if President Biden remains a candidate. Additionally, macroeconomic factors like expansionary phases in major economies supporting asset growth are boosting demand post-supply overhang clearance amidst high investor confidence. Social media buzz highlighted Bitcoin touching $58K and DigitalX launching its ETF amid competition from VanEck listing in Australia, while Germany repurchased significant BTC sparking discussions about market sentiments and future movements.

BP | -4.3% | -24.8B
BP PLC's stock price declined due to warnings of significant hits on Q2 earnings, including impairments and lower refining margins. Weak oil trading results are expected with challenges in upstream production. The company faces restructuring activities for long-term growth amidst market pressures, anticipating up to $2 billion in write-downs related to a German oil refinery and decreased gas production for the second quarter but aims for higher full-year production compared to 2023 despite pricing fluctuations on Brent and gas markets.

NVDA |+1.3% | +42.6B
Keybanc and Wolfe Research raised NVIDIA's price target significantly, indicating confidence in the company’s future performance. These positive outlooks align with the recent uptick in NVIDIA Corp's stock price movement, reflecting optimism about its growth prospects driven by strong demand projections and favorable industry dynamics.

NVO |-1.8%|-8.3B
Novo Nordisk faces competition from Eli Lilly's Mounjaro, which outperformed Novo's Ozempic in weight loss effectiveness. This adds pressure amid concerns over drug prices and links to eye conditions. However, Novo is investing $4.1 billion in U.S. manufacturing to meet rising demand for their medications.

INTC |+2.4%|+3.5B
Intel Corp's stock price saw a positive movement coinciding with the launch of DFI's Com Express Mini Type 10 module featuring Intel Atom x7000RE series processors. Market excitement around new product offerings may have contributed to the recent uptick in share value. Additionally, positive mentions in Melius Research notes hint at potential strong performance for Intel, AMD, and Apple in an AI catch-up trade trend during the second half of 2024.

ASX |+3.3%|+1.7B
ASE Technology Holding Co Ltd's stock reacted positively following the company's June revenue report, showing a year-over-year decline of 4.5% and Q2 revenue slightly below expectations at $4.35B. Specific details on ATM assembly, testing, and material business were emphasized in the reports influencing recent investor sentiment alignment with Intel Corp experiencing premarket gains due to positive industry developments correlating with ASE Tech.

Thank you for spending a minute with us. 

If you have 2 more minutes, watch this demo of the MarketReader Platform: