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Thursday, July 09

Noteworthy macro moves today: Hang Seng 50 Index (China) +2.0%. Nasdaq 100 Index (US) +1.2%. Copper +1.8%. Noteworthy US mega-cap moves today: Broadcom Inc (AVGO) +3.7%. Meta Platforms Inc (META) -3.2%. Space Exploration Technologies Corp. Class A Common Stock (SPCX) +2.0%.

Global equity indices are trading higher today, with notable gains in the Hang Seng 50 Index up by 2.0% and the Nasdaq 100 Index rising by 1.2%. This positive sentiment follows the release of U.S. Initial Jobless Claims data earlier today, which showed claims fell to 215k for the week ending July 4th, below expectations of an increase to around 218k. This indicates resilience within the labor market despite prior forecasts suggesting rising unemployment benefits applications.

In Europe, equity indices are mixed; while the IBEX 35, Euro Stoxx 50, CAC 40, and AEX are higher, the FTSE 100 is lower amid ongoing geopolitical tensions related to U.S.-Iran conflicts that have recently escalated. The European Central Bank also released its Monetary Policy Meeting Accounts today indicating potential for more interest rate hikes amid rising inflation concerns.

Asian markets are generally higher as well; however, concerns about renewed hostilities in the Middle East continue to weigh on investor sentiment across regions. The recent airstrikes by U.S. forces against Iran have raised fears regarding oil supply disruptions through critical shipping lanes like the Strait of Hormuz.

Additionally, China's inflation data released yesterday showed a year-on-year increase of only 1.0% in June, falling short of expectations and signaling economic challenges amid rising producer prices which increased by approximately 4.1%. This mixed economic backdrop is influencing market dynamics as investors remain cautious about future growth prospects.

VanEck Semiconductor ETF (SMH) [+3.7%]
Micron Technology's announcement of a planned investment of up to $3 billion in the U.S. semiconductor supply chain, including a $500 million financing for GlobalWafers' Texas facility and a 10-year supply agreement for raw silicon wafers, is expected to significantly bolster the semiconductor industry. This development is particularly relevant for the VanEck Semiconductor ETF, which tracks major companies in this sector. In pre-market trading, the ETF is advancing, reflecting strong momentum as it rises from a low after-hours yesterday. Notably, individual semiconductor stocks such as AVGO, NVDA, and QCOM have contributed to this upward movement, supporting a broader positive trend in the technology sector.

VanEck Gold Miners ETF (GDX) [+1.9%]
Geopolitical tensions have escalated due to ongoing U.S. military strikes on Iranian targets, raising concerns about potential disruptions in oil supply routes through the Strait of Hormuz. This situation has contributed to a spike in gold prices, with recent reports indicating gold rebounded above $4,100 an ounce. As a result, the VanEck Gold Miners ETF is trading higher in pre-market hours, reflecting increased investor interest in safe-haven assets. Notably, key holdings such as Newmont Corporation and Agnico Eagle Mines Limited have made positive contributions to the ETF's performance, with returns of 1.5% and 1.42%, respectively. Additionally, gold's increase of 1.01% aligns with GDX's upward movement, underscoring the strong correlation between the two assets.

Global X Copper Miners ETF (COPX) [+1.4%]
Geopolitical tensions have escalated due to ongoing U.S. military strikes against Iranian targets, raising concerns about potential disruptions in oil supply routes through the Strait of Hormuz. This situation has led to fluctuations in crude oil prices and could impact global markets, including those related to copper mining companies tracked by the Global X Copper Miners ETF. In pre-market hours, the ETF is gaining, supported by strong performances from key holdings such as HBM, FCX, BHP, and SCCO. These stocks contributed positively to the ETF's performance, with returns of 2.21%, 1.88%, 1.53%, and 1.05%, respectively. Additionally, silver prices have increased, reflecting a moderate historical correlation with COPX and potentially influencing broader market sentiment in precious metals.

AMAT | +7.3% | +37.1B
Applied Materials Inc | Information Technology
Analysts are expressing increasing confidence in Applied Materials Inc following upward revisions of price targets by Mizuho and TD Cowen. Mizuho raised its target to $650 from $540, while TD Cowen increased its target to $700 from $525, both maintaining favorable ratings. These adjustments reflect expectations of durable growth in wafer fab equipment driven by AI demand through 2029. Additionally, CEO Gary Dickerson noted improved long-term visibility into semiconductor equipment demand as major chipmakers share production plans extending beyond 2027. As a result, Applied Materials is trading sharply higher during pre-market hours, aligning with a strong performance in the Semiconductor Materials & Equipment sector.

AZN | -8.2% | -22.2B
AstraZeneca PLC | Health Care
AstraZeneca PLC's shares have declined significantly following the announcement that its Phase III CARDIO-TTRansform trial for the heart drug Wainua (eplontersen) failed to meet its primary efficacy endpoint. The trial assessed the drug's effectiveness in reducing cardiovascular mortality and recurrent events in patients with transthyretin-mediated amyloid cardiomyopathy (ATTR-CM) but did not show a statistically significant benefit over placebo. Some nominally significant results were noted in a subgroup analysis. As a result, AstraZeneca's U.S. shares fell in pre-market trading, with London-listed shares also experiencing a notable decline. The company plans to present the full data at the European Society of Cardiology Congress in August.

ASX | +8.5% | +16.0B
ASE Technology Holding Co Ltd | Information Technology
Strong financial results for June and Q2 2026 have driven positive sentiment for ASE Technology Holding Co Ltd. The company reported net revenues of $2.092 billion for June, a 25.9% year-over-year increase, while Q2 revenues reached $6.050 billion, up 25.1% from the previous year. Additionally, Q2 ATM revenue was $3.99 billion, compared to $2.97 billion last year, reflecting robust growth across its segments. These figures, disclosed early on July 9, contributed to the stock's sharp increase during pre-market hours. ASE Technology's shares are gaining significantly, supported by a broader positive trend in the semiconductor sector amid heightened demand driven by advancements in AI infrastructure.

ALNY | +18.3% | +8.9B
Alnylam Pharmaceuticals Inc | Health Care
Alnylam Pharmaceuticals Inc shares are advancing in pre-market trading following AstraZeneca's announcement of a failed late-stage trial for its drug Wainua, intended for a rare heart condition. The trial did not meet its primary goal of reducing cardiovascular mortality or related events, positioning Alnylam's competing treatments favorably in the market. As a result, Alnylam's shares surged significantly during this pre-market session. Additionally, news that Ionis Pharmaceuticals' CARDIO-TTRansform Phase 3 trial for eplontersen, conducted in collaboration with AstraZeneca, also missed its primary endpoint further bolsters Alnylam's competitive advantage. The trial's outcomes suggest potential benefits for Alnylam's stock performance amid challenges faced by other firms in the same therapeutic area.

FCEL | +10.9% | +1.2B
Fuelcell Energy Inc | Industrials
FuelCell Energy Inc has announced a significant collaboration with Siemens through a memorandum of understanding aimed at enhancing the development of fuel cell-based power generation systems. This partnership will focus on integrating electrical design and supply with fuel cell technologies to support the deployment of distributed energy systems exceeding 100 megawatts. The collaboration includes joint project development involving engineering, integration, and delivery of systems that incorporate fuel cells and battery energy storage. Both companies expressed confidence that this partnership will improve deployment timelines and reduce costs for commercial projects. In pre-market trading, shares are sharply higher since Wednesday's close, reflecting positive sentiment surrounding this strategic alliance.

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