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

Thursday, September 03

Noteworthy macro moves today: USD/JPY -2.1%. US Dollar Index -0.4%. US 2Y Treasury Bond Index +0.1%. Noteworthy US mega-cap moves today: Broadcom Inc (AVGO) -3.2%. Tesla Inc (TSLA) +1.7%. Meta Platforms Inc (META) +1.0%.

Global equity indices are trading mixed today, with U.S. markets generally higher while Asian markets show a downward trend. The U.S. dollar index has pulled back by 0.4%, and the USD/JPY pair has seen a notable decline of 2.1%. This mixed sentiment follows the release of various economic data points that have influenced market expectations ahead of key labor reports scheduled for tomorrow.

In the U.S., initial jobless claims rose to 206k for the week ending August 29, slightly above expectations of 205k and indicating ongoing resilience in labor demand despite recent payroll contractions noted in prior reports. Additionally, nonfarm productivity increased by 1.4% in Q2, matching preliminary estimates and reflecting solid output growth amid rising unit labor costs which rose by 1.2%. These figures suggest a complex labor market dynamic as inflationary pressures persist.

Canada's trade surplus fell sharply to C$0.77 billion in July, significantly lower than anticipated surpluses, raising concerns about export performance amid increasing imports that surged by 2.8%. Meanwhile, the U.S.'s trade deficit narrowed to $88.6 billion in July due to a decline in exports alongside rising import levels driven by strong consumer demand; this unexpected shift has led analysts to reassess economic stability moving forward.

Market participants are closely watching upcoming economic releases including tomorrow's non-farm payrolls report where an increase of approximately 58k jobs is expected amidst cautious sentiment following weaker private sector job growth reported earlier this week.

VanEck Gold Miners ETF (GDX) [+3.0%]
Gold prices surged due to easing U.S. Treasury yields and steady oil prices, supported by weaker-than-expected ADP labor figures that raised hopes the Federal Reserve may pause interest rate hikes. Additionally, renewed geopolitical tensions between the U.S. and Iran have increased demand for gold as a safe-haven asset. As a result, the VanEck Gold Miners ETF is gaining in pre-market trading, reflecting this upward momentum in gold prices. Analysts from Elliottwave Forecast noted that GDX is currently undergoing a corrective phase after an impulsive advance from a July low, with expectations for upward movement following this correction. The ETF has also seen strong contributions from its holdings, further supporting its performance.

United States Oil Fund LP (USO) [+1.9%]
Crude oil prices have surged amid renewed U.S. military actions against Iran, escalating geopolitical tensions and raising concerns about energy supply stability. This situation has contributed to a significant increase in WTI prices, which are trading higher during Thursday's session. The United States Oil Fund LP was noted to be gaining in pre-market trading, reflecting these developments. Brent Crude futures were trading near $97 per barrel, up approximately 1.00%, while WTI Crude futures increased by 1.43% to $92.29 per barrel. Ongoing hostilities are fostering uncertainty, typically supporting higher crude oil prices as markets react to potential supply disruptions in critical waterways like the Strait of Hormuz.

SPDR Gold Shares (GLD) [+1.9%]
Gold prices advanced sharply during Thursday's pre-market hours, driven by easing U.S. Treasury yields from multi-year highs and stable oil prices. The upward momentum was further supported by weaker-than-expected ADP labor figures, which bolstered expectations that the Federal Reserve may pause interest rate hikes in its upcoming meeting. This environment has prompted investors to seek safe-haven assets amid rising geopolitical tensions following renewed hostilities between the U.S. and Iran. SPDR Gold Shares is gaining in this context, reflecting the positive sentiment in the gold market. Earlier in the session, gold experienced a brief dip but has since recovered, maintaining a solid upward trajectory since Wednesday's close. Silver's increase also aligns with this trend, contributing to the overall strength in gold-related assets.

SNOW | +23.5% | +30.7B
Snowflake Inc | Information Technology
Snowflake Inc. reported fiscal second-quarter results that exceeded analyst expectations, driving significant pre-market gains. The company achieved revenue of $1.55 billion, surpassing the $1.48 billion consensus, and recorded a 35% year-over-year growth. Adjusted earnings per share were 62 cents, exceeding estimates of 45 cents. CEO Sridhar Ramaswamy highlighted the impact of AI on growth, noting increased adoption of products like Cowork and CoCo. Following the earnings announcement, several analysts raised their price targets for Snowflake, reflecting heightened investor confidence in its growth trajectory and AI-driven opportunities. Despite a pullback earlier in the session, shares are advancing since Wednesday's close, buoyed by strong operational performance and raised full-year product revenue guidance to $6.07 billion.

NTAP | -11.6% | -3.6B
NetApp Inc | Information Technology
NetApp Inc's stock is under pressure in pre-market trading following its recent quarterly earnings report. While the company reported strong revenue growth, with Q1 revenue of $2.03 billion and adjusted earnings per share of $2.58, concerns about future gross margins have overshadowed these results. Specifically, NetApp warned of an expected decline in gross margin for the second quarter due to a higher mix of lower-margin product revenue. This outlook has contributed to a sharp decline in the stock, which fell significantly after the earnings announcement, despite raised guidance for fiscal year 2027.

HCM | +11.7% | +1.4B
HUTCHMED (China) Ltd | Health Care
HUTCHMED (China) Ltd has entered a licensing agreement with GSK for its investigational cancer drug HMPL-A830, which includes an upfront payment of $110 million and potential milestone payments totaling up to $1.295 billion. The drug targets colorectal, pancreatic, and lung cancers and is designed to deliver a KRAS inhibitor directly to tumors while blocking EGFR signaling. HUTCHMED will oversee the global Phase 1 development program, set to begin in the second half of 2026. This strategic collaboration has contributed to the stock's notable pre-market increase, reflecting positive sentiment surrounding the advancement of its oncology pipeline.

FIVE | +5.8% | +0.8B
Five Below Inc | Consumer Discretionary
Five Below Inc's stock is experiencing a notable increase in pre-market trading, driven by positive analyst sentiment following its second-quarter earnings report released on September 2. The company reported adjusted EPS of $1.68, exceeding consensus estimates of $1.38, alongside revenue of $1.26 billion, which also surpassed expectations. Additionally, Five Below raised its fiscal 2026 adjusted EPS guidance to between $9.83 and $10.31, up from the previous estimate of $9.23. In response, analysts from Guggenheim, Mizuho, and Truist Securities raised their price targets for the stock, reflecting increased confidence in its growth trajectory. These developments have contributed to today's sharp upward movement in the stock price.

SMMT | +6.4% | +0.8B
Summit Therapeutics Inc | Health Care
Positive overall survival results from the Phase III HARMONi-2 study were announced by Summit Therapeutics Inc.'s partner, Akeso. The study evaluated ivonescimab monotherapy against pembrolizumab in patients with PD-L1-positive advanced non-small cell lung cancer, demonstrating a statistically significant improvement in overall survival. These results are expected to be presented at an upcoming medical conference. This development follows a series of successful trials for ivonescimab, highlighting ongoing progress in Summit's clinical development efforts. As a result of this announcement, shares of Summit Therapeutics are trading sharply higher in pre-market hours, reflecting strong investor interest.

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