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

Monday, August 24

Noteworthy macro moves today: Copper +1.3%. Hang Seng 50 Index (China) -1.8%. USD/CAD +0.5%. Noteworthy US mega-cap moves today: Micron Technology Inc (MU) -3.3%. Tencent Holdings Ltd (TCEHY) -2.8%. Space Exploration Technologies Corp (SPCX) -2.4%.

Global equity indices are trading mixed, with European markets showing some gains while U.S. and Asian indices are generally lower. The Hang Seng 50 Index in China has fallen by 1.8%, reflecting broader concerns over geopolitical tensions and economic uncertainty ahead of significant events this week, including Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium.

In the U.S., stock futures remain under pressure as investors brace for Nvidia's earnings report later this week amid rising oil prices and escalating tensions between the United States and Iran. The anticipation of new sanctions against Iran is contributing to market volatility, particularly affecting energy prices which have implications for inflation and monetary policy.

Recent economic data released today indicates that Canada's manufacturing sales edged down by 0.2% month-over-month in July, following a slight increase in June. Additionally, the Chicago Fed National Activity Index was also released today, providing insights into overall economic activity and inflationary pressures within the U.S.

Market participants are closely monitoring upcoming economic indicators such as personal income and core PCE price index figures scheduled for release on August 26, which could significantly influence Federal Reserve policy decisions amidst ongoing inflation concerns.

United States Oil Fund LP (USO) [-1.5%]
Concerns surrounding oil supply disruptions have intensified, contributing to a decline in United States Oil Fund LP. China's Foreign Minister Wang Yi emphasized the need for dialogue amid escalating tensions in the Middle East, warning against a repeat of past conflicts. Iranian officials have stated that “not a single drop of oil” will flow through the Strait of Hormuz if U.S. economic measures continue, further threatening global oil trade. Additionally, U.S. Treasury Secretary Scott Bessent indicated an impending financial offensive against Iran, which could have ramifications for oil markets. In pre-market trading, the oil ETF has faced notable volatility, having slipped significantly earlier before stabilizing.

iShares China Large-Cap ETF (FXI) [-1.4%]
China has opened applications for an 800 billion yuan ($119 billion) policy-based financing tool aimed at local government projects to bolster slowing economic growth. However, a securities firm indicated that the delayed roll-out could limit its impact this year. Additionally, the Hang Seng Index fell by 492 points to 25,517. These factors have contributed to negative sentiment surrounding the iShares China Large-Cap ETF. The ETF's holdings also experienced significant declines, with JD and TCOM contributing negatively to performance. In pre-market hours, the iShares China Large-Cap ETF is trading lower, reflecting a notable shift in momentum after reaching a brief high earlier in the session.

VanEck Semiconductor ETF (SMH) [-1.1%]
Discussions on social media indicate that the VanEck Semiconductor ETF is experiencing notable price movement, with speculation about a potential gap fill down to the $548.6 level. If the price breaks below this threshold, some traders may reassess their positions. The ETF's top holdings have contributed to its decline, with Micron Technology and Marvell Technology both returning -2.83%, while Applied Materials and Lam Research also posted losses. Broader market dynamics are at play, as the Nasdaq 100 Index has declined by 0.43%, reflecting a historical correlation with SMH. This backdrop may be influencing SMH's movement, which is lower since Friday's close. The upcoming earnings report from NVIDIA is highlighted as a significant potential catalyst that could impact SMH's direction in the near term.

PDD | +4.9% | +25.9B
PDD Holdings Inc | Consumer Discretionary
PDD Holdings Inc reported second-quarter adjusted earnings per share of RMB19.33, exceeding the analyst estimate of RMB18.35, while revenue reached RMB112.36 billion, below the consensus estimate of RMB113.9 billion. The adjusted operating profit was RMB29.1 billion, surpassing expectations. Executives noted that changes in EU customs duties will significantly impact their cross-border business in the short term, although they plan to enhance local product supply and fulfillment over the medium to long term. In pre-market trading, shares of PDD rose following the earnings announcement, although they pulled back from earlier gains. Despite missing revenue estimates, the stock's adjusted EPS performance and operating profit contributed to a positive reaction in pre-market hours, with discussions highlighting challenges from domestic competition and regulatory pressures.

MRVL | -3.2% | -6.5B
Marvell Technology Inc | Information Technology
Marvell Technology Inc is experiencing downward pressure ahead of its upcoming earnings report, which is anticipated to showcase its agreement with Google. Despite recent price target increases from Wells Fargo and Morgan Stanley, the stock is trading lower in pre-market hours. Wells Fargo raised its target to $310 from $240, while Morgan Stanley increased its target to $224 from $195. However, broader market concerns regarding inflation and economic conditions appear to be influencing Marvell's performance negatively. The Nasdaq 100 Index's decline may also be contributing to Marvell's drop, which has been noted at around 3.1% since Friday's close.

NUE | +4.0% | +2.3B
Nucor Corp | Materials
Nucor Corp is benefiting from a favorable environment for U.S. steel producers following the breakdown of trade talks between the U.S. and Canada over the weekend, which resulted in new tariffs on Canadian goods. This development has positively influenced market sentiment, leading to gains in Nucor's shares, along with those of other domestic steel producers such as Steel Dynamics and Cleveland-Cliffs. In a related note, Wells Fargo lowered its price target for Nucor to $285 from $297 but maintained an Overweight rating. Overall, Nucor's stock is advancing in pre-market hours, reflecting strong demand and positive market dynamics within the steel sector.

STLD | +4.2% | +1.4B
Steel Dynamics Inc | Materials
Steel Dynamics Inc is experiencing a notable uptick in pre-market trading as U.S. metal producers benefit from newly imposed tariffs on Canadian goods following the breakdown of trade talks over the weekend. This development has contributed to positive market sentiment, with Steel Dynamics shares rising alongside peers such as Nucor and Cleveland-Cliffs. Additionally, Wells Fargo analyst Timna Tanners adjusted the price target for Steel Dynamics to $255 from $275 while maintaining an Overweight rating. This mixed news may be influencing the stock's current momentum. Earlier today, shares reached a high of 5.02% before stabilizing around the middle of their one-month trading range.

XPEV | -5.3% | -1.2B
Xpeng Inc | Consumer Discretionary
Xpeng Inc reported a net loss of RMB 1.34 billion for Q2 2026, significantly higher than the RMB 0.48 billion loss in the same quarter last year. The company's revenue of RMB 19.74 billion fell short of the RMB 20.57 billion consensus estimate, contributing to negative market sentiment. Additionally, Xpeng's guidance for Q3 revenue is projected between RMB 21.7 billion and RMB 23.4 billion, below the analyst consensus of RMB 25.88 billion. Despite raising over $900 million for its robotics business, the overall financial outlook remains weak, impacting investor confidence. In pre-market trading, shares are sharply lower since Friday's close, with earlier declines reaching as much as -7.24%. This move contrasts with the previous three sessions, which all finished higher.

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