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General Motors also performed well, benefiting from its investments in battery technology and a joint venture aimed at developing a domestic supply chain for critical minerals essential for electric vehicle production.
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The Vanguard Information Technology ETF (VGT) has seen a decline of 0.6% since Tuesday, influenced by notable movements among its holdings. Microsoft (MSFT) dropped significantly, as it was removed from BMO's top picks list amid intensified competition for a $4 trillion valuation in the tech sector.
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The Financial Select Sector SPDR Fund (XLF) has experienced a price increase since Tuesday. Over the past year, the financial sector has shown a significant percentage change of 41.2%, outperforming the energy sector, which has only increased by 0.2%.
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Some of the largest macro moves in the market today include: Gold +0.6%. The UK inflation rate has fallen to 1.7% in September, the lowest since April 2021, which was below market expectations of 1.9%
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The Energy Select Sector SPDR Fund (XLE) has dropped significantly by 2.1% during market hours on Tuesday. This decline coincides with a sharp decrease in oil prices, which fell over 5% in morning trading, marking the largest one-day drop in more than a year.
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Significant contributors to this performance include NVIDIA (NVDA), which dropped notably amid potential U.S. export restrictions on AI chip sales, and Broadcom (AVGO), which also experienced a decline but achieved Pinnacle tier status with T-Systems, enhancing its access to digital technologies.
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The Consumer Discretionary Select Sector SPDR Fund (XLY) has recorded a daily return of 0.06%, coinciding with a nearly one percent rise in the S&P 500, driven by optimism regarding potential interest rate cuts from the Federal Reserve and strong earnings from major banks like JPMorgan Chase & Co.
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(XLF) has seen a price increase in pre-market trading, buoyed by strong third-quarter earnings from major U.S. banks. Goldman Sachs, Bank of America, Citigroup, and Charles Schwab all exceeded analyst expectations, with Goldman Sachs posting an earnings per share (EPS) significantly above estimates.
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Some of the largest macro moves in the market today include: USD/CNH +0.4%. Oil (WTI) -1.8%. US 10Y Treasury Bond +0.3%. Some of the largest moves among US mega-cap stocks include: UnitedHealth Group Inc (UNH) -3.7%. Exxon Mobil Corp (XOM) -2.5%. Apple Inc (AAPL) +1.3%.
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XLE has experienced a price decline of 0.2% since Friday, coinciding with a sharp drop in oil prices. Brent crude futures fell significantly, trading at $77.75 per barrel, while WTI crude decreased to around $73.50 amid concerns over demand and geopolitical tensions involving Israel and Iran.
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Key contributors to this performance include NVIDIA (NVDA), which returned 2.73%, and Microsoft (MSFT), which returned 0.83%. Apple (AAPL) also contributed positively with a return of 0.85%.
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XLF is approaching the top sector position for 2024, buoyed by all-time highs driven by major banks such as JPMorgan Chase and Wells Fargo.
