The MarketReader Minute
Some of the largest macro moves in the market today include: Copper +2.8%. USD/CNH -0.5%. Oil (WTI) +1.7%. Some of the largest moves among US mega-cap stocks include: Visa Inc (V) -2.2%. Exxon Mobil Corp (XOM) +0.9%.
The MarketReader Minute
Micron's stock rose significantly, while Apple is facing mixed signals regarding demand for its iPhone 16, although longer lead times suggest potential demand stabilization. Intel's stock surged amid reports of Apollo Global Management considering a substantial investment.
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Biohaven Ltd. announced positive results from a pivotal study on troriluzole for treating Spinocerebellar Ataxia, demonstrating substantial improvements in disease progression rates. This announcement resulted in a 20% surge in Biohaven shares during premarket trading.
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Tesla (TSLA) contributed significantly with a robust return, buoyed by analyst Gary Black's comments on the company's upcoming affordable models and a visit from El Salvador's President to Giga Texas, underscoring Tesla's innovative edge in the electric vehicle market.
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Significant contributors to this performance include Exxon Mobil (XOM), Chevron (CVX), Schlumberger (SLB), EOG Resources (EOG), and Diamondback Energy (FANG), all registering positive returns.
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Key holdings contributed negatively, with JPMorgan Chase (JPM), Moody's Corporation (MCO), Wells Fargo (WFC), Mastercard (MA), and Marsh & McLennan Companies (MMC) all reporting losses.
The MarketReader Minute
Some of the largest macro moves in the market today include: USD/CNH +0.2%. Ethereum +2.6%. Nikkei 225 Index (Japan) +1.6%. In Europe more broadly, business activity contracted at an accelerated pace with Eurozone's Manufacturing PMI dropping to 44.8.
The MarketReader Minute
Key contributors to VGT's performance include NVIDIA, Microsoft, Qualcomm, Applied Materials, and Texas Instruments, all of which experienced negative returns.
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Home Depot (HD) and Lowe's (LOW) also experienced declines, while Lennar Corp (LEN) reported strong third-quarter results but saw its shares drop post-announcement despite beating earnings estimates and increasing new orders.
The MarketReader Minute
Some of the largest macro moves in the market today include: Gold +1.1%. Ethereum +3.6%. USD/CNH -0.3%. The Federal Reserve's recent decision to cut interest rates by 50 basis points has significantly impacted global markets.
The MarketReader Minute
Some of the largest macro moves in the market today include: Nasdaq 100 Index (US) +1.9%. S&P 500 Index (US) +1.4%. Oil (WTI) +2.7%. Some of the largest moves among US mega-cap stocks include: Broadcom Inc (AVGO) +3.5%. NVIDIA Corp (NVDA) +3.3%. Tesla Inc (TSLA) +2.9%.
The MarketReader Minute
HC Wainwright & Co. reiterated a Buy rating on Exelixis, setting a price target of $29, backed by an average 12-month target of $29.4. Exelixis reported a robust revenue growth rate of over 35% as of June 30, 2024, alongside strong financial metrics, including a net margin exceeding 35%.
