The MarketReader Minute
In the broader market context, the S&P 500 Index has declined by 0.49%, reflecting a similar downward trend that may be influencing the performance of consumer discretionary stocks.
The MarketReader Minute
Energy Select Sector SPDR Fund (XLE) experienced a daily return of 0.37%, bolstered by escalating geopolitical risks, including potential retaliatory actions between Israel and Iran. Political instability in Libya has kept the Sharara oil field offline, which may tighten supply further.
The MarketReader Minute
Significant contributors to this performance include JPM, WFC, SCHW, V, and BAC, all of which reported negative returns. The Dow Jones Index has also declined by 0.33%, reflecting broader market sentiment that may influence XLF's performance.
The MarketReader Minute
RNA, which reported positive Phase 1/2 trial results for AOC 1044 in Duchenne muscular dystrophy, GILD, which exceeded second-quarter revenue and earnings expectations, and ADMA, which also surpassed financial projections with significant revenue growth.
The MarketReader Minute
Some of the largest macro moves in the market today include: USD/CNH -0.3%. Nasdaq 100 Index (US) -0.8%. Bitcoin -1.9%. Some of the largest moves among US mega-cap stocks include: Alphabet Inc (GOOGL) -1.9%. Alphabet Inc (GOOG) -1.8%. Meta Platforms Inc (META) -1.6%.
The MarketReader Minute
VGT reacted positively to recent jobless claims data, with initial claims falling more than expected, reflecting a slight softening in the labor market. The four-week moving average for jobless claims increased, while continuing claims also rose, highlighting ongoing challenges in the labor sector.
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Notable contributors include APLS, ILMN, MRNA, AMGN, and BGNE, all reporting positive returns. APLS and Sobi announced favorable Phase 3 results for pegcetacoplan, demonstrating a significant reduction in proteinuria in patients with specific kidney conditions.
The MarketReader Minute
Bank of America has invested in Nasdaq Private Market, participating in a $62.4 million Series B financing round aimed at supporting product development and global growth. The ETF reacted positively to recent jobless claims data, with initial claims dropping significantly.
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U.S. crude oil inventories fell sharply by 3,728K barrels last week, well above the anticipated decrease, which has contributed to rising WTI crude oil prices. Geopolitical tensions surrounding Iran may also influence market sentiment regarding oil supply chains.
The MarketReader Minute
Amazon, Tesla, Home Depot, Booking Holdings, and Lowe's, all posting notable returns. Tesla exported nearly 28,000 vehicles from China in July, capturing a 5.3% market share in the electric vehicle segment despite a year-over-year decline in exports.
The MarketReader Minute
Some of the largest macro moves in the market today include: Ethereum +5.7%. Bitcoin +4.9%. S&P 500 Index (US) +1.2%. Some of the largest moves among US mega-cap stocks include: Eli Lilly and Co (LLY) +12.2%. NVIDIA Corp (NVDA) +2.2%. Alphabet Inc (GOOGL) +1.3%.
The MarketReader Minute
Microsoft experienced gains despite legal challenges related to a cyber outage impacting Delta Air Lines. Apple also saw an increase as it enhanced AI capabilities in its macOS beta. The broader market context is reflected in the S&P 500 Index, which has risen by 1.78%.
