The MarketReader Minute
the American Petroleum Institute noted a rise in crude oil inventories by 180,000 barrels last week, which has generated negative sentiment around energy prices. This sentiment is further complicated by a slight narrowing of the U.S. trade deficit due to increased oil and gas exports.
The MarketReader Minute
Tesla's CEO announced plans to enhance affordability for the Cybertruck, supported by production targets and cost-saving measures. Additionally, the S&P 500 Index rose by 1.52%, suggesting that broader market trends may be influencing XLY's movement.
The MarketReader Minute
Dow Jones Index has risen by 1.06%, suggesting a correlation with the movements observed in XLF. This alignment with the index may reflect prevailing market sentiment influencing the ETF's price action.
The MarketReader Minute
BeiGene Ltd reported strong Q2 2024 GAAP earnings per share, surpassing estimates, and its sales exceeded expectations, contributing positively to the ETF's performance. Additionally, Illumina's Q2 earnings, while missing estimates, showed a year-over-year increase and revenue.
The MarketReader Minute
Some of the largest macro moves in the market today include: S&P 500 Index (US) +1.5%. Nasdaq 100 Index (US) +2.0%. Oil (WTI) +2.4%. Some of the largest moves among US mega-cap stocks include: NVIDIA Corp (NVDA) +2.9%. Microsoft Corp (MSFT) +2.3%. Broadcom Inc (AVGO) +2.2%.
The MarketReader Minute
Microsoft (MSFT) also performed well, benefiting from an antitrust ruling against Google and facing legal disputes with Elon Musk. Palantir (PLTR) reported strong second-quarter results, exceeding revenue and earnings expectations, which led to a raised annual revenue forecast.
The MarketReader Minute
Tesla (TSLA), which has increased due to its trial for higher charging rates for Cybertrucks and a partnership with Costco in Taiwan for a limited-time EV sale. Amazon (AMZN) has demonstrated resilience, outperforming competitors despite some losses.
The MarketReader Minute
Berkshire Hathaway was a notable contributor, reporting strong fiscal second-quarter results with revenues surpassing estimates and adjusted earnings per share significantly above expectations.
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Key contributors to XLE's performance include Marathon Petroleum Corporation (MPC), which reported Q2 2024 financial results with an adjusted EPS surpassing analyst estimates by over 30%, and ONEOK (OKE), which also exceeded expectations with strong operational performance.
The MarketReader Minute
Key contributors to this performance include MRNA, which rose, followed by BMRN, which experienced a notable increase after reporting strong second-quarter results that exceeded earnings and sales expectations.
The MarketReader Minute
Some of the largest macro moves in the market today include: Oil (WTI) -2.3%. Bitcoin +1.9%. Gold -0.6%. Some of the largest moves among US mega-cap stocks include: Apple Inc (AAPL) -1.5%. Eli Lilly and Co (LLY) +1.4%. Microsoft Corp (MSFT) +1.0%.
The MarketReader Minute
Vertex Pharmaceuticals Inc. (VRTX) experienced mixed analyst sentiment, with downgrades from Barclays and Canaccord Genuity, despite some price target increases. BioNTech SE (BNTX) reported increased losses and lower revenue in Q2, alongside its decision to opt out of acasunlimab development.
