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

Thursday, July 23

Noteworthy macro moves today: Oil (WTI) +4.8%. S&P 500 Index (US) -0.9%. Nasdaq 100 Index (US) -1.3%. Noteworthy US mega-cap moves today: Tesla Inc (TSLA) -7.6%. Alphabet Inc (GOOG) -5.0%. Amazon.com Inc (AMZN) -2.5%.

Global equity indices are trading lower, with U.S. stocks notably affected by ongoing geopolitical tensions and disappointing earnings reports from major technology companies. The S&P 500 Index is down, reflecting a broader market sentiment that has been pressured by rising oil prices and concerns over the Middle East conflict, particularly between the U.S. and Iran.

In the U.S., initial jobless claims, released today, came in at 212k for the week ending July 18, slightly above expectations of 205k. Additionally, the Chicago Fed National Activity Index improved to -0.02 in June from -0.19 in May, indicating a modest uptick in economic activity despite persistent challenges.

The European Central Bank (ECB) announced today that it would maintain its benchmark interest rate at 0.024%, aligning with market expectations amid ongoing economic uncertainty driven by volatile energy prices due to geopolitical tensions in the Middle East. This decision reflects a cautious approach as ECB officials continue to monitor inflation dynamics closely.

In regional movements, Asian markets showed mixed results with gains in indices like the Hang Seng and Nikkei 225 while European markets faced declines amid valuation concerns following tech earnings reports and rising oil prices impacting investor sentiment.

United States Oil Fund LP (USO) [+4.8%]
A surge in crude oil prices is driving gains in United States Oil Fund LP. WTI crude rose 4% to $90.30 per barrel, while Brent climbed 4.35% to $98.15 per barrel. This increase follows reports of attacks on oil tankers in the Red Sea and renewed U.S. threats of potential strikes against Iran. Additionally, Yemen’s Houthi rebels announced attacks on Saudi oil tankers, contributing to volatility in the oil sector. In pre-market trading, United States Oil Fund LP is advancing, reflecting this upward momentum in crude prices.

Consumer Discretionary Select Sector SPDR Fund (XLY) [-2.3%]
Tensions between the U.S. and Iran have escalated, significantly impacting global oil prices and raising concerns about inflation and economic stability. This backdrop has contributed to a decline in the Consumer Discretionary Select Sector SPDR Fund. The fund's holdings have seen notable losses, with Tesla declining by 7.54%, Amazon down 2.48%, and Nike falling 0.88%. These movements have collectively pressured XLY lower since Wednesday's close. Additionally, Alphabet's announcement of increased capital expenditures for AI infrastructure has further influenced investor sentiment towards consumer discretionary stocks, heightening worries about free cash flow implications. The Dow Jones Index's decline of 0.94% also aligns with the downward trend in XLY, reflecting a high historical correlation between the two. Pre-market trading has shown significant weakness, with the asset positioned near the lower end of its one-month range.

VanEck Gold Miners ETF (GDX) [-2.1%]
The recent surge in West Texas Intermediate crude oil prices, which increased nearly 5% amid escalating geopolitical tensions between the U.S. and Iran, has negatively impacted investor sentiment toward gold mining stocks like VanEck Gold Miners ETF. Concerns over inflation due to rising energy costs are further affecting confidence in commodities such as gold. As a result, GDX is experiencing a decline during pre-market hours, trading lower since Wednesday's close. Notable contributors to this downward movement include significant losses from its holdings, with Agnico Eagle Mines down 1.88% and Newmont Corporation down 1.08%. Additionally, gold prices have fallen by 1.38%, reflecting a strong correlation with GDX's performance. Earlier in the session, the ETF briefly rebounded from a session high but has since declined steadily.

TSLA | -7.5% | -83.1B
Tesla Inc | Consumer Discretionary
Tesla Inc's stock is sharply lower in pre-market trading, primarily influenced by several analysts downgrading their price targets following mixed second-quarter results. Truist Securities reduced its target to $370 from $430, while Mizuho and TD Cowen lowered theirs to $450 and $460, respectively. Concerns about rising capital expenditures, projected to exceed $25 billion this year, and a negative free cash flow of -$1.09 billion have further intensified investor scrutiny. During the earnings call, CEO Elon Musk's cautious stance on scaling robotaxi operations contributed to negative sentiment, as the rollout has been slower than expected. Despite reporting a 26% year-over-year revenue increase to $28.24 billion and strong delivery figures, the stock's performance reflects heightened concerns over margins and future profitability.

URI | +8.0% | +6.0B
United Rentals Inc | Industrials
BofA Securities analyst Michael Feniger raised the price target on United Rentals Inc to $1,300 from $1,195 while maintaining a Buy rating, following the company's strong second-quarter results announced in the prior session. United Rentals reported adjusted earnings per share of $12.76, exceeding the consensus estimate of $11.54, and revenue of $4.41 billion, surpassing expectations of $4.22 billion. The company also increased its full-year revenue guidance to between $17.5 billion and $17.8 billion. Despite a pullback earlier in the session, shares are trading higher since Wednesday's close, reflecting positive sentiment from the earnings report and analyst upgrade.

MEDP | +18.4% | +3.6B
Medpace Holdings Inc | Health Care
Medpace Holdings Inc reported robust second-quarter results on July 22, 2026, which are likely contributing to today's price movement. The company achieved revenue of $707.3 million, a 17.2% increase year-over-year, and net income of $121.4 million, or $4.25 per diluted share, surpassing analyst expectations. Additionally, Medpace raised its full-year guidance for GAAP EPS to a range of $17.25 to $17.95 and for revenue to between $2.805 billion and $2.885 billion, both above prior estimates. The strong performance was highlighted by significant net new business awards of $795.7 million, reflecting a 28.2% year-over-year increase. This positive financial outlook appears to be driving investor interest this morning, with shares trading sharply higher during pre-market hours.

ALLE | +10.1% | +1.4B
Allegion PLC | Industrials
Allegion PLC reported strong second-quarter results, with net income rising to $184.6 million, or $2.15 per share, compared to $159.7 million, or $1.85 per share, a year earlier. Adjusted earnings per share were $2.40, exceeding analyst expectations of $2.22. Revenue increased 12.7% year-over-year to $1.15 billion, surpassing estimates of $1.12 billion. The company raised its full-year adjusted EPS guidance to a range of $8.85 to $9.00 from the previous $8.70 to $8.90. Following these announcements, shares surged in pre-market trading, reflecting positive investor sentiment. Earlier in the session, the stock pulled back but has since advanced significantly, remaining well above its 20-day moving average. The earnings call is scheduled for 8:00 AM ET today.

MOH | -7.4% | -0.9B
Molina Healthcare Inc | Health Care
Molina Healthcare Inc reported its second-quarter results, showing a significant decline in both revenue and earnings compared to the previous year. Total revenue fell to $10.87 billion from $11.43 billion, while GAAP net income dropped to $60 million, or $1.19 per diluted share, down sharply from $255 million, or $4.75 per share, in Q2 2025. The medical care ratio increased to 92.2%, reflecting higher medical costs relative to premiums. Although the company raised its full-year adjusted earnings guidance to at least $5.25 per diluted share, investors reacted negatively, leading to a marked decline in the stock price during pre-market trading today. Molina Healthcare shares are sharply lower during pre-market hours, continuing a trend of declines observed in recent sessions.

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