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

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Tuesday, April 9, 2024

The overall market is currently experiencing normal macro volatility.

Some of the largest moves in the market today include: Gold has experienced a move of +0.7%. Ethereum has experienced a move of -1.6%. Platinum has experienced a move of +1.7%. As of April 9, markets are exhibiting mixed risk sentiment ahead of the release of US CPI data. 

Investors appear cautious with equities showing mostly flat performance and commodities trading higher. The anticipation around this inflation report is significant as it could influence expectations regarding future interest rate movements by central banks such as the Federal Reserve.

In other news, oil prices have reached a six-month high which adds another layer to investor considerations about inflationary pressures and potential monetary policy responses from global central banks who may be wary about easing credit conditions prematurely in light of rising commodity prices.

Lastly, market participants are also paying attention to corporate earnings forecasts for insights into economic health; while growth estimates for S&P500 companies through Q1 suggest moderation compared to earlier projections, there’s an expectation that profit growth might accelerate later in the year.

AI-generated summaries of notable ETF and macro asset moves:

SLV [+1.1%] The price of iShares Silver Trust is likely moving in response to a rally in gold, increased demand for precious metals by global central banks, and easing geopolitical tensions. Traders are anticipating upcoming US inflation data and FOMC minutes for insight into future monetary policy adjustments. The correction in US Treasury yields may also be boosting demand for non-yielding assets like silver. Additionally, the rise in silver prices tracks closely with the rally in gold prices due to heightened consumer and industrial demand as well as increased reserves held by global central banks. Geopolitical developments could limit further advances while traders await clarity on monetary policy adjustments from the Fed this week.

Silver’s movement has been closely correlated with that of Gold recently suggesting a strong positive relationship between these two precious metals influencing each other’s market activity significantly.

SMH [+0.8%] The VanEck Semiconductor ETF (SMH) saw a positive movement. News of US government funding for Taiwan Semiconductor Manufacturing could enhance chip production, benefiting SMH’s holdings. Additionally, market talk suggests Samsung Electronics’ increased investment in a Texas plant to compete with TSM in the US market may have influenced SMH positively.

AI-generated summaries of notable stock moves:

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NEM [+1.5%] Newmont Corporation’s recent price movement may have been influenced by the 1.75% increase in Barrick Gold Corp’s returns, driven by soaring gold prices due to central bank purchases and geopolitical tensions in the Middle East. Additionally, a modest 0.79% rise in gold prices with a correlation of 0.71 indicates alignment between these assets within the market context for precious metals and related mining companies like Newmont and Barrick Gold.   

SCCO [+1.5%] Southern Copper Corp’s Chilean project shows promising gold-copper mineralization, prompting follow-up exploration. This could positively impact future production and reserves, signaling growth opportunities for investors in Southern Copper stock. Additionally, the 1.1% increase coinciding with Freeport-McMoRan Inc’s movement suggests shared factors influencing both securities’ prices concurrently due to their high correlation of 0.86. 

BBY [+1.1%] Best Buy Co Inc partnered with Google Cloud and Accenture to enhance customer support using generative AI technology. The collaboration focuses on self-service options, aiding customer service agents, and empowering front-line employees nationwide with AI-driven tools for personalized experiences tailored for customers and employees alike.

LHX [-1.0%] L3Harris Technologies Inc’s stock may be influenced by recent events such as securing orders for LaserTower marking systems and signing a five-year contract with Iridium. These partnerships highlight growth prospects in providing services to FAA facilities and expanding satellite offerings, potentially impacting future revenue positively.

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