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

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Thursday, May 2, 2024

The overall market is currently experiencing high macro volatility. Some of the largest moves in the market today include: S&P 500 Index (US) has experienced a move of +0.6%. Gold has experienced a move of -0.7%. Copper has experienced a move of -1.5%. Nasdaq 100 Index (US) has experienced a move of +0.7%. 

The US labor market remained robust with unemployment claims holding at a two-month low of 208,000, defying expectations and suggesting less urgency for Federal Reserve rate cuts. Meanwhile, the trade deficit narrowed slightly to $69.4 billion in March as both exports and imports fell; notably declining were shipments of civilian aircraft and purchases of passenger cars.

In Europe, steady inflation rates but decreased core inflation have sparked discussions about potential ECB interest rate adjustments amid close monitoring of GDP figures and PMIs from key economies like Germany and France.

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

VGT [+1.3%] The Vanguard Information Technology ETF (VGT) saw positive movement, likely influenced by top holdings like NVDA benefiting from high-demand memory chips for AI. AAPL’s upcoming game releases and legal issues may have impacted its performance. MSFT’s investment in Malaysia focusing on digital transformation could also be a contributing factor to VGT’s increase. 

EWJ [+2.0%] The iShares MSCI Japan ETF may have experienced some support from the Bank of Japan’s potential currency intervention this week, with estimates suggesting a significant amount spent to uphold the yen. This action is expected to be kept quiet for now as part of Tokyo’s cautious strategy. Additionally, there seems to be interconnectedness in price movements between the Japanese ETF and the S&P 500 Index in the US.

AI-generated summaries of notable stock moves:

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NVDA [+1.7%] NVIDIA Corp’s stock price may have been influenced by the surge in demand for HBM chips from supplier SK Hynix, crucial for AI chipsets. The company reported selling out 2024 chips and nearly sold-out volumes for 2025 due to expanding AI technology applications across various devices like smartphones and PCs. This high demand reflects a broader trend in the semiconductor industry towards increased investment in advanced chip technologies, potentially impacting NVIDIA’s supply chain positively.  

CVNA [+37.0%] Carvana Co’s stock surged significantly after reporting impressive Q1 earnings, with actual EPS exceeding expectations and revenues beating estimates. The company achieved industry-leading margins and set new profitability records, leading to analyst upgrades. This strong performance indicates positive investor sentiment towards Carvana’s future prospects within the sector. 

HWM [+8.7%] Howmet Aerospace Inc reported strong Q1 earnings with higher EPS and revenues, beating expectations. The company also provided optimistic guidance for Q2 and FY24. These positive financial results likely contributed to the recent stock price movement, which seems correlated with broader market trends. 

ASPN [+28.8%] Aspen Aerogels Inc’s stock surged after reporting better-than-expected Q1 earnings with higher EPS and revenue, leading to a positive outlook for 2024. The company is strategically realigning resources towards electric vehicles amidst supply chain disruptions and cost inflation challenges. Despite these hurdles, Aspen Aerogels’ revised targets signal optimism as it establishes itself in sustainability markets.

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