Crypto On the Move, Central Bank Meetings and Key Data Ahead  | MarketReader Minute

January 22, 2024

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

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Monday, January 22, 2024

The overall market is currently experiencing normal macro volatility.

Some of the largest moves in the market today include: Ethereum has experienced a very large move of -2.9%. Bitcoin has experienced a large move of -1.6%. Silver has experienced a very large move of -2.7%.

This week, the market is primarily focused on a series of central bank meetings and key economic data releases. The Bank of Japan (BoJ) will announce its monetary policy decisions in the Asian session on Tuesday, which has garnered significant attention from investors expecting it to maintain its ultra-loose monetary stance. Later in the week, markets are anticipating rate decisions from both the European Central Bank (ECB), set for Thursday’s meeting, and other global inflation readings that could influence future policy directions.

Additionally, pivotal U.S. economic figures such as advance GDP growth estimates for Q4 2023 along with Personal Consumption Expenditures (PCE) price index reports scheduled towards end-of-week may induce volatility across various asset classes including currencies and oil prices due to their implications on fuel demand assessments.

Lastly, geopolitical tensions contributing to rising oil prices due to concerns over supply disruptions have also caught market attention. This comes amid broader movements including China’s increased residential foreclosures indicating domestic challenges while Germany faces a sharp decline in exports towards large markets like United States & China raising questions about ECB’s upcoming policy actions amidst these macroeconomic headwinds.

AI-generated summaries of notable premarket ETF moves:

ISHARES CHINA LARGE-CAP ETF | FXI $20.94 -3.5%
The iShares China Large-Cap ETF has moved -3.8% since the previous close, possibly due to news that the People’s Bank of China maintained its Loan Prime Rate at 3.45%. In addition, smartphone shipments in China remained stagnant YoY in December but grew by 4.8% for all of 2022 according to data from the CAICT.

ETHEREUM | ETH/USD $2387.8 -2.8%
Ethereum’s price experienced a -2.9% decline since the previous close, potentially influenced by broader market factors affecting cryptocurrencies as a whole. The upcoming Ethereum Dencun upgrade on testnets and the possibility of an approved spot ETF are being closely monitored for their impact on Ethereum’s trajectory in the near term.

Archer-Daniels-Midland Co | ADM $57.08 -16.3%
Consumer Staples, Agricultural Products & Services
Archer-Daniels-Midland Co’s stock has tumbled significantly in premarket trading due to the company placing its CFO on administrative leave amid an investigation into accounting practices related to its Nutrition reporting segment. The delay in fourth-quarter earnings release and lowered profit forecast have led to a downgrade by Goldman Sachs and a price target reduction, resulting in the stock’s decline of around 15%.

Gilead Sciences Inc | GILD $80.80 -7.1%
Health Care, Biotechnology
Gilead Sciences Inc’s stock is down significantly after the company reported that its phase 3 study in metastatic non-small cell lung cancer did not meet primary endpoints. The trial was testing Trodelvy, a drug acquired by Gilead when it bought Immunomedics for $21 billion. Although there was an improvement favoring Trodelvy, overall survival results didn’t reach the threshold of the primary endpoint. 

Stryker Corp | SYK $297.16 -5.7%
Health Care, Health Care Equipment
Stryker Corp’s stock price has moved down significantly since the previous close. Changes in institutional investors’ holdings, with EFG Asset Management reducing its position and Tokio Marine Asset Management increasing its position, suggest differing opinions on the company’s future prospects. 

Alliant Energy Corp | LNT $50.79 +3.5%
Utilities, Electric Utilities
Alliant Energy Corp’s price has moved +3.5% since the previous close, possibly due to positive sentiment surrounding consistent earnings growth and increased net income margin over the past decade. Additionally, Cozad Asset Management Inc. slightly increased their stake in Alliant Energy shares during Q3 while Cypress Capital Group reduced their holdings by 3.3%. 

Western Digital Corp | WDC $57.25 +4.8%
Information Technology, Technology Hardware, Storage & Peripherals
Western Digital Corp’s stock price has increased 4.9% since the previous close. This movement aligns with positive news and sentiment surrounding the company, including an upcoming earnings announcement and a raised price target by Morgan Stanley to $73 from $52, naming it as a “Top Pick.” Additionally, social media chatter highlights Western Digital Corp being named the top pick in semiconductors by Morgan Stanley and expectations of NAND prices increasing more than 20%. The stock is also outperforming its sector peers during this period.

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