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

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Friday, February 16, 2024 

The overall market is currently experiencing normal macro volatility.

Some of the largest moves in the market today include: US 2Y Treasury has experienced a move of -0.2%. FTSE 100 Index (UK) has experienced a move of +1.4%, with PPI a key catalyst for US markets.

France’s annual inflation rate was confirmed at a two-year low of 3.1% in January, aligning with market forecasts and marking a decrease from the previous month due to slower food inflation and falling costs for manufactured products and energy. In contrast, tobacco prices surged significantly.

Meanwhile, Atlanta Fed President Raphael Bostic stated that there is no immediate need to ease interest rates despite strong labor market signals; this caution reflects concerns over persistent inflation after an unexpected consumer price report earlier in the week suggested sustained pressure on prices.

In Europe, ECB member Francois Villeroy de Galhau hinted at gradual monetary policy adjustments being preferable over delayed action which could necessitate more drastic measures later on.

AI-generated summaries of notable ETF moves:

The VanEck Semiconductor ETF has moved up since the previous close. The positive move aligns with strong performance from Applied Materials Inc (+12%) due to better-than-expected Q1 revenue and an upbeat forecast for Q2, driven by demand for advanced chips used in AI and recovery in the PC market. Nvidia Corporation also contributed positively (+1.5%), while Lam Research Corp saw a modest gain of 3%. 

USD/JPY | USD/JPY $150.54 +0.4%
The USD/JPY has moved 0.5% since the previous close, potentially influenced by the US Producer Price Index beating expectations at 0.3%. This release historically leads to increased volatility in trading for this currency pair. Additionally, there is a relatively high correlation of 0.65 between USD/JPY and the US Dollar Index, suggesting that changes in one can impact the other to some extent.

AI-generated summaries of notable stock moves:

Open MarketReader to see more.
(Even if you don’t have an account, you can still see real-time summaries of the top 6 most unusual asset moves at the moment)

Trade Desk Inc | TTD $88.57 +17.0%
Communication Services, Advertising
Trade Desk Inc’s stock has surged +17.0% due to strong Q4 2023 financial results, beating revenue estimates at $606M and providing an upbeat earnings forecast for Q1 with expected revenue of at least $478M. The company attributes its success to advertisers valuing open internet platforms like connected TV (CTV) and retail media partnerships that offer precise targeting capabilities. Trade Desk’s innovative solutions such as United ID 2.0 have been praised amid industry-wide challenges related to Google cookies depreciation. 

Applied Materials Inc | AMAT $205.50 +8.8%
Information Technology, Semiconductor Materials & Equipment
Applied Materials Inc ($AMAT) reported better-than-expected Q1 earnings and revenue, with EPS of $2.13 (vs $1.91 expected) and revenues of $6.71B (vs $6.48B expected). They also provided a positive outlook for Q2, expecting EPS between $1.79-$2.15 and sales ranging from$6.lB to 46.Billion dollars due to increased demand for AI-enabled chips and recovery in the PC market. 

DoorDash Inc | DASH $115.34 -8.6%
Consumer Discretionary, Restaurants
This movement comes after reporting Q4 earnings with lower-than-expected EPS but higher revenues. Rising labor costs and a wider-than-expected loss in Q4 have impacted DoorDash’s profit outlook for Q1 2023, despite an increase in total orders and revenue compared to last year. Additionally, DoorDash plans share buybacks of up to $1.1 billion while projecting gross order value between $74 billion and $78 billion for the year ahead. The correlation with the Russell 2000 Index suggests broader market trends may have influenced today’s decline. 

Coinbase Global Inc | COIN $189.01 +14.3%
Financials, Financial Exchanges & Data
Coinbase Global Inc reported higher-than-expected Q4 earnings and revenues, leading to a surge in its stock price. Positive guidance for Q1 subscriptions and revenue also contributed to the increase. Canaccord Genuity raised their price target from $140 to $240, highlighting confidence in the company’s performance. The strong performance of cryptocurrencies, including Bitcoin reaching near all-time highs, has supported token prices and renewed investor interest in tokens through spot Bitcoin ETFs. Coinbase seems to be outperforming its sector peers and may be leading the sector’s strength. 

Toast Inc | TOST $21.00 +9.0%
Financials, Transaction & Payment Processing Services
Toast Inc reported better-than-expected Q4 earnings, with higher EPS and revenues. The company also announced a share repurchase program and layoffs of 500 employees. Toast’s stock initially rose by as much as 15% in response to these positive developments. Market context shows that the company experienced strong revenue growth and an 11.8% stock jump in Q4 FY2023, leading to increased price targets from analysts.

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