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

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Friday, January 12, 2024

The overall market is currently experiencing normal macro volatility.

Some of the largest moves in the market today include: Gold has experienced a very large move of +1.3%. Ethereum has experienced a large move of +2.6%. Oil (WTI) has experienced a large move of +2.0%.

The market is currently being influenced by several key events. First, major U.S. banks such as JPMorgan Chase and Bank of America reported quarterly earnings on January 12th, signaling the start of the earnings season which could provide insights into how businesses are handling higher interest rates and other economic pressures.

Secondly, geopolitical tensions in the Middle East have escalated with airstrikes against Houthi rebels in Yemen conducted by a US-led coalition. This has led to concerns over potential disruptions to oil supplies from this critical region causing an increase in crude prices; Brent crude moved back above $80 per barrel following these developments.

Lastly, there’s been significant movement within cryptocurrency markets after spot Bitcoin exchange-traded funds (ETFs) were approved earlier that week leading to high trading volumes indicating strong demand for these new investment products despite ongoing volatility risks associated with digital currencies.

AI-generated summaries of notable premarket ETF moves:

SPDR GOLD SHARES GLD $190.45 +1.3%
The recent +0.9% move in SPDR Gold Shares can be explained by a surge in gold prices due to safe-haven demand amid the Middle East crisis and geopolitical risks from strikes on Yemen, as well as stronger-than-expected US inflation data increasing interest in gold amidst uncertainty over US interest rates.

HEALTH CARE SELECT SECTOR SPDR FUND | XLV $139.74 -0.8%
The Health Care Select Sector SPDR Fund has moved down -0.9% since the previous close, potentially influenced by negative returns in CVS (-3.32%), HUM (-5.95%) and UNH (-5.46%). The Dow Jones Index (US) also declined -0.40%, which correlates with this ETF at 0.82, possibly impacting investor sentiment towards healthcare stocks as well.

AI-generated summaries of notable premarket stock moves:

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Delta Air Lines Inc | DAL $39.90 -5.7%
Industrials, Passenger Airlines
Delta Air Lines Inc’s stock has moved down significantly since the previous close. The company reported better-than-expected Q4 earnings and revenue, beating estimates by 5%. However, Delta lowered its profit outlook for this year due to supply chain issues and macroeconomic uncertainties. Additionally, the United States Producer Price Index showed a decrease instead of an expected increase, causing higher volatility in DAL stock and across the Industrials sector. This weaker performance compared to sector peers may be contributing to the price decline.

UnitedHealth Group Inc | UNH $518.95 -3.7%
Health Care, Managed Health Care
UnitedHealth Group Inc’s stock has dropped -5.1% since the previous close due to concerns about higher-than-expected medical costs revealed in its Q4 earnings report, despite beating estimates with adjusted EPS of $6.16 and revenue of $94.4B, surpassing expectations.

United Airlines Holdings Inc | UAL $42.36 -4.7%
Industrials, Passenger Airlines
United Airlines Holdings Inc’s stock has moved -4.9% since the previous close, likely due to concerns about operational challenges and costs associated with returning their Boeing 737 max 9s to service. Lower-than-expected earnings results from Delta Air Lines may have also led investors to reevaluate expectations for United Airlines and other airline stocks overall. Additionally, over 1,200 flight cancellations by U.S. airlines due to a massive winter storm could be impacting sentiment towards the industry as well.

Cameco Corp | CCJ $49.21 +5.4%
Energy, Coal & Consumable Fuels
Cameco Corp’s stock (+5.4%) rose on news of Kazatomprom adjusting its uranium production plan due to challenges and delays, potentially tightening the already tight market as Kazakhstan is a major producer globally (40%+). Cameco outperformed sector peers since previous close.

Humana Inc | HUM $434.50 -4.6%
Health Care, Managed Health Care
Humana Inc’s stock dropped 5.6% after UnitedHealth Group released their Q4 results, revealing higher medical care costs. Other healthcare stocks like Elevance Health, Centene, and Cigna Corp were also affected and are trading at new pre-market lows due to the same news. The decline in Humana’s price could be attributed to its correlation with UnitedHealth Group which experienced a -5.4% drop following their earnings report that showed slightly higher-than-expected medical care ratio concerns about future profitability for both companies may have contributed as well.

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