MarketReader Minute | 1.10.24 | ETH +1.7%, ISRG +5%

January 10, 2024

Welcome to the MarketReader Minute.

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

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Wednesday, January 10, 2024

The overall market is currently experiencing normal macro volatility.

Some of the largest moves in the market today include: Ethereum has experienced a large move of +1.9%. Oil (WTI) has experienced a large move of +1.2%.

The markets are currently being influenced by several key events. Firstly, anticipation for the U.S. consumer price index (CPI) data release on Thursday is high as it could impact Federal Reserve policy decisions regarding interest rate cuts this year; market sentiment has been tempered due to recent comments from Fed policymakers suggesting a reduction may not occur early in 2024. 

Secondly, Bitcoin experienced volatility following a false post claiming that the Securities and Exchange Commission had approved spot-Bitcoin exchange-traded funds (ETFs). The SEC Chairman quickly clarified that their social media account was compromised and no such approval had occurred.

Lastly, Boeing’s CEO acknowledged responsibility for an incident involving a door panel blow-out on one of its 737 Max aircraft last week during an internal town hall meeting. This admission comes amidst renewed scrutiny over safety concerns related to Boeing’s fleet after previous fatal crashes involving the same model of airplane.

AI-generated summaries of notable premarket ETF moves:

ETHEREUM | ETH/USD $2380.4 +1.6%
Ethereum’s price has increased as traders speculate on the possibility of an Ether exchange-traded fund (ETF). The filing by BlackRock for its iShares Ethereum Trust has fueled anticipation among traders, despite uncertainty about ETF approval. This growing interest in an ether-focused product is driving trading activity and pushing up prices.

ISHARES MSCI JAPAN ETF | EWJ $65.20 +1.8%
The iShares MSCI Japan ETF (+1.7%) rose on news of a successful Japan 10-Year JGB Auction, with lower yields indicating strong demand for government bonds and suggesting a favorable economic environment in Japan. Additionally, the positive movement may be influenced by broader market factors correlated to Ethereum’s return of +1.9%.

AI-generated summaries of notable premarket 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)

Intuitive Surgical Inc | ISRG $347.99 +5.3%
Health Care, Health Care Equipment
Intuitive Surgical Inc’s stock has moved up 5.2% since the previous close, driven by higher-than-expected preliminary Q4 revenue of $1.93B and a strong demand for their robotic surgical system, da Vinci. Procedures increased by 21%, surpassing market estimates and indicating recovery in China as well.

Alcon AG | ALC $80.22 +4.8%
Health Care, Health Care Supplies
Alcon AG’s stock price has increased +5.3% since the previous close, likely in response to positive results from Phase 3 COMET trials of their dry eye disease drug candidate AR-15512. The studies showed statistically significant increases in tear production and rapid onset compared to placebo. Alcon plans to file a new drug application with the FDA in mid-2024, indicating potential future success for this treatment option. 

Toast Inc | TOST $19.84 +5.5%
Financials, Transaction & Payment Processing Services
Toast Inc’s stock price moved up 5.1% after Goldman Sachs upgraded the company to a “buy” rating with a $24 per share target, outperforming sector peers. 

Home Depot Inc | HD $349.84 +1.0%
Consumer Discretionary, Home Improvement Retail
Home Depot Inc’s stock has moved up +0.9% since the previous close after being upgraded by Wedbush to Outperform with a price target of $380, reflecting positive sentiment in the home improvement retail sector.

Stryker Corp | SYK $310.00 +2.2%
Health Care, Health Care Equipment
Stryker Corp’s stock has moved up 2.1% due to the successful completion of first surgeries using Stryker’s Blueprint® Mixed Reality Guidance System, enabling more precise surgical results and improving outcomes overall.

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