MarketReader Minute | 1.11.24 | Oil +1.7%, ETH +3.6%

January 11, 2024

Welcome to the MarketReader Minute.

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

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Thursday, January 11, 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 +3.6%. Oil (WTI) has experienced a large move of +1.7%.

The US inflation rate rose to 3.4% in December, surpassing forecasts and marking an increase from November’s five-month low of 3.1%. Core inflation eased slightly to a two-and-a-half-year low at 3.9%, just above expectations, while the number of Americans filing for unemployment benefits dropped unexpectedly to over a two-month low, suggesting continued labor market tightness that could influence Federal Reserve policy decisions into 2024.

Amid these domestic economic developments on January 10th and January 11th respectively, Fed official Williams highlighted financial markets’ acute sensitivity to new data which may heighten volatility as investors react swiftly to such indicators and central bank cues like those from the Bank of Korea (BOK), emphasizing global monetary interconnectedness affecting economies worldwide.

AI-generated summaries of notable premarket ETF moves:

UNITED STATES OIL FUND LP | USO $67.89 +2.0%
The recent +2.0% move in USO, a Crude Oil sector ETF, is likely driven by escalating conflict in the Middle East and concerns about supply disruptions due to attacks in Gaza and the Red Sea. However, gains were limited as there was a surprise build of 1.3 million barrels reported by the Energy Information Administration indicating potential demand concerns for crude oil.

ETHEREUM | ETH/USD $2639.9 +3.6%
The rise in Ethereum’s price may be attributed to the approval of spot bitcoin ETFs, which is seen as a significant development for the cryptocurrency market. This news event has broader implications for the industry and could be driving increased interest and investment in cryptocurrencies like ETH.

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)

Kellanova | K $57.65 +3.4%
Consumer Staples, Packaged Foods & Meats
Kellanova’s price has moved +3.4% since the previous close, possibly due to Zeta Surgical receiving FDA clearance for expanded functionality of its Zeta Cranial Navigation System. This development suggests advancements in Kellanova’s product offerings that could drive future revenue growth.

American Electric Power Company Inc | AEP $81.60 -1.1%
Utilities, Electric Utilities
American Electric Power Company Inc’s stock price decreased by -0.8% since the previous close. The downgrade from Mizuho to neutral with a new price target of $83 and the disallowance of regulatory assets in West Virginia are likely contributing factors for this movement.

BlackRock Inc | BLK $799.70 +1.0%
Financials, Asset Management & Custody Banks
BlackRock Inc’s price has moved +1.0% since the previous close, potentially driven by expectations of strong Q4 2023 earnings release and revenue growth. Additionally, the approval of Bitcoin exchange-traded funds (ETFs) by the SEC may have positively influenced investor sentiment towards BlackRock as it expands exposure to cryptocurrencies within traditional financial systems.

L3Harris Technologies Inc | LHX $206.47 +1.5%
Industrials, Aerospace & Defense
L3Harris Technologies Inc’s stock has moved +1.7% since the previous close, possibly due to a significant upgrade in rating and an increased price target from JPMC.

Coinbase Global Inc | COIN $157.66 +4.1%
Financials, Financial Exchanges & Data
Coinbase Global Inc’s stock is up +3.4% since the previous close, likely driven by the approval of Bitcoin exchange-traded funds (ETFs) by the SEC. This development could bring more capital into crypto markets and expand access to cryptocurrencies for retail investors while generating revenue for Coinbase through custodian fees and other services.

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