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

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Wednesday, January 3, 2024

The overall market is currently experiencing high macro volatility.

Some of the largest moves in the market today include: Gold has experienced a large move of -0.9%. S&P 500 Index (US) has experienced a large move of -0.5%. Nasdaq 100 Index (US) has experienced a large move of -0.7%.

The market is currently experiencing a pause in the risk rally that began after the Federal Reserve’s dovish shift in December, as traders reassess their expectations for interest rate cuts. Initially, markets had anticipated up to 160 basis points of reductions; however, this outlook has been tempered with less than 150 basis points now expected. This recalibration comes ahead of minutes from the Fed’s last meeting set to be released later on Wednesday and coincides with significant labor data releases throughout the week.

In corporate news affecting market sentiment, China’s BYD has overtaken Tesla as the top electric vehicle maker by volume despite Tesla achieving record deliveries in Q4.

Asian equity indices have seen notable declines following global sell-offs—with MSCI’s broadest index of Asia-Pacific shares outside Japan falling sharply over two days—and Treasury yields are rising which supports dollar strength against other major currencies like Japanese yen and euro while Bitcoin remains resilient amidst broader caution.

ROBO, the Theme sector ETF, has moved +2.0% since the previous close. The positive movement can be attributed to the strong performance of ROK (+1.18%), CDNS (+0.06%), and ILMN (+0.05%). 

SPDR GOLD SHARES | GLD $189.10 -0.8%
Gold prices dipped by -0.8% since the previous close, likely driven by a rebound in the dollar and uncertainty over Federal Reserve interest rate cuts. Economic data and tensions in the Middle East may also influence market sentiment.

AI-generated summaries of notable premarket stock moves:

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(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)

Robinhood Markets Inc | HOOD $11.61 -6.3%
Financials, Investment Banking & Brokerage
Robinhood Markets Inc’s stock price seems to be underperforming its sector peers and is down significantly since the previous close. This movement may be influenced by a decrease in the Russell 2000 Index (US), with which Robinhood has a moderate correlation of 0.58, suggesting some level of association between their movements. While no specific news was provided for Robinhood, developments impacting the Russell 2000 Index could potentially have an impact on it as well.

Verizon Communications Inc | VZ $39.57 +1.7%
Communication Services, Integrated Telecommunication Services
Verizon Communications Inc’s stock price rose 1.9% after receiving an upgrade from KeyBanc to “overweight” from “sector weight.” This upgrade suggests that Verizon has the potential to outperform its sector peers, particularly in the favorable wireless industry setup expected in 2024.

Coinbase Global Inc | COIN $145.13 -7.5%
Financials, Financial Exchanges & Data
Coinbase Global Inc’s stock declined 6.8% due to Bitcoin’s plunge of 8.7%, along with the overall decline in cryptocurrency prices, possibly influenced by concerns over a negative SEC decision on spot Bitcoin ETF approval and potential “sell the news” event. Leadership changes at Coinbase and their preparations for providing custody services for BTC spot ETF applicants may have also contributed.

Nasdaq Inc | NDAQ $55.63 -2.2%
Financials, Financial Exchanges & Data
Nasdaq Inc’s stock price has moved down significantly since the previous close. This drop is likely due to a big tech rout caused by Apple’s plunge, which resulted in around $200 billion being wiped off Nasdaq Inc’s market value.

CME Group Inc | CME $206.56 -1.3%
Financials, Financial Exchanges & Data
CME Group Inc’s stock price has moved -1.4% due to a recent downgrade by Goldman Sachs, who expects slower EPS growth in the future. However, CME Group reported record annual average daily volume (ADV) of 24.4 million contracts in 2023, which could have offset some negative sentiment and influenced the movement.

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