Thursday, January 4, 2024
The overall market is currently experiencing normal macro volatility.
Some of the largest moves in the market today include: Natural Gas has experienced a very large move of +6.1%. USD/JPY has experienced a very large move of +1.0%.
France’s consumer price inflation rose by 3.7% year-on-year in December, slightly below expectations and driven mainly by energy prices, while food inflation eased to a 17-month low.
Meanwhile, U.S. unemployment claims dropped significantly to the lowest since October last week, suggesting continued labor market tightness that could influence Federal Reserve policy decisions on interest rates which are expected to remain high for longer than previously anticipated.
Global equity markets have had a rocky start this year; Japan’s Nikkei index fell over 1%, partly due to an earthquake impact with other Asian indices following suit and European stocks opening lower as well. The dollar stabilized after its rebound from six-month lows whereas Treasury yields saw some retreat from recent highs amidst these developments.
Commodity prices increased notably: crude oil surged over concerns about supply disruptions at Libya’s Sharara oilfield coupled with rising Israel-Hamas tensions; gold also gained value amid broader economic uncertainties.
AI-generated summaries of notable premarket ETF moves:
PROSHARES ULTRA BLOOMBERG NATURAL GAS | BOIL $34.38 +6.9%
The +6.9% move in the Natural Gas sector ETF may be influenced by rising oil prices and tensions in the Middle East, impacting supply concerns. Positive economic data from China’s service sector exceeding expectations also adds to investor optimism about global demand for natural gas.
INVESCO CURRENCYSHARES JAPANESE YEN TRUST | FXY $64.08 -1.0%
The Japanese Yen (JPY) sector ETF, FXY, has moved -0.9% since the previous close. This could be due to investors reassessing rate cut expectations by the Federal Reserve and its impact on Asian currencies like JPY. Additionally, awaited inflation data from Thailand and Philippines may influence central bank policies in Asia including Japan’s Bank of Japan (BoJ). The movement is also correlated with a -0.29% return in US 5Y Treasury securities but no specific news explains this correlation at present.
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)
Walgreens Boots Alliance Inc | WBA $24.37 -4.7%
Consumer Staples, Drug Retail
Walgreens Boots Alliance Inc’s stock price moved down significantly today. The company reported better-than-expected Q1 earnings and revenue, but also announced a 48% reduction in its quarterly dividend to strengthen the balance sheet. Despite this, shareholders seemed relieved as the stock initially rose more than 2%.
Conagra Brands Inc | CAG $28.50 -2.8%
Consumer Staples, Packaged Foods & Meats
Conagra Brands Inc’s stock price has moved -2.4% since the previous close due to a combination of factors. The company reported Q2 earnings that beat estimates but lowered their EPS guidance for FY24 and outlook for organic net sales growth, which may have dampened investor sentiment compared to sector peers.
NXP Semiconductors NV | NXPI $205.50 -4.9%
Information Technology, Semiconductors
NXP Semiconductors NV’s stock price moved down significantly (-4.8%) since the previous close, likely due to Bernstein analyst Stacy Rasgon raising the price target on NXPI but maintaining a Market Perform rating, indicating that it may not outperform its sector peers.
IQVIA Holdings Inc | IQV $213.57 -7.3%
Health Care, Life Sciences Tools & Services
IQVIA Holdings Inc’s stock price has moved down significantly since the previous close. This can be attributed to a recent report on the 2024 outlook for healthcare IT and contract research organizations (CROs) at Truist, which includes IQVIA among other companies. Furthermore, there is news that Truist Securities has raised its price target for IQV indicating potential downward pressure on the stock.
Microchip Technology Inc | MCHP $80.65 -4.6%
Information Technology, Semiconductors
Microchip Technology Inc’s stock price dropped significantly (-3.9%) due to news of the Biden administration granting $162 million in funds for chip production, which will support their expansion plans and reduce reliance on foreign factories while creating jobs.