Friday, January 5, 2024
The overall market is currently experiencing high macro volatility.
Some of the largest moves in the market today include: US 10Y Treasury has experienced a large move of -0.4%. US Dollar Index has experienced a large move of +0.3%. Natural Gas has experienced a very large move of -4.8%.
The US unemployment rate remained steady at 3.7% in December, with the economy adding a robust 216K jobs, surpassing forecasts and signaling continued growth despite fewer people entering the labor force as participation dropped to its lowest in ten months.
Meanwhile, Asian equity markets showed mixed reactions on Friday amid caution before these key job data releases which are expected to sway Federal Reserve policy decisions. In regional updates, inflation reports from Thailand and the Philippines were scrutinized alongside Singapore’s retail sales figures. Australian and Japanese stocks climbed while South Korean, Hong Kongese, and Chinese shares saw minor fluctuations amidst this backdrop of significant economic indicators from both domestic fronts and international developments influencing market sentiment.
AI-generated summaries of notable premarket ETF moves:
UNITED STATES OIL FUND LP | USO $68.60 +1.5%
Crude oil prices rose by 0.8% on indications of controlled inflation from the US Federal Reserve and ongoing tensions in the Middle East, supported further by Secretary of State Antony Blinken’s planned trip to prevent a broader conflict between Israel and Hamas.
US 10Y TREASURY | USB10Y/USD $111.24 -0.3%
The US 10Y Treasury’s stock price moved down -0.4% since the previous close, possibly influenced by a strong jobs report causing expectations of delayed rate cuts and increased yields. The movement may also be correlated to the performance of iShares TIPS Bond ETF which had a negative return (-0.37%), suggesting they tend to move together.
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)
Ameren Corp | AEE $76.00 +2.8%
Ameren Corp’s stock price is up +2.8% since the previous close, outperforming its sector peers, possibly due to positive news about Aura Energy starting drilling at its uranium project in Mauritania and aiming to build upon recent survey results.
Intuit Inc | INTU $598.18 +1.9%
Information Technology, Application Software
Intuit Inc’s stock price has moved +1.9% due to positive macroeconomic news regarding the US labor market. The unemployment rate held steady at 3.7%, slightly below expectations, and non-farm payrolls exceeded forecasts with an addition of 216K jobs in December. These indicators suggest a healthy job market, which positively impacts Intuit’s business prospects and contributes to the increase in its stock price.
International Business Machines Corp | IBM $159.30 -1.0%
Information Technology, IT Consulting & Other Services
IBM stock has moved -1.2% due to a downgrade from Societe Generale and Jefferies initiating coverage with a Hold rating, expressing concerns about the company’s prospects.
Costco Wholesale Corp | COST $654.22 +0.9%
Consumer Staples, Consumer Staples Merchandise Retail
Costco Wholesale Corp’s stock has moved +0.7% since the previous close, driven by strong December sales with a 9.9% revenue increase and positive performance across various categories including food, sundries, gift cards, and jewelry. Several analysts have raised their price targets on Costco as well.