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

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Wednesday, December 20, 2023

The overall market is currently experiencing high macro volatility.

On Tuesday, December 19th, U.S. stock markets ended higher due to the Federal Reserve’s recent dovish policy shift and anticipation of key inflation data.

November single-family housing starts surged by an impressive 18%, marking a high since April 2022 which has positively impacted market sentiment.

Meanwhile in Europe, major bourses were also on the rise as traders mulled over monetary policies and prospects that central banks will cut interest rates next year; this was reinforced by a larger-than-expected decline in UK inflation rate along with German producer prices falling more than initially anticipated.

The US 10-year Treasury yield has fallen to its lowest level since July, indicating increased demand for Treasuries as investors seek safe haven assets amid concerns over economic growth and market volatility. The iShares 20+ Year Treasury Bond ETF has also moved up by a similar percentage, likely influenced by the movement in the US 10Y Treasury.

The iShares MSCI United Kingdom ETF has experienced a -2.5% move since the previous close, likely driven by lower-than-expected UK Consumer Price Index (CPI) and mixed performance in Asian markets. Additionally, negative sentiment in European markets and Brent Crude hitting $80 per barrel may have contributed to the decline.

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)

FedEx Corp | FDX $248.77 -11.2%
Industrials, Air Freight & Logistics
FedEx Corp’s stock has dropped significantly (-11.2%) due to weaker-than-expected Q2 earnings and a downward revision of its full-year revenue guidance. The company reported lower than expected adjusted earnings per share ($3.99 vs $4.19) and cited volatile macroeconomic conditions as headwinds for the rest of fiscal year 2024, leading to concerns about future performance amidst strong competition from UPS.

General Mills Inc | GIS $64.10 -4.3%
Consumer Staples, Packaged Foods & Meats
General Mills Inc’s stock price moved down significantly as the company reported higher than expected earnings per share (EPS) for Q2, but lower revenues due to slower volume recovery and challenging consumer landscape amid the ongoing pandemic. The company also revised its full-year outlook, expecting organic net sales to range from negative 1% to flat instead of previous growth forecasts of 3-4%. This downward revision in guidance has impacted investor sentiment and led to a decline in the stock price.

Aon PLC | AON $295.00 -5.8%
Financials, Insurance Brokers
Aon PLC’s stock fell significantly after announcing the acquisition of NFP for $13.4B, seen as driving the price move today. The stock is underperforming sector peers and may be leading sector weakness since previous close.

United Parcel Service Inc | UPS $155.52 -3.8%
Industrials, Air Freight & Logistics
United Parcel Service Inc’s stock has declined -3.1% since the previous close, possibly influenced by FedEx reporting lower-than-expected earnings and revenue in its Q2 results (-13%) which impacted UPS as well. Speculation about potential rate cuts by the Federal Reserve may also be a factor. Additionally, UPS seems to be outperforming its sector peers despite this decline.

Edison International | EIX $72.25 +3.2%
Utilities, Electric Utilities
Edison International’s stock price has moved up significantly (+3.2%) since the previous close, potentially driven by Mizuho Securities analyst Paul Fremont raising the company’s price target to $76.00 from $75.00 and maintaining a Buy rating on the stock.

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