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

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Thursday, February 29, 2024

The overall market is currently experiencing normal macro volatility.

Some of the largest moves in the market today include: Ethereum has experienced a move of +2.9%. Nasdaq 100 Index (US) has experienced a move of +0.9%. Gold has experienced a move of +0.7%.

In France, the annual inflation rate decelerated to 2.9% in February from January’s 3.1%, missing market expectations of a drop to 2.7%. This slowdown was attributed mainly to base effects and lower prices for food and manufactured products, despite faster increases in energy and tobacco costs; month-over-month CPI rose by 0.8%. Meanwhile, French producer prices fell for a second consecutive month by 1.3% due to declines across several sectors including mining & quarrying as well as electricity production & trade while household consumption also retreated slightly more than expected with a decrease of -0.3%.

Globally, markets are on edge focusing on key economic data such as the U.S.’s PCE Price Index.

AI-generated summaries of notable ETF and macro asset moves:

SPDR S&P REGIONAL BANKING ETF | KRE $48.39 +2.0%
US Initial Jobless Claims rose more than expected, while Personal Income in the US exceeded expectations. However, Personal Spending only saw modest growth. Core PCE prices accelerated as anticipated with inflation slightly slowing year-on-year but remaining elevated. The top contributors to the ETF’s return were ZION, TFC, and HBAN without significant impact on performance.

USD/JPY | USD/JPY $149.73 -0.6%
The movement of USD/JPY below 150.00 coincided with hawkish remarks from the Bank of Japan, potential shifts in US monetary policy influenced by improved Treasury yields and inflation speculations impacting risk appetite globally. The yen’s performance was highlighted as a key driver across various currency pairs amidst evolving market conditions.

AI-generated summaries of notable 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)

Okta Inc | OKTA $107.61 +23.3%
Information Technology, Internet Services & Infrastructure
Okta Inc reported strong Q4 earnings, beating estimates with an adjusted EPS of $0.63 and revenue of $605 million. The company provided positive guidance for FY’25, projecting higher total revenue and adjusted earnings per share than previously expected. These upbeat financials likely contributed to the stock price moving significantly since the previous close.

Snowflake Inc. | SNOW $184.00 -20.2%
Information Technology, Internet Services & Infrastructure
Snowflake Inc. reported higher-than-expected Q4 earnings with EPS at $0.35 and revenues at $774.7M, surpassing estimates which typically impact its stock price positively. However, the market reacted negatively due to disappointing guidance and CEO transition news leading to downgrades by analysts like Morgan Stanley post-Q4 results affecting investor sentiment significantly.

Pure Storage Inc | PSTG $45.67 +8.2%
Information Technology, Technology Hardware, Storage & Peripherals
Pure Storage Inc reported strong Q4 earnings, beating EPS estimates by $0.06 and surpassing revenue expectations. They also provided optimistic guidance for Q1 2025 exceeding consensus projections, along with maintaining their FY25 revenue outlook. Additionally, the company announced an authorized repurchase program in light of positive financial performance.

Best Buy Co Inc | BBY $83.40 +4.4%
Consumer Discretionary, Computer & Electronics Retail
Best Buy Co Inc reported higher than expected Q4 earnings with actual EPS of $2.72 compared to an estimated $2.51, and revenues at $14.6B vs the anticipated figure. The company adjusted their FY 2025 guidance for both EPS and revenue lower than previously forecasted numbers in a significant update that coincided with its stock price movement upwards since the previous close.

United States Initial Jobless Claims rising more than predicted could have added some volatility to Best Buy’s stock performance, potentially influenced by broader market trends indicated by small-cap stocks like those in the Russell 2000 Index which saw a positive return during this period correlating moderately with Best Buy’s recent uptrend.

Toronto-Dominion Bank | TD $60.66 +2.1%
Financials, Diversified Banks
Toronto-Dominion Bank reported higher than expected Q1 earnings per share and revenues, which coincided with a positive market movement. The stock seems to be outperforming its sector peers recently, potentially influenced by small-cap stocks based on correlation data provided.

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