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Monday, February 12, 2024

The overall market is currently experiencing normal macro volatility. 

Some of the largest moves in the market today include: Bitcoin has experienced a move of +2.7%. Nikkei 225 Index (Japan) has experienced a move of +1.6%. Russell 2000 Index (US) has experienced a move of +2.0%.

US consumer inflation expectations for the year ahead have stabilized at 3%, marking a three-year low, with notable declines in anticipated costs of gas, food, rent, medical care and college education. The steady outlook extends to the five-year horizon while there’s been a slight dip for the three years ahead projection.

This data comes just before an important week where US CPI figures on February 13th will be closely watched by markets as they assess potential shifts in inflation trends that could affect gold prices and monetary policy decisions. Jobless claims are expected later in the week along with PPI numbers and University of Michigan Consumer Sentiment survey results which round out key domestic economic indicators.

Meanwhile internationally New Zealand is set to release its quarter-on-quarter inflation expectations amidst Asian market holidays including Japan’s National Foundation Day and China’s Spring Festival holiday likely leading to reduced trading volumes within those regions.

AI-generated summaries of notable ETF moves:

ISHARES U.S. HOME CONSTRUCTION ETF | ITB $105.65 +2.4%
The iShares U.S. Home Construction ETF’s price has increased by 2.3% since the previous close. The top contributors to this increase are DHI (+2.5%), LEN (+3.0%), and PHM (+2.7%). DHI provided insights into its stock price movement during its Q1 earnings call, while PHM reported strong financial results in their recent earnings call without impacting their stock or subsidiaries’ prices directly.

BITCOIN | BTC/USD $49967 +3.5%
Bitcoin’s price has moved up 3.6% since the previous close, which is significant. This increase comes after Bitcoin saw a jump of nearly 13.5% last week, its best performance in months, accompanied by record highs for the S&P 500 and continued inflows into U.S.-based bitcoin ETFs. The rally in artificial intelligence-related stocks also contributed to positive sentiment towards cryptocurrencies as investors see potential synergies between AI technology and decentralized on-chain data assets provided by crypto.

AI-generated summaries of notable stock moves:

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Diamondback Energy Inc | FANG $166.62 +9.7%
Energy, Oil & Gas Exploration & Production
This increase can be attributed to their announcement of a $26 billion merger with Endeavor Energy Resources, creating the largest pure-play operator in the Permian Basin. The market is buzzing about this deal, which positions Diamondback as a major player in the oil and gas industry within Southwestern US. Additionally, there is a strong correlation between Diamondback’s stock performance and Brent crude oil prices, suggesting that changes in oil prices may impact their stock movement due to similar market factors or trends. 

Motorola Solutions Inc | MSI $321.31 -2.9%
Information Technology, Communications Equipment
In their Q4 2023 earnings call, Motorola reported higher revenue and net income compared to last year, with an increase in profit margin driven by increased revenue. Analysts forecast average annual revenue growth of 5.5% over the next three years for Motorola Solutions. 

Franklin Resources Inc | BEN $28.30 +4.4%
Financials, Asset Management & Custody Banks
Franklin Resources Inc’s stock has increased +4.1% since the previous close, outperforming its sector peers. This can be attributed to higher assets under management in January due to the acquisition of Putnam Investments and slight long-term net outflows offsetting it partially. 

Monday.Com Ltd | MNDY $215.20 -8.7%
Information Technology, Systems Software
Monday.Com Ltd’s stock dropped significantly coinciding the release of strong Q4 earnings, beating EPS estimates by over 100% and sales expectations by 2.33%. Despite positive forecasts for free cash flow in 2024, the stock fell about -9%. The drop is unusual compared to sector peers and trading volume is high today. 

Lowe’s Companies Inc | LOW $229.66 +3.2%
Consumer Discretionary, Home Improvement Retail
Lowe’s stock price has moved up 3.7% since the previous close, potentially driven by expectations of lower mortgage rates and positive analyst sentiment. The correlation with the Russell 2000 Index suggests common factors influencing both securities’ movements. Analysts have a mixed rating on Lowe’s, but it seems to be outperforming its sector peers.

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