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

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Thursday, June 20, 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 +1.7%. USD/CHF has experienced a move of +0.8%.

US Initial Unemployment Claims remained close to a 10-month high, easing by 5,000 to 238,000 in mid-June but still above expectations. The Philadelphia Fed Manufacturing Index also showed signs of slowing economic activity with its lowest reading in five months.

European stock markets are experiencing cautious gains around of key central bank announcements from the BoE and SNB; U.S. futures trend higher post-Juneteenth holiday closure as investors focus on upcoming Jobless Claims and Building Permits data releases which could influence market sentiment later today.

Crude oil prices firmed above $80 per barrel while gold rose past $2,350 an ounce; Asian stocks closed mixed after China’s People’s Bank left interest rates unchanged despite weak recent data points amid political concerns over France’s fiscal situation impacting investor confidence.

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

VUG [+1.0%]
The Vanguard Growth ETF experienced significant movements in its holdings. NVIDIA Corp, with a focus on AI and graphics chips, became the world’s most valuable company. Accenture PLC reported strong Q3 new bookings and Generative AI success, impacting stock positively despite missing estimates but maintaining a positive outlook for FY guidance between $11.85 to $12.00.

XAU/USD [+0.6%]
Central banks from emerging economies like China and India have been significantly increasing their Gold reserves in 2022.

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)

DJT | -12.1% | -452.2M
The recent SEC effectiveness of the amended Form S-1 registration statement by Trump Media & Technology Group, allowing resale of shares and warrants with potential cash proceeds, has impacted Digital World Acquisition Corp’s stock negatively. This move suggests a dilution concern for existing holders which led to a sharp decline in share price; hence influencing the overall performance. 

ACN | +8.2% | +17.0B
Accenture PLC reported Q3 earnings below expectations, with lower EPS and in-line revenues. However, strong new bookings of $21.1B were noted along with Generative AI new bookings exceeding $900M for the fiscal year-to-date. Despite missing adjusted EPS estimates at $3.13, Accenture maintains a positive outlook with FY guidance between $11.85 to $12.

SMCI | +5.3% | +3.0B
Super Micro Computer Inc’s stock rose significantly following news that they are supplying server racks for xAI’s supercomputer project, alongside Dell Technologies. This positive development aligns with the company outperforming Nvidia this year and being considered a strong buy by analysts due to its involvement in AI technology. 

DELL | +3.8% | +4.2B
Dell Technologies Inc is experiencing positive market performance following a collaboration with NVIDIA Corp to assemble half of the racks for xAI’s supercomputer, showcasing Dell’s leadership in AI technology. This aligns with recent revenue growth trends and reinforces its industry position. The stock seems to be outperforming sector peers recently as well. 

NVDA | +3.7% | +12.9B

NVIDIA Corp has surged in market value, becoming the world’s most valuable company with a focus on AI technology and graphics chips. The recent acquisition of Shoreline.io aims to reduce revenue reliance on tech giants while expanding accessibility to AI through partnerships. Concerns about rapid growth exist but NVIDIA remains at the forefront of technological innovation within the AI sector, outperforming its peers recently.

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