Regional Banks Bounce Back, Investors Eye EU Deal and US Economic Data  | MarketReader Minute

February 1, 2024

Welcome to the MarketReader Minute.

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

If you find the insights useful, please send to a friend or share on Twitter.

Thursday, February 1, 2024

The overall market is currently experiencing normal macro volatility.

The market is currently being influenced by a combination of economic data releases, central bank policy decisions, and corporate earnings reports.

The Bank of England’s monetary policy decision was the main highlight; its outcome has been keenly scrutinized for implications on currency movements and broader financial markets.

In addition to this, investors are closely monitoring key economic indicators such as US jobless claims figures, ISM Manufacturing PMI data released today (February 1), and the highly anticipated Nonfarm Payrolls report due tomorrow which could provide significant insights into labor market conditions.

Furthermore, major tech companies like Apple, Amazon, and Meta are set to release their earnings after today’s close which may drive substantial volatility across equity indices depending on these results’ alignment with investor expectations.

AI-generated summaries of notable premarket ETF moves:

SPDR S&P REGIONAL BANKING ETF | KRE $50.24 +1.1%
The SPDR S&P Regional Banking ETF (KRE) has moved up 1.3% since the previous close. Contributing to this move, NYCB returned 3.03%, UBSI returned 2.59%, and CFG returned 0.93%. Furthermore, NYCB provided their forecast for FY2024, including expectations of decreased net interest income and increased operating expenses compared to last year’s figures.

BITCOIN | BTC/USD $42199 -1.0%
Bitcoin’s price has declined slightly by -1.2% since the previous close. German authorities seizing 50,000 Bitcoins and ARK Invest recommending a 19.4% allocation for Bitcoin in their portfolio report could have influenced market sentiment negatively. Additionally, there is a correlation between Bitcoin and AUD/USD with both experiencing decreases in value (-0.78%) during this period, suggesting potential shared movement or influence between these assets.

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)

Corteva Inc | CTVA $48.59 +6.8%
Materials, Fertilizers & Agricultural Chemicals
Corteva Inc’s stock price has moved up significantly since the previous close. This could be attributed to positive Q4 earnings, with higher-than-expected EPS of $0.15 and revenues of $3.7B surpassing estimates. The company also provided optimistic guidance for FY 2024, projecting an EPS range of $2.7-$2.9 and revenue range of $17.4B-$17.Billion.. Furthermore, Corteva outperformed its sector peers which may have contributed to the upward movement in its stock price.

Paramount Global | PARAA $23.45 +21.8%
Communication Services, Broadcasting
Paramount Global’s stock has surged +21.8% since the previous close, driven by media mogul Byron Allen’s $14.3 billion bid for the company. This offer suggests potential merger and acquisition activity that could significantly impact Paramount’s future performance and share value. The price movement is also notable as it outperforms sector peers, indicating strength in both Paramount Global specifically and the Communication Services sector overall.

CMS Energy Corp | CMS $60.62 +5.9%
Utilities, Multi-Utilities
CMS Energy Corp’s stock price has increased by 5.9% since the previous close. The positive movement can be attributed to CMS Energy reporting higher than expected Q4 earnings, with EPS of $1.05 beating estimates and an increase in net income due to cost management despite lower revenues. Additionally, the company raised its forecast for FY24 adjusted EPS and declared a dividend increase for 2024. These strong financial results have likely contributed to the upward momentum in CMS Energy’s stock price.

Norfolk Southern Corp | NSC $252.00 +7.1%
Industrials, Rail Transportation
Norfolk Southern Corp’s stock has surged around 6.9% since the previous close, driven by news of an investor group led by Ancora Holdings acquiring a significant stake in the company and initiating a proxy fight to overhaul its board and replace CEO Alan Shaw. The group has nominated former Ohio Governor John Kasich as part of their majority slate of directors seeking Shaw’s removal. This development sparked after-hours trading activity, with NSC shares jumping approximately 5.4%. Norfolk Southern Corp appears to be outperforming peers in its sector amidst this positive market sentiment surrounding potential changes within the company’s leadership structure.

Parker-Hannifin Corp | PH $491.20 +5.8%
Industrials, Industrial Machinery & Supplies & Components
Parker-Hannifin Corp’s stock has risen by +5.8% since the previous close, driven by strong Q2 earnings results. The company reported higher-than-expected EPS of $6.15 and revenues of $4.8B, beating estimates and showing growth from last year. Notably, their Aerospace Systems segment saw a 15% increase in sales while the Diversified Industrial unit declined slightly.The positive performance led to an upward revision in annual earnings outlook for FY 2024 with expected total sales growth between 3-5%. Parker-Hannifin is also outperforming its sector peers during this market move.

Thank you for spending a minute with us. 

If you have 2 more minutes, watch this demo of the MarketReader Platform: 

Sign up for our Insights & Updates list to receive MarketReader news to your inbox, or sign up for a Free 7-Day Trial now.

Get Email Updates

Sign up to receive MarketReader news and technical + financial insights from our expert team.

If you are interested in investing in MarketReader Inc, please reach out to ir@marketreader.com.