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

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Friday, May 31, 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 +2.4%. US Dollar Index has experienced a move of -0.3%. S&P 500 Index (US) has experienced a move of +0.4%.

US personal income rose by 0.3% in April, slowing from a previous increase of 0.5%, while personal spending increased by just 0.2%, missing estimates and marking the lowest rise since January; PCE inflation matched forecasts at a monthly rate of 0.3%.

Key market movements today are driven by several significant events: Tokyo’s May CPI showed acceleration, potentially influencing future Bank of Japan rate hikes if national figures align; investors are digesting critical economic indicators including Eurozone’s HICP.

Disappointing manufacturing PMI data from China raised concerns about its recovery as it fell back into contraction territory at 49.5 against expectations of 50.5.

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

VO [+0.8%] The Vanguard Mid-Cap ETF experienced positive price movement coinciding with strong performances from top holdings such as Zscaler Inc., which reported impressive earnings and a promising outlook for the future; Cooper Companies Inc., achieving record revenues driven by market momentum; and NetApp Inc., beating Q4 estimates, providing optimistic guidance for FY25, and increasing dividend per share.

USDX [-0.3%] The US Dollar Index may be reacting to robust Eurozone inflation data exceeding forecasts, potentially altering market expectations on ECB’s stance. Concerns about potential rate cuts due to steady PCE price index growth in April could also be pressuring the dollar down significantly. The recent decrease in the USD/JPY pair suggests shared factors influencing both currencies’ dynamics concurrently, reflecting broader market sentiment towards risk or economic indicators affecting both economies simultaneously.

AI-generated summaries of notable stock moves:

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GPS [+23.5%] Gap Inc’s stock surged after reporting strong Q1 earnings, beating estimates and raising full-year guidance. Analysts are optimistic about Gap’s turnaround strategy under CEO Richard Dickson as the company shows signs of operational strength and market share growth. Operating income guidance for the full year has significantly increased, reflecting successful brand revitalization efforts across all four brands within their portfolio.

ZS [+16.9%] Zscaler Inc reported strong Q3 earnings, beating revenue and EPS estimates. They raised their full-year guidance for FY2024, reflecting confidence in continued growth driven by cybersecurity solutions demand. The positive market reaction indicates investor optimism about the company’s performance amidst evolving cyber threats and increased customer interest in their Zero Trust Exchange platform despite potential competitive pressures.

DELL [-16.1%] Dell Technologies Inc reported higher than expected Q1 earnings with EPS of $1.27 and revenue of $22.2B, setting positive guidance for Q2 FY2025 at 4:05pm NY time yesterday. Despite this, the stock fell significantly post-earnings due to lower margins and below-consensus future outlook in AI technology despite potential growth opportunities highlighted during their recent earnings call.

MRVL [-3.6%] Marvell Technology Inc reported Q1 earnings below expectations with a revenue miss, driven by weak client spending in certain markets but strong demand from AI. Despite challenges, the company anticipates sequential growth in Q2 and further recovery in the second half due to networking sector improvements. The stock dropped post-earnings as guidance for Q2 fell short of estimates despite positive future outlook statements from Marvell’s CEO about data center expansion and advancements within AI technologies.

DJT [+4.9%] Digital World Acquisition Corp’s stock faced significant after-hours volatility following the guilty verdict in Donald Trump’s hush money trial. This outcome has created uncertainty due to legal battles, potentially impacting both Digital World Acquisition Corp and subsidiary Truth Social’s future prospects tied to their association with former President Trump.

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