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

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Wednesday, June 12, 2024

The overall market is currently experiencing high macro volatility.

Some of the largest moves in the market today include: US 2Y Treasury Bond has experienced an extreme move of +0.3%. US 10Y Treasury Bond has experienced a move of +0.8%. US Dollar Index has experienced a move of -0.8%. Ethereum has experienced a move of +3.9%.

The annual core consumer price inflation rate in the U.S. eased to 3.4% in May, down from 3.6%, and below market forecasts of 3.5%. Monthly core CPI rose by just 0.2%, marking its slowest increase in seven months, while overall US inflation slowed to an annual rate of 3.3%.

Today’s market movements are primarily driven by anticipation surrounding key macroeconomic events including the Federal Reserve’s upcoming interest rate decision and updated economic projections following these crucial CPI reports for May. This could influence their forecasts significantly later today; which includes implications on EUR/USD dynamics due to political developments with President Macron calling for democratic unity ahead of potential far-right gains in France.

Weaker-than-expected Chinese consumer price growth at only a year-on-year rise of just .03 percent reflecting ongoing uncertainties about China’s recovery trajectory is impacting global markets substantially.

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

USDX/USD [-0.8%] The US Dollar Index is likely moving lower due to market expectations of rate cuts by the Federal Reserve, with dovish sentiment increasing following reports on CPI data and Euro strength. Declining yields in the US debt market are contributing to downward pressure on the dollar as investors anticipate a more accommodative stance from the FOMC meeting.

ETH/USD [+3.9%] Ethereum saw a large withdrawal of over 336,000 ETH from Coinbase. This could signal upcoming price gains and enhance decentralization. MetaMask users can now stake any amount of ETH through pooled staking without the traditional requirement, promoting network security efficiently. The US Core Inflation Rate for May showed slight moderation compared to previous figures, hinting at potential impact on Ethereum’s volatility due to macroeconomic conditions and inflation trends in the market.

AI-generated summaries of notable stock moves:

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ORCL [+7.6%] Oracle Corp’s stock experienced a notable rise following their Q4 earnings report, with higher than expected EPS but lower revenues. Positive investor sentiment was driven by strong cloud revenue growth and strategic partnerships with Google Cloud and Microsoft/OpenAI to enhance AI capabilities through Oracle Cloud Infrastructure platform for future growth expectations in fiscal year 2025. 

TT [-4.3%] Trane Technologies PLC’s recent -4.3% stock price change may not be directly impacted by their additional $1.2 million investment in Project Scientist to support STEM education initiatives, despite being a positive contribution to society and potentially enhancing the company’s long-term growth prospects through fostering talent development and innovation within related fields like climate technology solutions.

Z [+4.5%] Zillow Group Inc’s stock saw positive movement as homeowners listed properties and buyer activity slowed, increasing inventory levels.  The US Core Inflation Rate for May 2024 came in slightly below expectations at 3.4%, leading to a decrease in annual inflation rate to 3.3%. Shelter costs remained high amidst slower core inflation compared to previous months, coinciding with Zillow Group Inc’s performance outpacing sector peers recently.

TSM [+3.7%] Taiwan Semiconductor Manufacturing Co Ltd is expanding with new packaging facilities in Chiayi,Taiwan. They are also exploring land options for a potential third plant due to high demand from Nvidia and others. The company’s stock seems to be moving in line with the broader market and outperforming its sector peers recently.

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