- U.S. indexes gain, driven by Nvidia (NVDA.US) shares but gains slowed somewhat after the open, and the PMI reading put additional pressure on stock market benchmarks
- The U.S. dollar and yields rebound after strong preliminary PMI readings stronger and a higher-than-forecast reading on unemployment claims
- Market shifts expectations of Fed policy easing to December 2024 from November, 'blamed' for very strong services PMIs; chances of September cut drop
- Arista Networks (ANET.US) loses more than 4% after Nvidia comments on Spectrum X debut and business expansion in networking sector. Most semiconductor manufacturers shares, including Taiwan Semiconductor (TSM.US), AMD (AMD.US) and ASML (ASML.NL), are rising today
- S&P Composite PMI: Current: 54.4. forecast 51.1; previously 51.3
- S&P Manufacturing PMI: Current: 50.9. forecast 50.0; previously 50.0
- S&P Services PMI: Current: 54.8. forecast 51.2; previously 51.3
Overall stock market sentiment outside the technology sector and 'large caps' is mostly down today. Source: xStation5
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- Dell Technologies (DELL.US) gains 8% on AI wave; company added to Evercore ISI tactical outperform list
- DuPont de Nemours (DD.US) shares gain more than 5%; chemical company announced plans to split into three
- publicly traded companies. The decision was met with positive comments from investment funds. Morgan Stanley said it was a “logical choice,” and KeyBanc strongly supported the move.
- Cytokinetics (CYTK.US) shares are losing ground after analysts lowered their target price. The heart drug maker said it will offer $500 million worth of additional shares and is expanding a strategic financing pact with Royalty Pharma.
- GoodRx (GDRX.US) shares gain more than 4% as RBC Capital Markets upgraded the digital health platform to a level with the perform sector, citing significant expansion opportunities for the company.
- Guardant Health (GH.US) shares remain suspended ahead of an FDA advisory panel meeting. The agency intends to discuss the application for premarket approval of the company's Shield blood test for colorectal cancer screening.
- LiveRamp (RAMP.US) are gaining more than 15% after the marketing company announced its fourth quarter results. They definitely beat market expectations.
- Under Armour (UA.US) is losing more than 3% today, as Oppenheimer analysts downgraded the sportswear company. Also, the shares of another apparel manufacturer VF Corp. (VFC.US) (owner of Vans and The North Face) are losing nearly 9% today after a surprisingly heavy loss reported in the fourth quarter. The results brought the company's seventh consecutive quarter of declining sales. Williams Trading downgraded its recommendation on the stock to sell.
VF Corp (VFC.US) shares, D1 interval
Source: xStation5
Arista Networks (ANET.US, D1 interval)
Arista's shares are trading down unexpectedly today, driven by the release of Nvidia's rival Spectrum X system, targeting Ethernet and expansion in the networking business, which the company discussed in part yesterday, following its quarterly report. 
Source: xStation5
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