^{_{Welcome to the TraderTV Live Morning Research Note. Here's what's making major moves in the market today.}}

0830 - Current account for Q2: Expected -$260B; Prior -$237.6B
0830 - Philadelphia Fed manufacturing index for September: Expected 0; Prior -7
0830 - Initial jobless claims: Expected 230k; Prior 230k
1000 - Existing home sales for August: Expected 3.9M; Prior 3.95M
1000 - Existing home sales m/m for August: Expected 0.9%; Prior 1.3%

Semiconductors

+2.36%

Trading higher as a group as traders react to Wednesday’s FOMC decision. The Federal Reserve decided to cut rates by 50 basis points during their September meeting, the first 50bp cut since 2008 and the first rate cut in the U.S. since 2020. The market closed near intraday lows on Wednesday in the aftermath of the announcement and the resulting press conference with Fed Chair Powell.

NVDA, AMD, INTC, ARM, MU, QCOM, MRVL, AVGO, SMCI

Crypto Stocks

+4.23%

Trading sharply higher as a group in tandem with Bitcoin, which reached three-week highs; Ethereum also traded higher. The rally in crypto has been attributed to the Fed’s rate cut on Wednesday. Bitcoin is trading near the $62,500 level as of Thursday morning, while Ethereum is above $2,400.

COIN, MARA, MSTR, HUT, CLSK, RIOT, IBIT, ETHE, BITO

Chinese ADRs

+5.45%

Trading sharply higher as a group. Alibaba Group announced the launch of over 100 new open-source AI models, including Qwen 2.5, designed for applications in automotive, gaming, and scientific research, enhancing capabilities in mathematics and coding. The company also introduced a text-to-video generation tool aimed at simplifying video creation from user prompts, underscoring Alibaba's commitment to advancing AI research and infrastructure globally.

BABA, JD, BILI, BIDU, PDD, NIO, LI, XPEV

Apple Inc (AAPL)

+1.66%

On watch after EU antitrust regulators initiated proceedings to ensure the company complies with Digital Markets Act rules, requiring the tech giant to open its closed ecosystem to competitors or face potential fines. The European Commission will specify requirements for Apple regarding interoperability with devices like smartwatches and addressing developer requests within six months, aiming for transparency and fairness in the process.

Unity Software Inc (U)

+4.40%

Trading higher premarket ahead of the announcement of the Unity 6 launch at its Unite developer conference, according a press release. Unity 6, which is set to launch globally on October 17, 2024, will feature customizable graphics rendering and simplified multiplayer game development tools aimed at enhancing game visuals and accelerating the development lifecycle. The update also includes robust features to optimize game performance for web browsers, catering to diverse developer needs in creating interactive experiences. The Unite developer conference runs from September 18 to 20.

SoFi, Affirm, and Upstart

+4.97%

Trading higher as a trio after the FOMC announced its 50-basis-point rate cut on Wednesday. All three stocks are in the finance and payment space and have significant short floats; approximately 6.7% of Affirm’s float is sold short, while SoFi and Upstart have short floats of 17.8% and 27.3%, respectively.

SOFI, AFRM, UPST

Mobileye Global Inc (MBLY)

+8.10%

Gapping up after Intel announced that it does not plan to divest its majority stake in the company, contrary to a report from Bloomberg earlier this month. Intel emphasized its commitment to enhancing Mobileye's growth opportunities through increased autonomy and operational independence. Mobileye's stock has declined approximately 73% year-to-date as of Wednesday’s close.

Darden Restaurants Inc (DRI)

+10.59%

Gapping up following its Q1 2025 earnings report, where the company announced an on-demand delivery partnership with Uber. The program will begin on a pilot basis in late 2024, starting with delivery from select Olive Garden locations. Adjusted earnings of $1.75 per share and sales of $2.76 billion missed estimates of $1.83 and $2.8 billion, respectively.

Trump Media & Technology Group (DJT)

-0.86%

On watch ahead of the expiry of the lockup period for the company’s majority shareholder and namesake, Donald Trump, which would allow him to sell his shares in the company. Various sources, including Business Insider, have reported that the lockup period expires on Thursday, September 19 as long as the stock’s price held above $12; Barron’s reported that the period expires on September 20. On Friday, September 13, Trump announced that he had no plans to sell his shares once the lockup period expires.

Excuire Inc (XCUR)

+152.43%

Gapping up after announcing that it received an extension from the Nasdaq Hearings Panel for continued listing. As per the announcement, Excuire must demonstrate compliance with Nasdaq's criteria by November 14. The stock has a market capitalization of $3.96 million and a float of 714,020 shares, approximately 7.5% of which are sold short.