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Morning Brief
November 6, 2024
 
   
 
Pre-Market Session
US Snapshot
Canadian Snapshot
Market Outlook
Market Technicals
 
 
  Pre-Market Session  
 
 
Last Price Analyst Views Target Pivot
 
S&P 500 (CME) 5,939.50
Bullish Read the analysis
5,952.00
5,865.00
 
 
S&P/TSX 60 (TMX) 1,475.40
Bullish Read the analysis
1,480.00
1,460.00
 
 
Dow Jones (CME) 43,511.00
Bullish Read the analysis
43,580.00
42,690.00
 
 
Nasdaq 100 (CME) 20,716.80
Bullish Read the analysis
20,780.00
20,380.00
 
 
Russell 2000 (CME) 2,404.70
Bullish Read the analysis
2,438.00
2,317.00
 
 
Crude Oil (WTI) 70.77
Bearish Read the analysis
70.20
71.30
 
 
Gold 2,705.20
Bearish Read the analysis
2,693.00
2,726.00
 
 
Copper (CME) 4.3185
Bearish Read the analysis
4.26
4.374
 
 
     
  Before the Bell  
 
 
U.S. markets futures are surging as Donald Trump won U.S. election. On Tuesday, U.S. stocks rallied, with the Dow Jones Industrial Average rising 427 points (+1.02%) to 42,221, the S&P 500 up 70 points (+1.23%) to 5,782, and the Nasdaq 100 up 263 points (+1.32%) to 20,227.

On the economic front, in the U.S., no major economic stat is expected today. In Canada, Ivey Purchasing Managers Index is expected at 53.2 in October vs 53.1 in September.

European indices are strongly rebounding. On the stat front, Germany factory orders jumped 4.2% in September vs +1.4% anticipated and -5.8% in August.

Asian indices were mixed.

WTI Crude oil prices are losing ground. Later today, the US Energy Information Administration is expected to report the U.S. crude oil stocks change for the week that ended November 1.
 
 
  US Snapshot  
 
 
Coinbase (COIN), a cryptocurrency exchange platform, and others crypto-related stocks, soar before the bell as Bitcoin trades at new all-time highs.

Super Micro Computer (SMCI), an IT company, plunged after hours as quarterly sales missed estimates. Moreover, the company said it remains unable to predict when its annual results for the latest fiscal year will be filled.

Devon Energy (DVN), one of the largest independent exploration and production companies in North America, is well oriented in extended trading as quarterly earnings beat expectations.

CVS Health (CVS), a pharmacy and healthcare company, jumps before the bell as quarterly sale stopped estimates.
 
 
  Earnings Expected  
 
 
Qualcomm (QCOM)
Arm Holdings (ARM)
Gilead Sciences (GILD)
Mercadolibre (MELI)
CVS Health (CVS)
 
 
  Economic Calendar   US  
 
Time (UTC-5) Event Forecast Importance
 
07:00
MBA Mortgage Market Index (Nov/01)
Low
 
 
07:00
MBA Purchase Index (Nov/01)
Low
 
 
07:00
MBA Mortgage Refinance Index (Nov/01)
Low
 
 
07:00
MBA 30-Year Mortgage Rate (Nov/01)
Low
 
 
07:00
MBA Mortgage Applications (Nov/01)
Low
 
 
10:30
EIA Crude Oil Stocks Change (Nov/01)
1.8M
Medium
 
 
10:30
EIA Gasoline Stocks Change (Nov/01)
-1.65M
Medium
 
 
10:30
EIA Distillate Stocks Change (Nov/01)
-1.5M
Low
 
 
10:30
EIA Distillate Fuel Production Change (Nov/01)
Low
 
 
10:30
EIA Cushing Crude Oil Stocks Change (Nov/01)
Low
 
 
10:30
EIA Crude Oil Imports Change (Nov/01)
Low
 
 
10:30
EIA Refinery Crude Runs Change (Nov/01)
Low
 
 
10:30
EIA Gasoline Production Change (Nov/01)
Low
 
 
10:30
EIA Heating Oil Stocks Change (Nov/01)
Low
 
 
11:30
17-Week Bill Auction
Low
 
 
13:00
30-Year Bond Auction
Medium
 
 
     
  Canadian Snapshot  
 
 
Stingray (RAY/A), a provider of digital entertainment services, unveiled second quarter adjusted Ebitda up 15.2% to 34.0 million dollars, beating estimates.

Pembina Pipeline (PPL), an oil and natural gas infrastructure company, reported third quarter adjusted Ebitda of 1.019 billion dollars vs 1.021 billion dollars a year earlier, on sales of 1.844 billion dollars vs 1.455 billion dollars a year ago. 2024 adjusted Ebitda guidance range has been narrowed to 4.225 billion dollars to 4.325 billion dollars (previously 4.2 billion dollars to 4.35 billion dollars).

Pan American Silver (PAAS), a silver producer, posted third quarter adjusted EPS up to 0.32 dollar, topping expectations, from 0.01 dollar a year earlier.

Intact Financial (IFC), a provider of property and casualty insurance, reported quarterly adjusted EPS of 1.01 dollar, beating estimates, vs 2.10 dollars a year ago.

AG Growth International (AFN), a leading provider of equipment solutions for agriculture bulk commodities, posted third quarter sales down 13% to 357 million dollars, below expectations.

ATS (ATS), an automation solutions provider, reported quarterly sales down 16.7% to 612.8 million dollars, below estimates.

CGI (GIB/A), one of the largest independent IT and business consulting services firms in the world, unveiled fourth quarter adjusted EPS up 7.3% to 1.92 dollar on sales up 4.4% to 3.66 billion dollars. Both figures beat expectations.
 
 
  Earnings Expected  
 
 
Manulife Financial Corp (MFC)
Nutrien Ltd (NTR)
CGI Inc (GIB/A)
Franco-Nevada Corp (FNV)
WSP Global Inc (WSP)
Tourmaline Oil Corp (TOU)
Brookfield Infrastructure Partners LP (BIP/U)
 
 
  Economic Calendar   CA  
 
Time (UTC-5) Event Forecast Importance
 
10:00
Ivey PMI s.a (Oct)
53.2
High
 
 
12:40
BoC Rogers Speech
Low
 
 
     
  Market Outlook  
 
 
S&P 500 (CME)‎ (Z4)‎ Intraday: further advance.
 
Pivot:
5865.00
 
Our preference:
Long positions above 5865.00 with targets at 5952.00 & 6000.00 in extension.
 
Alternative scenario:
Below 5865.00 look for further downside with 5800.00 & 5758.00 as targets.
 
Comment:
The RSI shows upside momentum.
 
Analyst Views Chart
 
 
 
 
 
S&P/TSX 60 (TMX)‎ (Z4)‎ Intraday: bullish bias above 1460.00.
 
Pivot:
1460.00
 
Our preference:
Long positions above 1460.00 with targets at 1480.00 & 1487.00 in extension.
 
Alternative scenario:
Below 1460.00 look for further downside with 1450.00 & 1443.00 as targets.
 
Comment:
The RSI calls for a new upleg.
 
Analyst Views Chart
 
 
  Market Technicals  
 
  Technical Events (US)  
 
 
The Goldman Sachs Group Inc
526.96 USD
 
 
 
 
 
bullish 2
neutral 0
bullish 2
rating
 
 
 
 
Trading closed at 526.96 to confirm a Short-Term Price Crosses Moving Average pattern.
Tells Me: The price is generally in an established trend (bullish or bearish) for the time horizon represented by the moving average period (21, 50 or 200 bars). More Details
 
 
 
 
 
 
 
Boeing Co
151.00 USD
 
 
 
 
 
bearish 2
bearish 3
bearish 2
rating
 
 
 
 
Trading closed at 151.00 to confirm a Short-Term Triple Moving Average Crossover pattern.
Tells Me: The price is generally in an established trend (bullish or bearish) for the time horizon represented by the moving average periods. More Details
 
 
  Technical Events (CA)  
 
 
Teck Resources Ltd
67.57 CAD
 
 
 
 
 
bearish 3
bearish 3
bullish 2
rating
 
 
 
 
Trading closed at 67.57 to confirm a Long-Term Continuation Diamond (Bullish) pattern.
Tells Me: The price has broken upward out of a consolidation period, suggesting a continuation of the prior uptrend. More Details
 
 
 
 
 
 
 
Sigma Lithium Corp
18.38 CAD
 
 
 
 
 
bearish 4
bearish 3
bearish 1
rating
 
 
 
 
Trading closed at 18.38 to confirm an Intermediate-Term Head and Shoulders Top pattern.
Tells Me: The price seems to have reached the end of a period of "distribution" at the top of a major uptrend; the break down through support signals a reversal to a new downtrend. More Details
 
 
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