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Market Wrap: pre-opening session |
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U.S. market futures remain under pressure after U.S. stocks declined on Wednesday, with the S&P 500 dropping 58 points (-0.75%) to 7,706, the Nasdaq 100 down 262 points (-0.85%) to 30,470, and the Dow Jones down 352 points (-0.68%) to 51,511.
Market sentiment was dampened by surging yields and growing rate-hike expectations following the release of much stronger-than-expected PMIs data. The U.S. 10-year Treasury yield touched its highest level since 2007. Meanwhile, traders see odds of another 25-basis-point hike in October at around 70%, according to the CME FedWatch Tool.
On Thursday, the U.S. 30-year Treasury yield surged to its highest level since 2004.
On the stat front, in the U.S. weekly initial jobless claims are estimated at 201,000. Separately new home sales are expected up to 620,000 in August from 607,000 in July.
In Canada retail sales are estimated to grow 0.4% month-on-month in August.
Investors also look ahead to a summit between U.S. President Donald Trump and Chinese President Xi Jinping. U.S. Treasury Secretary Scott Bessent said the U.S. and China agreed to extend trade truce for two months.
European indices trade mixed, slightly rebounding from their intraday lows. On the economic front, the Swiss National Bank kept its key interest rate unchanged at 0%, as expected. On the stat plan, in Germany, the IFO business climate index rose to 89.9 in September (89.0 expected) from 88.8 a month earlier.
Asian indices were mixed. Japan's Nikkei 225 gained ground after being closed for three days for holidays. Other indexes lost ground. South Korea's markets were closed for a holiday. Regarding stats Australia's employment increased by 39,500 in August (vs +20,000 estimated), while the jobless rate climbed to 4.6% (vs 4.5% expected).
WTI crude oil prices extend their rebound, trading around 93.00 dollars.
Gold is badly oriented, crossing below 4,300 dollars.
Bitcoin continues to ease, trading around 83,500 dollars.
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MGM Resorts International (MGM), a resort operator, tumbles after People Inc (PPLI) announced it has withdrawn its proposal to purchase all public shares of the company.
Everpure (P), a data storage platform, jumps after posting better-than-expected preliminary sales outlook for fiscal year 2028.
Dropbox (DBX), a smart workspace, was downgraded to "sell" from "neutral" at Citigroup.
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Costco Wholesale Corp (COST)
Darden Restaurants Inc (DRI)
TD Synnex Corp (SNX)
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Earnings release:
BlackBerry Ltd (BB)
On Wednesday, the S&P/TSX Composite Index fell 1.61% to 35,751 and the S&P/TSX 60 Index declined 1.55% to 2,096.
Kinross Gold (K), a gold producer, said it now expects full-year 2026 and 2027 attributable production to be 2% to 3% below the low end of the previously disclosed guidance, with approximately 1.84 to 1.86 million gold equivalent ounces expected per year. The change to the company’s 2026 guidance is concentrated at two smaller assets, La Coipa and Round Mountain, and is the result of extreme weather and operational challenges. Target price was cut to 35 dollars from 40 dollars at TD Cowen.
Blackberry (BB), a security software company, gains ground after lifting full-year sales forecast.
Canadian Pacific Kansas City (CP)'s, a freight railway company, target price was raised to 146 dollars from 145 dollars at RBC. On the other hand peer Canadian National Railway (CNR)'s target price was cut to 198 dollars from 205 dollars still at RBC.
OceanaGold (OGC), a gold and copper producer, said that CEO Gerard Bond will retire in April 2027. He will be a special advisor to the Board and incoming CEO for a period of six months post his departure. Also, the company said it on track to deliver 2026 production guidance.
Gildan Activewear (GIL)'s, a branded clothing manufacturer, target price was cut to 54 dollars from 80 dollars at TD Cowen.
AGF Management (AGF/B)'s, an asset manager, target price was cut to 20 dollars from 23 dollars at TD Cowen.
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