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Market Wrap: pre-opening session |
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U.S. market futures are losing some ground after U.S. stocks encountered a sell-off on Wednesday, with the Dow Jones falling 768 points (-1.63%) to 46,225, the lowest closing level year to date.
The S&P 500 dropped 91 points (-1.36%) to 6,624, and the Nasdaq 100 was down 355 points (-1.43%) to 24,425.
As expected, the U.S. Federal Reserve held its key interest rate in a range between 3.50% to 3.75%. The central bank pointed out that the impacts of the Iran war on the U.S. economy are uncertain.
Meanwhile, U.S. producer price inflation accelerated to 3.4% year-on-year in February, a larger-than-expected increase.
On the stat front, in the U.S., the Philadelphia Fed manufacturing index is anticipated at 11.0 in March vs 16.3 in February. Separately, new home sales are expected to slip 0.9% month-on-month in January after a 1.7% decline a month earlier. Also, weekly initial jobless claims are estimated at 215,000.
European indices drop on intensifying Middle East conflict. On the economic plan, the Swiss National Bank kept its benchmark rate unchanged at 0.00%, as anticipated. Later in the day, the Bank of England is expected to maintain its benchmark rate at 3.75%. As well, the European Central Bank is anticipated to keep its main interest rates steady. On the stat side, U.K.'s jobless rate for November-January was flat at 5.2%, as expected.
Asian indexes traded red tracking Wall Street's losses. On the economic front, the Bank of Japan kept its benchmark rate unchanged at 0.75% as expected. On the stat plan, Japan's machinery orders fell 5.5% month-on-month in January, compared with -7.5% estimated. Separately, Australia's jobless rate climbed to 4.3% in February, above 4.1% expected.
WTI crude oil prices bounced closed to 100 dollars yesterday following missile attacks against energy facilities in Qatar before slightly pulling back. They are currently trading around 97.00 dollars.
Gold and silver both remain under pressure, trading at their lowest since early February on hawkish Fed.
Bitcoin is badly oriented, challenging the 70,000 dollars level.
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Micron Technology (MU), a manufacturer of memory chips, declines despite posting quarterly financial figures that beat estimates. The stock closed at record high yesterday and more than quadrupled over the past 12 months. Chief Executive Sanjay Mehrotra said: "we continue to expect supply-demand conditions for both DRAM and NAND to remain tight beyond calendar 2026".
Alibaba Group (BABA), a Chinese tech giant, drops as quarterly sales missed estimates.
Newmont (NEM), a gold miner, is badly oriented as precious metal prices fall.
Tesla (TSLA): the U.S. National Highway Traffic Safety Administration (NHTSA) said it is launching an engineering analysis of the electric-vehicle maker’s Full Self-Driving (FSD) software.
Five Below (FIVE), a discount retailer, jumps on strong guidance. Quarterly same-store sales increased 15%.
Accenture (ACN), a leading global professional services company, loses ground as current quarter sales forecast missed expectations.
Align Technology (ALGN), the designer of the Invisalign system, is well oriented as Bloomberg reported Elliott Investment Management builds a stake in the company.
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No major earnings expected.
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On Wednesday, the S&P/TSX Composite Index plunged 1.87% to 32,313, while the S&P/TSX 60 Index retreated 1.63% to 1,885.
AutoCanada (ACQ), a multi-location automobile dealership group, unveiled quarterly adjusted Ebitda down to 26.3 million dollars from 47.1 million dollars a year earlier. Sales fell to 1.12 billion dollars from 1.27 billion dollars a year ago. Both figures missed estimates. Stock was cut to "sector perform" from "outperform" at National Bank of Canada.
Boyd Group Services (BYD)'s, one of the largest operators of non-franchised collision repair centers, target price was cut to 270 dollars from 290 dollars at TD Cowen.
Power Corporation of Canada (POW), a diversified international management and holding company, reported quarterly net income down to 408 million dollars from 933 million dollars a year earlier. The company raised quarterly dividend by 9% to 0.6675 dollar per share.
Calfrac Well Services (CFW), a provider of specialized oilfield services, posted quarterly adjusted Ebitda up 27% to 43.9 million dollars on sales down 23% to 292.2 million dollars.
Orla Mining (OLA), a mining company, said it received permits to extend operations in Mexico supporting company's long-term commitment to Camino Rojo project.
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