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Market Wrap: pre-opening session |
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U.S. market futures are little changed as major U.S. stock indexes held up well on Thursday after gaining more than 1% in the prior session, with the S&P 500 edging up 12 points (+0.17%) to 7,445, and the Nasdaq 100 up 59 points (+0.2%) to 29,357.
The Dow Jones climbed 276 points (+0.55%) to 50,285, a record closing level.
On the stat front in the U.S. the final reading of the Michigan consumer sentiment index for May will be released. It was 48.2 in first estimate and 49.8 in April.
In Canada, producer price index is expected to be up 10.0% year-on-year in April after a 7.8% rise in March. Separately, retail sales are estimated to increase by 0.5% month-on-month in April.
European indices rebound. On the stat plan, Germany's GfK consumer confidence index was -29.8 in June vs -34 expected and -33.1 a month earlier (revised from -33.3). Separately, Germany's Ifo business climate index edged up to 84.9 in May (84.6 anticipated) from 84.4 in April. In U.K. retail sales decreased 1.3% in April month-on-month vs -0.3% expected and +0.6% in March (revised from +0.7%).
Asian indexes traded higher, tracking Wall Street's gains. On the stat side, Japan’s data showed that the core inflation rate slowed to 1.4% year on year in April, lower than expected.
WTI crude oil prices rebound on U.S.-Iran peace deal uncertainty but continue to trade below 100 dollars.
Gold and silver both still consolidate.
Bitcoin is little changed around 77,000 dollars.
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Merck (MRK), a pharma giant, is well oriented after partner biopharmaceutical company Sichuan Kelun-Biotech Biopharmaceutical reported that its experimental treatment paired with Keytruda from Merck demonstrated improved progression-free survival among patients with advanced lung cancer in a late-stage trial.
Estee Lauder (EL) soars after the cosmetics company and Spanish peer Puig announced they "have terminated discussions regarding a potential business combination".
Workday (WDAY), a leader in enterprise cloud applications for finance and human resources, surges on better-than-expected quarterly earnings. Also, the company raised its full-year margin forecast.
Zoom Communications (ZM), a video communications company, jumps as quarterly financial figures beat estimates. Also, the Board of Directors authorized the repurchase of an additional 1.0 billion dollars of Zoom’s shares.
Ross Stores (ROST), an off-price apparel and home fashion retailer, strongly rises as quarterly financial figures topped expectations. Moreover, the company raised full-year guidance.
Take-Two Interactive Software (TTWO), a video game publisher, jumps after reaffirming that Grand Theft Auto VI will be released next November. Also, quarterly sales slightly beat estimates.
Deckers Outdoor (DECK), a footwear designer and distributor, is well oriented after posting quarterly financial figures that topped expectations. Also, the company increased share repurchase authorization by an additional 3.5 billion dollars.
Peloton Interactive (PTON), an interactive fitness platform, jumps as the company will join the S&P SmallCap 600 index prior to the opening of trading on Wednesday, May 27.
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No major earnings expected
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On Thursday, the S&P/TSX Composite Index advanced 0.72% to close at 34,409, while the S&P/TSX 60 Index rose 0.83% to finish at 2,012.
CAE (CAE), a worldwide leader in training for the civil aviation, defence and security, and healthcare markets, reported quarterly adjusted EPS down 11% to 0.42 dollar yet just above estimates. Sales rose 4% to 1.33 billion dollars, slightly topping expectations. The company said that: "in Civil, performance is expected to remain below prior levels, reflecting ongoing softness in the civil aviation training market, softer demand for products, and the impact of optimization actions currently underway."
Agnico Eagle Mines (AEM) and Hudbay Minerals (HBM), mining companies, were both rated "overweight" in new coverages at Barclays. Peers Barrick Mining (ABX), Cameco (CCO) and Lundin Mining (LUN) were rated "equal-weight" still in new coverages at Barclays.
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