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Market Wrap: pre-opening session |
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U.S. market futures are mostly up as Al Arabiya reported that Pakistan could announce a resumption of U.S.-Iran negotiations today. Moreover, Donald Trump announced that Israel and Lebanon agreed to a three-week extension of their ceasefire. On Thursday, both the S&P 500 (down 29 points or 0.41% to 7,108) and the Nasdaq 100 (down 154 points or 0.57% to 26,782) retreated from their record-high closing levels.
The Dow Jones closed 179 points lower (-0.36%) at 49,310.
Choppy trading was seen in the session as investors expected the U.S.-Iran war not to conclude very soon.
On the stat front in the U.S. the final reading of the Michigan consumer sentiment index for April is expected. It was 47.6 in first estimate.
In Canada retail sales are anticipated to increase by 0.2% month-on-month in March after a 0.9% rise in February.
European stock indices remained mostly red but rebound on an intraday basis. On the stat plan, U.K. retail sales increased 0.7% month-on-month in March vs +0.2% anticipated and -0.6% in February (revised from -0.4%). Separately, Germany's Ifo business climate index fell to 84.4 in April (85.4 expected) from 86.4 in March.
Asian indexes were mixed. On the stat side, Japan's S&P Global Composite Index was 52.4 in April in first reading vs 51.4 expected and 53 in March. Japan’s core inflation rate accelerated to 1.8% year on year in March, vs 2% expected, from 1.6% in February.
WTI crude oil prices are consolidating around 95.00 dollars.
Gold and silver trade broadly steady.
Bitcoin consolidates below 80,000 dollars.
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Intel (INTC), a designer and manufacturer of microprocessors, surges as quarterly financial figures smashed expectations. Current quarter guidance also beat estimates.
Taiwan Semiconductor Manufacturing (TSM), a manufacturer of integrated circuits, gains ground as Taiwan's regulators said they would relax restrictions on funds’ exposure to individual stocks.
Nike (NKE), a sportswear company, announced cutting around 1,400 jobs, its second round of layoffs this year.
Boyd Gaming (BYD), a gaming company, falls as quarterly financial figures disappointed investors.
Newmont (NEM), a mining company, warned that current quarter unit costs "are expected to be notably higher than the first quarter". However, quarterly financial figures topped expectations.
Hims & Hers Health Inc (HIMS), a digital health platform, was rated "overweight" in a new coverage at JPMorgan.
Edwards Lifesciences (EW), a global leader of patient-focused innovations for structural heart disease and critical care monitoring, gains ground on better-than-expected quarterly financial figures.
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Procter & Gamble (PG)
HCA Healthcare (HCA)
SLB (SLB)
Norfolk Southern (NSC)
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On Thursday, the S&P/TSX Composite Index was slightly down by 0.12% to 33,913, and the S&P/TSX 60 Index was about flat at 1,976.
First Quantum Minerals (FM), a mining company, was upgraded to "neutral" from "underweight" at JPMorgan.
Sun Life Financial (SLF), a financial services company, was upgraded to "outperform" from "sector perform" at National Bank of Canada.
Teck Resources (TECK/B)'s, a mining company, target price was raised to 85.5 dollars from 78 dollars at Canaccord Genuity.
FirstService (FSV)'s, a real-estate company, target price was cut to 190 dollars from 205 dollars at Scotiabank.
CGI (GIB/A)'s, an independent IT and business consulting services firm, target price was cut to 120 dollars from 140 dollars at Scotiabank.
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