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Market Wrap: pre-opening session |
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U.S. market futures edge higher after all three major U.S. stock indexes closed higher on Monday, with the S&P 500 rising 114 points (+1.49%) to 7,764, the Nasdaq 100 up 838 points (+2.83%) to 30,482, and the Dow Jones up 366 points (+0.71%) to 52,048.
The S&P 500 notched its best day since early August.
The rally was led by technology and artificial intelligence (AI)-related stocks as falling oil prices and a retreat in Treasury yields improved risk sentiment.
On the stat front, in the U.S., the Richmond Fed Manufacturing Index is expected at 5 in September vs 4 in August.
European indices extend their rebound. On the stat plan, U.K. public sector net borrowing rose 19% year-on-year in August to 18.3 billion pounds, versus 15.7 billion pounds expected.
Asian indices continued to recover. Japanese markets were closed for public holidays.
WTI crude oil prices drop below 90.00 dollars after Kyodo News reported that Iran offered to reopen the Strait of Hormuz within seven days if Washington takes preliminary steps toward easing military pressure.
Gold continues to consolidate below the key 4,400 dollars threshold.
Bitcoin takes a breather below 87,000 dollars after reaching yesterday its highest level since late January.
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Alibaba (BAB), a Chinese tech giant, rises after introducing a new artificial intelligence chip and outlining plans for a major expansion of its data center footprint.
On Holding (ONON), an athletic apparel company, jumps after announcing a 1 billion dollars share buyback program.
Valero Energy (VLO), an oil refiner, was downgraded to "hold" from "buy" at Jefferies.
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On Monday, the S&P/TSX Composite Index rose 0.57% to 36,009 and the S&P/TSX 60 Index climbed 0.71% to 2,115.
TC Energy (TRP), an energy infrastructure company, "has entered into an agreement to sell Energía Occidente de México (EOM), the entity that owns the Guadalajara-Manzanillo Pipeline, to affiliates of ESENTIA Energy Development, for a gross purchase price of 560 million dollars".
Eldorado Gold (ELD)'s, a mining company, target price was raised to 63 dollars from 55 dollars at Canaccord Genuity.
Elemental Royalty (ELE), a gold-focused streaming and royalty company, "has entered into definitive agreements with funds managed by Orion to acquire a high-quality portfolio of precious metals assets consisting of five streams and royalties for total consideration of 290 million dollars. In conjunction with the portfolio acquisition, Elemental announced that it has entered into a non-binding agreement with Carlin East, wherein Carlin East will acquire Elemental's Generation Business. As consideration for the transaction, Elemental will acquire a cornerstone equity stake in Carlin East, and CEO and Director, David M. Cole, has resigned effective immediately to take up a leadership position at Carlin East. Current COO, President, and Founder of Elemental, Frederick Bell, has been appointed to the role of CEO and Director on the Board".
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