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Market Wrap: pre-opening session |
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U.S. market futures attempt to rebound after major U.S. stock indexes finished sharply lower on Wednesday, with the S&P 500 falling 112 points (-1.52%) to 7,316, the Nasdaq 100 down 570 points (-2.06%) to 27,192, and the Dow Jones down 1,153 points (-2.19%) to 51,594.
The Nasdaq 100 has entered correction territory, dropping over 11% from its June record high.
As expected, the Federal Reserve left its key interest rates unchanged in a range of 3.50% - 3.75%. Fed Chairman Kevin Warsh said the central bank would not hesitate to act to contain inflation. Meanwhile, the yield on the 30-year U.S. Treasury rose to its highest level since 2007.
On the stat front in the U.S. the core personal consumption expenditures price index is expected at +3.3% year-on-year in June vs +3.4% in May. Separately, the second quarter gross domestic product is estimated to grow 2.1% quarter-on-quarter. Also, weekly initial jobless claims are expected at 200,000. Moreover, personal spending and personal income are seen both up 0.3% in June on a monthly basis.
European indices are gaining ground. On the economic side, the Bank of England kept its benchmark rate unchanged at 3.75%. On the stat plan, in the eurozone, preliminary estimates showed GDP rose 0.4% quarter-on-quarter in the second quarter, above expectations for a 0.2% increase, after contracting 0.2% in the previous quarter. In Germany, preliminary first-reading data showed GDP increased 0.2% quarter-on-quarter in the second quarter, above expectations for a 0.1% rise, after growing 0.3% in the previous quarter. In France, preliminary estimates showed GDP rose 0.2% in the second quarter, in line with expectations, following a 0.1% decline in the previous quarter. Later in the day, Germany's inflation rate will be released and is expected to come in at 2.7% in July, up from 2.3% in June.
Asian indices were mixed.
WTI crude oil prices consolidate below 85 dollars.
Gold is steady after slightly rebounding above 4,000 dollars.
Bitcoin attempts to rebound above 64,000 dollars.
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Meta Platforms (META), a social technology company, tumbles as quarterly adjusted EPS missed estimates. Current quarter sales forecast also disappointed investors.
Microsoft (MSFT), a tech giant, gains ground on better-than-expected quarterly sales. The company said capital expenditures will remain on track for 2026 before rising in the following year.
Starbucks (SBUX), a global specialty coffee chain, jumps after posting quarterly financial figures that topped expectations. Moreover, the company raised full-year guidance.
Carvana (CVNA), a used car platform, tumbles as full-year earnings guidance missed estimates.
Chipotle Mexican Grill (CMG), a fast food restaurant chain, gains ground as quarterly financial figures beat expectations. Also, the company raised full-year same-store sales guidance.
Fortinet (FTNT), a cybersecurity firm, soars on better-than-expected quarterly financial figures. Moreover, the company issued strong current quarter guidance.
Lam Research (LRCX), a manufacturer of semiconductor equipment, jumps as quarterly financial figures topped estimates.
QUALCOMM (QCOM), a maker of digital wireless communications equipment, drops on mixed quarterly financial figures.
MGM Resorts International (MGM), a resort operator, gains some ground as quarterly financial figures slightly beat expectations.
Align Technology (ALGN), the designer of the Invisalign system, is badly oriented as current quarter sales guidance disappointed investors.
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Apple Inc (AAPL)
Amazon.com Inc (AMZN)
MasterCard Inc (MA)
Stryker Corp (SYK)
Bristol-Myers Squibb Co (BMY)
Altria Group Inc (MO)
Southern Co (SO)
KKR & Co Inc (KKR)
Valero Energy Corp (VLO)
Quanta Services Inc (PWR)
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Earnings release:
TC Energy Corp (TRP)
Loblaw Companies Ltd (L)
Power Corporation of Canada (POW)
Fairfax Financial Holdings Ltd (FFH)
Pembina Pipeline Corp (PPL)
Bombardier Inc (BBD.B)
ARC Resources Ltd (ARX)
AltaGas Ltd (ALA)
TMX Group Ltd (X)
On Wednesday, the S&P/TSX Composite Index dropped 1.16% to 35,333 and the S&P/TSX 60 Index fell 1.18% to 2,091.
TC Energy (TRP), a leading North American energy infrastructure company, posted quarterly adjusted EPS up to 0.94 dollar, topping expectations, from 0.82 dollar a year earlier. The company expects full-year comparable Ebitda to be at the upper end of its 11.6 to 11.8 billion dollars range.
Bombardier (BBD/B), a global leader in aviation, reported quarterly adjusted EPS up to 2.50 dollars, beating estimates, from 1.11 dollar a year earlier. The company said it remains on track to meet its raised 2026 guidance across all key metrics.
Loblaw (L), a retailer, unveiled quarterly adjusted EPS up 11.9% to 0.66 dollar on sales up 4.1% to 15.05 billion dollars. Both figures were roughly in-line with estimates.
GFL Environmental (GFL), a waste management services company, reported quarterly adjusted Ebitda up 14.8% to 591.2 million dollars on sales up 16% to 1.95 billion dollars. The company raised full-year guidance regarding sales, adjusted Ebitda and adjusted free cash flow.
Kinross Gold (K), a gold producer, posted quarterly adjusted EPS up to 0.71 dollar from 0.44 dollar a year earlier. The company said it is on track to meet annual guidance.
Alamos Gold (AGI), a gold producer, unveiled quarterly adjusted EPS up to 0.59 dollar, above estimates, from 0.34 dollar a year ago. The company lowered full-year production guidance.
AltaGas (ALA), an energy infrastructure company, raised full-year earnings guidance after posting quarterly adjusted EPS that beat expectations.
Gildan Activewear (GIL), a branded clothing manufacturer, posted quarterly adjusted EPS up to 1.28 dollar, topping estimates, from 0.97 dollar a year earlier. Sales rose 72.3% to 1.58 billion dollars, however slightly missing expectations.
Spin Master (TOY), a multi-category children's entertainment company, unveiled quarterly adjusted Ebitda up to 51.6 million dollars from 28.7 million dollars a year earlier. Sales rose 8.9% to 436.40 million dollars, beating expectations.
AG Growth International (AFN), a leading provider of equipment solutions for agriculture bulk commodities, said the Board of Directors established a Strategic Review Committee to oversee a formal review of strategic alternatives available to the company. It also said it is on track to exceed its 30 million dollars annualized cost savings target.
Vermilion Energy (VET), an energy producer, reported quarterly net income from continuing operations of 134.2 million dollars vs a loss of 233.5 million dollars a year earlier. The company raised full-year production guidance. Moreover, Vermilion is increasing its return of capital framework to target 40% to 60% of excess free cash flow to shareholders, up from the previous 40% target.
Trican Well Service (TCW), an oilfield services company, was upgraded to "buy" from "hold" at TD Cowen.
Agnico Eagle Mines (AEM), a mining company, raised full-year capital expenditures target to 2.60-2.80 billion dollars, up from 2.20-2.40 billion dollars.
Bausch Health (BHC), a pharma company, raised full-year guidance after posting quarterly financial figures that beat estimates.
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