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Market Wrap: pre-opening session |
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U.S. market futures trade mixed ahead of the release of a first inflation report.
On Wednesday, U.S. stocks closed lower, hurt by higher yields as well as rising oil prices.
The S&P 500 fell 37 points (-0.48%) to 7,636, the Nasdaq 100 was down 86 points (-0.29%) to 29,421, and the Dow Jones lost 405 points (-0.77%) to 52,380.
On the economic front, the U.S. Treasury Department said its bond buyback operation on Thursday would involve up to 6 billion dollars in 10- to 20-year Treasury bonds, triple the size of its last long-dated operation.
On the stat plan in the U.S. the producer price index is estimated to be up 5.3% year-on-year in August after a 4.7% rise in July. Separately, existing home sales are seen at 3.98 million in August vs 4.06 million a month earlier. In addition, weekly initial jobless claims are expected at 205,000.
European indices are little changed after a sharp drop yesterday. On the economic front, The European Central Bank is expected to raise its main interest rates by 25 basis points, with the deposit facility rate lifting to 2.50%.
Asian indices were mixed.
WTI crude oil prices keep firm, crossing above 97.00 dollars.
Gold consolidates below 4,440 dollars before U.S. data.
Bitcoin hovers around 78,000 dollars.
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Apple (AAPL), a consumer electronics company, slightly rises. Yesterday, CEO John Ternus unveiled the company's first foldable phone, the Duo, alongside the iPhone 18 Pro lineup.
Meta Platforms (META), a social technology company, was upgraded to "overweight" from "neutral" at JPMorgan.
Aerovironment Inc (AVAV), a drone maker, gains ground on better-than-expected quarterly financial figures.
American Eagle Outfitters (AEO), a clothing retailer, tumbles as quarterly comparable sales missed estimates. Current quarter operating income forecast also missed expectations.
Navan (NAVN), a business travel and expense platform, tanks on profit taking as quarterly adjusted EPS failed to impress investors. The stock is up more than 50% year-to-date.
The Cooper Companies (COO), a medical device company, sharply drops as current quarter financial figures guidance disappointed investors.
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Oracle Corp (ORCL)
Adobe Inc (ADBE)
Copart Inc (CPRT)
Macy's Inc (M)
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Earnings release:
Empire Co Ltd (EMP.A)
The Descartes Systems Group Inc (DSG)
On Wednesday, the S&P/TSX Composite Index dropped 0.60% to 35,906 and the S&P/TSX 60 Index slid 0.77% to 2,101.
Enbridge (ENB), an energy delivery company, agreed to acquire Tallgrass Energy's crude transportation business for 2.55 billion dollars in cash.
Empire Co (EMP/A), a conglomerate whose key businesses are food retailing and related real estate, posted quarterly EPS up 14.3% to 1.04 dollar. Sales rose 2.6% to 8.48 billion dollars, slightly missing expectations.
Power Corporation of Canada (POW)'s subsidiary Power Sustainable, a multi-platform alternative asset manager, "announced its plan to invest and mobilize more than 10 billion dollars into Canadian projects and companies over the next five years".
Calfrac Well Services (CFW), a provider of specialized oilfield services, was rated "buy" in a new coverage at Canaccord Genuity.
D2L (DTOL), a learning technology company, reported quarterly net loss of 3.1 million dollars vs a net profit of 2.7 million dollars a year earlier. The company cut full-year subscription and support revenue as well as total revenue guidance while maintaining adjusted Ebitda forecast.
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