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Market Wrap: pre-opening session |
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U.S. market futures remain under pressure after a losing session yesterday.
On Tuesday, the Dow Jones slid 628 points (-1.18%) to 52,786, the S&P 500 closed 45 points lower (-0.58%) at 7,673, and the Nasdaq 100 slipped 36 points (-0.12%) to 29,507.
Market sentiment continues to be dampened by rallying oil prices amid escalating tensions in the Middle East. Iran-backed Houthis in Yemen launched strikes on several Saudi cities, while U.S. forces hit multiple Iranian oil tankers.
No major economic stat is expected in the U.S.
European indices drop. On the statistical front, France’s industrial production fell 0.4% in July, versus +0.3% expected and -0.1% in the previous month, revised from +0.1%.
Asian indices were mixed. Regarding stats, China's inflation rate climbed to 0.8% year-on-year in August as expected, while the producer price index rose 3.8% (vs 3.7% estimated).
WTI crude oil prices rise, crossing above 95.00 dollars. They trade at their highest level since May 22.
Gold stabilizes around 4,400 dollars.
Bitcoin slightly rebounds above 78,500 dollars.
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ServiceTitan (TTAN), a software company, tumbles as current quarter sales forecast missed estimates.
Casey's General Stores (CASY), a convenience stores chain, sharply declines on profit taking as quarterly financial figures failed to impress investors. The stock is up more than 32% year-to-date.
Braze (BRZE), a customer engagement platform, drops as current quarter earnings guidance disappointed investors.
Chime Financial (CHYM), a fintech, jumps on better-than-expected guidance. Also, the company agreed to buy Stride Bank for 590 million dollars in cash.
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The Cooper Companies Inc (COO)
SailPoint Inc (SAIL)
Chewy Inc (CHWY)
Core & Main Inc (CNM)
AeroVironment Inc (AVAV)
Navan Inc (NAVN)
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On Tuesday, the S&P/TSX Composite Index declined 1.07% to 36,123 and the S&P/TSX 60 Index slid 1.31% to 2,117.
Loblaw (L), a retailer, hosts its Investor Day. The company said its "business strategy is designed to support its long-term financial framework that targets annual adjusted diluted net earnings per common share growth of approximately 8% to 10%".
Barrick Mining (ABX)'s, a gold producer, target price was cut to 78 dollars from 86 dollars at Bernstein.
Whitecap Resources (WCP), an energy company, was rated "buy" in a new coverage at Roth MKM.
Bausch + Lomb (BLCO), an eye health company, was rated "outperform" in a new coverage at Leerink Partners.
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