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Market Wrap: pre-opening session |
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The US futures remain on the downside after they remained heavy yesterday, with the Dow Jones , vs -Industrial Average sliding 248 points (-0.65%) to 37,735, the S&P 500 down 61 points (-1.20%) to 5,061, and the Nasdaq 100 down 296 points (-1.65%) to 17,706.
Later today, annualized housing starts and building permits for March are both estimated at 1.51 million units, while industrial production is expected to grow 0.2% on month in March. Canada's core inflation rate is expected to slow to 1.8% in March.
European stock indices are bearish. The eurozone's trade surplus for February was released at 23.6 billion euros, vs 17.9 billion euros expected. Germany's ZEW economic sentiment index was released at 42.9 in April, vs 32 expected. The current conditions index was released at -79.2, vs -79 expected. U.K. jobless rate is expected to climb to 4.2% in December-February period, vs 4% expected.
Asian indices all closed on heavy losses. China's gross domestic product rose 5.3% on year in the first quarter, above 5.0% expected, while industrial production grew 4.5% in March, below 5.3% expected, and retail sales were up 3.1%, below 4.4% anticipated.
WTI Crude oil futures are consolidating. Investors fear Iran could block the strait of Hormuz in case of an Israeli counter attack. Later today, the American Petroleum Institute is expected to report the U.S. crude inventories for the week ending April 12.
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Bank of America (BAC), the financial institution, reported first quarter EPS down to 0.76 dollar, from 0.94 dollar a year earlier.
UnitedHealth Group (UNH), a private health insurance provider, is well oriented before the bell as first quarter adjusted profit and sales topped expectations, despite a 872 millions dollars hit caused by the February cyber attack.
Johnson & Johnson (JNJ), the health care products company, slid before the bell as quarterly sales missed estimates.
Bank of New York Mellon (BK), an international financial company, gains ground premarket as quarterly earnings beat estimates on higher services fees.
International Paper (IP), a manufacturer of packaging products and printing paper, reached an agreement to acquire its British peer DS Smith. The deal values DS Smith at 7.2 billion dollars.
Lockheed Martin (LMT), a defense and advanced technology company, signed a 17 billion dollars contract to develop interceptors to defend the United States against an intercontinental ballistic missile attack.
Microsoft (MSFT), the software development company, will invest 1.5 billion dollars in the UAE-based artificial intelligence company, G42.
Honeywell (HON), a diversified technology company, was downgraded to "hold" from "buy" at Deutsche Bank.
Advanced Micro Devices (AMD), a designer and producer of microprocessors, was rated "outperform" in a new coverage at Evercore ISI.
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Unitedheatlh Group (UNH): Quarterly earnings per share expected at $6.65, before market open. Expected move: ± 4.6%.
Johnson & Johnson (JNJ): Quarterly earnings per share expected at $2.64, before market open. Expected move: ± 2.6%.
Bank of America (BAC): Quarterly earnings per share expected at $0.77, before market open. Expected move: ± 3.7%.
Morgan Stanley (MS): Quarterly earnings per share expected at $1.69, before market open. Expected move: ± 4.3%.
Bank of New York Mellon (BK): Quarterly earnings per share expected at $1.19, before market open. Expected move: ± 4.6%.
United Airlines (UAL): Quarterly loss per share expected at $0.53, after market close. Expected move: ± 8.0%.
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The S&P/TSX Composite Index declined 0.73% to 21,740 and the S&P/TSX 60 Index was down 0.71% to 1,302.
Goodfood (FOOD), a leading online grocery company in Canada, reported second quarter sales down 5% to 40 million dollars.
Restaurant Brands International’s (QSR), the fast food holding company, price target was cut to 78 dollars from 81 dollars at Citi.
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