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Market Wrap: pre-opening session |
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U.S. market futures are under pressure. On Wednesday, major U.S. indices finished higher as technology shares led gains. The S&P 500 advanced 44 points (+0.58%) to 7,757, the Nasdaq 100 jumped 332 points (+1.13%) to 29,822, and the Dow Jones gained 360 points (+0.69%) to 52,856.
The U.S. 10-year Treasury yield rose 0.8 basis points to 5.119%.
On the stat front, in the U.S., initial jobless claims are expected to rise to 200,000 in the week ended October 17, while the Leading Index is estimated to drop 0.1% month-on-month in September. Also, Canada's producer price index is projected to be up 14.1% year-on-year in September.
European indices are badly oriented. On the statistics front, in the eurozone, the consumer confidence index is seen at -17 in October in the first reading, versus -16.5 in September.
Asian indices were down as technology shares led a broad selloff.
WTI crude oil prices are up on escalating Middle East tension.
Gold loses ground as rising oil prices reinforce expectations that interest rates could stay higher for longer.
Bitcoin loses ground, currently trading around 82,000 dollars.
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Tesla (TSLA), the electric vehicle maker, falls after cutting its full-year capital expenditure forecast.
IBM (IBM), the IT services company, falls despite reporting better-than-expected quarterly results and raising its annual growth forecast, as analysts noted that the outlook offered no additional upside potential.
Meta Platforms (META), a social media giant, consolidates despite posting quarterly results seen as better than expected and strong fourth-quarter guidance. In addition, the group announced plans to issue new non-voting shares to fund, among other things, its expansion in AI.
Procter & Gamble (PG), a global manufacturer of consumer products, gains ground after reporting first-quarter sales above estimates. The group warned, however, that its full-year earnings would be affected by higher commodity costs.
Lam Research (LRCX), a manufacturer of semiconductor equipment, falls despite posting quarterly results that beat the consensus, as analysts flagged that a component shortage could limit the group's growth outlook.
Lockheed Martin (LMT), a defense and advanced technology company, gains ground after raising its annual sales and profit forecasts.
Texas Instruments (TXN), an analog chipmaker, reported third-quarter adjusted EPS up to 2.62 dollars from 1.48 dollar a year earlier, on sales up 28% to 6.06 billion dollars.
CSX (CSX), an international freight transportation company, gains ground after posting third-quarter sales that topped estimates.
Dow Inc (DOW), a diversified chemical manufacturing company, is expected to rise on better-than-expected third-quarter adjusted profit.
CME Group (CME), the owner and operator of a majority of U.S. derivatives exchanges, was upgraded to "overweight" from "underweight" at JPMorgan.
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Procter & Gamble Co (PG)
Union Pacific Corp (UNP)
Western Digital Corp (WDC)
Lockheed Martin Corp (LMT)
Valero Energy Corp (VLO)
Newmont Corp (NEM)
Spotify Technology SA (SPOT)
Blackstone Inc (BX)
Comcast Corp (CMCSA)
Norfolk Southern Corp (NSC)
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Earnings release:
FirstService Corp (FSV)
On Wednesday, the S&P/TSX Composite Index advanced 0.60% to 36,324 and the S&P/TSX 60 Index gained 0.65% to 2,154.
Waste Connections (WCN), a provider of solid waste collection, transfer, recycling and disposal services, reported third-quarter adjusted EPS up to 1.58 dollar, beating expectations, from 1.44 dollar a year earlier. In addition, the group raised its annual revenue forecast and increased its quarterly dividend by 10%.
Mullen Group (MTL), one of the leading suppliers of trucking and logistics services in Canada, reported third-quarter adjusted EPS up 36.8% to 0.52 dollars, on sales up 16.3% to 653.2 million dollars.
Air Canada (AC), an airline, was upgraded to "buy" from "hold" at Canaccord Genuity.
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