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Market Wrap: pre-opening session |
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U.S. market futures trade lower as the U.S. and Iran failed to make a deal. U.S. Vice President JD Vance pointed out that Iran’s lack of commitment to not developing nuclear weapons caused the breakdown in negotiations.
U.S. President Donald Trump then said in a social-media post that the U.S. Navy will blockade the Strait of Hormuz in order to stop Iran’s "extortion".
On Friday, U.S. stocks lacked momentum while investors were waiting for the outcome of the U.S.-Iran peace talk.
The S&P 500 dipped 7 points (-0.11%) to 6,816, and the Dow Jones dropped 269 points (-0.56%) to 47,916.
The Nasdaq 100 closed 34 points higher (+0.14%) at 25,116.
On the stat front, in the U.S., existing home sales are estimated to be down 2.0% month-on-month in March after a 1.7% increase in February.
European stock indices are trading red, led down by travel and leisure stocks.
Asian indexes also lost ground.
WTI crude oil prices surge above 100 dollars.
Gold and silver both consolidate.
Bitcoin fell more than 3% on Sunday but preserves the 70,000 dollars threshold.
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Energy companies such as Exxon Mobil (XOM) and Chevron (CVX) gain ground as oil prices jump. On the other hand, travel stocks such as Delta (DAL) and Carnival (CCL) are badly oriented.
Sandisk (SNDK), a data storage solutions company, gains ground as it will join Nasdaq 100 index, effective April 20.
Leggett & Platt (LEG), a producer of engineered components for various industries, jumps as the company agreed to be acquired by Somnigroup (SGI) for around 2.5 billion dollars.
Fastenal (FAST), a construction supplies distributor, drops after posting quarterly financial figures in-line with estimates.
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Goldman Sachs (GS)
Fastenal (FAST)
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Last Friday, the S&P/TSX Composite Index gained 0.65% to 33,695 and the S&P/TSX 60 Index was up 0.59% to 1,955.
GFL Environmental (GFL), a waste management services company, agreed to buy peer SECURE Waste Infrastructure (SES) for around 6.4 billion dollars.
Quebecor (QBR/B), a communication company, was upgraded to "outperform" from "sector perform" at National Bank of Canada.
Saputo (SAP), a dairy processor, was downgraded to "sector perform" from "outperform" at National Bank of Canada.
Canadian National Railway (CNR)'s, a freight railway company, target price was raised to 171 dollars from 164 dollars at TD Cowen. Peer Canadian Pacific Kansas City (CP)'s target price was raised to 117 dollars from 112 dollars still at TD Cowen.
Air Canada (AC)'s, an airline, target price was cut to 22 dollars from 25 dollars at RBC.
Bombardier (BBD/B)'s, a global leader in aviation, target price was raised to 298 dollars from 287 dollars at RBC.
CAE (CAE)'s, a worldwide leader in training for the civil aviation, defence and security, and healthcare markets, target price was cut to 42 dollars from 46 dollars at RBC.
K92 Mining (KNT), a mining company, announced quarterly production in line with budget and reiterated full-year production guidance.
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