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Market Wrap: pre-opening session |
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U.S. market futures rebound after U.S. stocks declined on Wednesday as a significant number of Federal Reserve officials projected a potential interest rate hike by the end of the year. The S&P 500 slid 91 points (-1.21%) to 7,420, the Nasdaq 100 dropped 297 points (-0.99%) to 29,670, and the Dow Jones fell 507 points (-0.98%) to 51,492.
The Federal Reserve left its Fed funds rate unchanged in a target range of 3.50% to 3.75%, while 9 officials now expect at least one rate hike by year-end.
On the stat front in the U.S. the Conference Board leading index is expected down 0.1% in May after a 0.1% rise in April. Separately, the Philadelphia Fed manufacturing index is estimated to climb to 10.0 in June from -0.4 in April. In addition, the weekly initial jobless claims are expected at 225,000.
Canada's producer price index is estimated to be up 1.8% month-on-month in May after a 2% rise a month earlier.
European indices trade mixed. On the economic front, the Bank of England held its benchmark rate steady at 3.75%. Separately, the Swiss National Bank also kept its benchmark rate unchanged at 0%. On the stat plan, U.K. unemployment rate eased to 4.9% in the February-April period from 5.0% in the previous one. It had been expected to remain unchanged.
Asian indices showed varied performances. Japan's Nikkei 225 and South Korea's Kospi outperformed to both notching fresh records.
WTI crude oil prices hovers around 75 dollars. Yesterday, U.S. President Donald Trump and his Iranian counterpart Masoud Pezeshkian signed a memorandum of understanding aimed at ending the conflict and paving the way for the reopening of the Strait of Hormuz.
Gold and silver both consolidate as U.S. dollar climbs on potential rate hike by the Fed in 2026.
Bitcoin continues to ease, trading around 64,000 dollars.
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Intel (INTC), a chipmaker, jumps as U.S. President Donald Trump said Apple (AAPL) has agreed to collaborate with the company to develop and manufacture semiconductors in the U.S. Other chipmakers such as Advanced Micro Devices (AMD) or Broadcom (AVGO) gain ground following the news.
Accenture (ACN), a leading global professional services company, tumbles after cutting full-year sales forecast. Moreover, the company announced the acquisition of cybersecurity firms for around 4.18 billion dollars.
Rumble (RUM), an online video-sharing platform, soars after "introducing a new business unit and legal name for the company following the closing of its acquisition of Northern Data. Effective June 18, 2026, under the new RUM Group identity, the publicly traded company now operates two core business units: Rumble, its video platform, and Quake AI, formerly Northern Data, its cloud and AI-infrastructure business."
Smith & Wesson Brands (SWBI), a firearms manufacturer, strongly rises after posting quarterly sales that grew 27%.
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On Wednesday, the S&P/TSX Composite Index fell 0.75% to 35,125 and the S&P/TSX 60 Index lost 0.55% to 2,058.
Empire Co (EMP/A), a conglomerate whose key businesses are food retailing and related real estate, reported quarterly adjusted EPS up 27% to 0.94 dollar, beating estimates. Sales rose 2.2% to 7.81 billion dollars, matching expectations.
Keyera (KEY), an energy infrastructure company, "announced closing of the acquisition of the remaining 50% non-operating interest in the KAPS Pipeline from Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, for 1.215 billion dollars, pursuant to the terms of a definitive agreement dated June 17, 2026. The transaction was closed concurrent with the announcement."
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