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Market Wrap: pre-opening session |
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U.S. market futures trade mixed as investors prepare for Fed's interest rate decision. This will be the first under new Fed Chair Kevin Warsh, with the Fed funds rate widely expected to be unchanged at at 3.50% - 3.75%
U.S. stocks closed mixed on Tuesday. The S&P 500 slipped 42 points (-0.57%) to 7,511, the Nasdaq 100 fell 575 points (-1.89%) to 29,968, and the Dow Jones rose 328 points (+0.64%) to 51,999, a new record close.
On the sector front, the outperforming sectors were Financials (XLF), Utilities (XLU) and Industrials (XLI), while Technology (XLK), Energy (XLE) and Consumer Discretionary (XLY) underperformed the most.
On the stat front in the U.S. retail sales are estimated to grow 0.5% month-on-month in May, the same pace as in April.
European indices trade mostly slightly green. U.K.'s FTSE 100 is broadly steady before the Bank of England interest rate decision tomorrow. Yesterday, both Euro Stoxx 50 and Stoxx Europe 600 indexes posted record close. Regarding stocks, German carmaker BMW drops after issuing a profit warning. On the stat plan, U.K. inflation came in at 2.8% in May on an annual basis, below 3.0% expected and unchanged from April.
Asian indices were mostly green with Japan's Nikkei 225 index notching a third straight record close. Regarding stats, Japan's exports rose 17.0% year-on-year in May, above 16.2% expected, while machinery orders grew 8.7% month-on-month in April, above 0.9% estimated.
WTI crude oil prices consolidate above 75 dollars.
Gold and silver remain broadly steady before the Fed.
Bitcoin eases, crossing below 65,000 dollars.
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SpaceX (SPCX), a spatial company, gains ground after closing above 200 dollars yesterday.
Chipmakers such as Broadcom (AVGO) or Micron Technology (MU) recoup part of their losses from yesterday's session.
Intel (INTC), a chipmaker, rises after announcing that "Intel 18A-P, the first performance enhancement in the Intel 18A family, has entered risk production, meeting the timeline first shared with customers and partners last year".
AST SpaceMobile (ASTS), a satellite designer and manufacturer, is well oriented after announcing the successful orbital launch of BlueBirds 8, 9, and 10 commercial communications satellites.
CarMax (KMX), a car and light truck retail chain, jumps as quarterly sales topped expectations.
La-Z-Boy (LZB), a furniture retailer, soars after posting quarterly earnings that beat estimates and announcing a 300 million dollars share buyback program.
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No major earnings expected
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On Tuesday, the S&P/TSX Composite Index rose 0.32% to 35,390 and the S&P/TSX 60 Index gained 0.28% to 2,069.
Lundin Mining (LUN), a mining company, will host today a Capital Markets Day "to outline its strategic vision to become a top-ten global copper producer". "The company's goal is to reach annual production of over 500,000 tonnes of copper and 550,000 ounces of gold." Meanwhile, Lunding Mining confirmed 2026 production guidance.
Groupe Dynamite (GRGD)'s, a clothing retailer, target price was cut to 91 dollars from 102 dollars at National Bank of Canada.
Gildan Activewear (GIL)'s, a branded clothing manufacturer, target price was cut to 65 dollars from 72 dollars at Scotiabank.
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