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Market Wrap: pre-opening session |
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U.S. market futures gain some ground as oil prices keep trading below 90 dollars.
On Monday, U.S. stocks staged a dramatic intraday reversal to the upside following President Donald Trump’s comments that the war against Iran will end very soon.
Also, Donald Trump said he was considering seizing control of the Strait of Hormuz.
Moreover, media reports indicated the Trump administration could move to ease sanctions on Russian oil.
The S&P 500, which was down nearly 1% at open, closed 55 points higher (+0.83%) at 6,795.
The Nasdaq 100 gained 324 points (+1.32%) to 24,967, and the Dow Jones was up 239 points (+0.50%) to 47,740.
On the stat front in the U.S. existing home sales are estimated to be down 0.8% month-on-month in February after a 8.4% drop in January. Separately, NFIB business optimism index is seen at 99.1 in February from 99.3 a month earlier.
European indices are strongly rebounding. On the stat plan, Germany's trade excess widened to 21.2 billion dollars in January (15.4 billion dollars anticipated) from 17.1 billion dollars a month earlier.
Asian indexes traded green tracking Wall Street's gains. On the stat side, China's exports rose 21.8% year-on-year in January-February, above 7.1% expected, and imports were up 19.8%, above 6.3% estimated. Separately, Japan's fourth quarter GDP growth was revised to 1.3% on an annualized basis in final estimate, slightly more than expected, vs 0.2% in previous reading. Still in Japan's household spending fell 1.0% year-on-year in January, compared with -2.2% estimated. Moreover, Australia's NAB business confidence index dropped to -1 in February, below 3 expected.
After trading close to 80 dollars late yesterday, WTI crude oil prices slightly rebounded but are currently capped by the 90 dollars.
Gold and silver both gain ground as U.S. dollar consolidates.
Bitcoin continues to rebound, breaking above 70,000 dollars.
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Hewlett Packard Enterprise (HPE), a supplier of information technology products and services, is well oriented after raising full-year guidance. Also, quarterly sales beat estimates.
Coinbase (COIN) and other crypto-related stocks gain ground as Bitcoin trades above 70,000 dollars.
Taiwan Semiconductor Manufacturing (TSM), a manufacturer of integrated circuits, gains some ground as sales rose 30% on a yearly basis for the first two month of the year.
Vertex Pharmaceuticals (VRTX), a developer of drug treatments, jumps after announcing positive results from a late-stage trial of a drug for a rare kidney disease.
Rivian Automotive (RIVN), an automotive technology company, was upgraded to "buy" from "hold" at TD Cowen.
Casey's General Stores (CASY), a convenience stores chain, loses some ground as quarterly sales missed expectations.
Vail Resorts (MTN), a mountain resort company, edges lower after cutting full-year guidance.
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Oracle (ORCL)
Biontech (BTNX)
NIO (NIO)
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Earning Release:
Franco-Nevada Corp (FNV)
On Monday, the S&P/TSX Composite Index rose 0.32% to 33,189, and the S&P/TSX 60 Index gained 0.31% to 1,922.
Air Canada (AC), an airline, was downgraded to "sector perform" from "sector outperform" at Scotiabank.
Lundin Mining (LUN), a mining company, "has entered into purchase agreements to acquire an additional 5% interest in the the Caserones copper-molybdenum mine in Chile, as well as a 30.9% interest in the Los Helados Project and a 0.62% net smelter return royalty on Los Helados from JX Advanced Metals for total consideration of 215 million dollars."
Strathcona Resources (SCR), an energy company, was rated "buy" in a new coverage at Roth MKM.
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