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Market Wrap: pre-opening session |
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U.S. market futures are edging higher before the release of several economic stats and as oil prices remain high.
On Thursday, major U.S. stock indexes slid over 1.5%, with the S&P 500 falling 103 points (-1.52%) to 6,672, and the Nasdaq 100 down 431 points (-1.73%) to 24,533.
The Dow Jones tumbled 739 points (-1.56%) to 46,677.
Market sentiment was heavily dragged by surging oil prices. U.S. WTI crude futures yesterday jumped 8.48 dollars (+9.72%) to 95.73 dollars a barrel.
On the stat front in the U.S. the second estimate of the second quarter gross domestic product growth on a quarterly basis will be released. It was 1.4% in first reading. Separately, the core personal consumption expenditures price index is expected to stay at 3.0% year-on-year in January. Also, durable goods orders are estimated to increase by 0.3% month-on-month in January after a 1.4% decrease in December. Additionally, personal spending and personal income are seen up by 0.3% and 0.2% on a monthly basis in January respectively. Lastly, the Michigan consumer sentiment index is expected at 55.0 in March in first reading vs 56.6 in February.
In Canada, jobless rate is expected to climb to 6.7% from 6.5% in January.
European indices trade mostly slightly lower yet rebounding sharply from their session lows. On the stat side, U.K.'s GDP stalled in January on a monthly basis after a 0.1% growth in December. Separately, eurozone's industrial production decreased 1.5% in January on a monthly basis vs +0.9% anticipated and -0.6% in December (revised from -1.4%).
Asian indexes dropped tracking Wall Street's losses.
WTI crude oil prices consolidate after yesterday's jump.
Gold and silver both ease on fading Fed rate cut hopes.
Bitcoin gains ground, currently trading above 72,000 dollars.
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Ulta Beauty (ULTA), an operator of a chain of beauty retailers, tumbles as quarterly earnings disappointed investors.
Adobe (ADBE), a developer of software products, drops after announcing that "Shantanu Narayen, who has served as CEO of Adobe for eighteen years, has decided to transition from his position as CEO after a successor has been appointed. Narayen will remain as Chair of the Board." This announcement overshadows the release of quarterly financial figures that beat estimates.
Lennar (LEN), a homebuilder, loses ground as quarterly financial figures missed expectations.
Rubrik (RBRK), a security and AI operations company, gains ground on better-than-expected quarterly financial figures. Current quarter sales forecast also topped estimates.
SentinelOne (S), a cybersecurity company, is badly oriented on weak current quarter earnings outlook.
Insulet (PODD), an innovative medical device company dedicated to simplifying life for people with diabetes and other conditions through its Omnipod product platform, drops after "initiating a voluntary Medical Device Correction for specific lots of Omnipod 5 Pods in the U.S. after identifying a manufacturing issue through its ongoing product monitoring."
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No major earnings expected
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On Thursday, the S&P/TSX Composite Index fell 0.84% to 32,841, and the S&P/TSX 60 Index dropped 0.70% to 1,903.
Wheaton Precious Metals (WPM), a mining company, reported full-year net income up to 1.47 billion dollars from 529 million dollars a year earlier. Sales rose 80.2% to 2.31 billion dollars, beating estimates. The company increased quarterly dividend by 18% to 0.165 dollar per share.
CAE (CAE)'s, a worldwide leader in training for the civil aviation, defence and security, and healthcare markets, target price was raised to 49 dollars from 38 dollars at Canaccord Genuity.
Enghouse Systems (ENGH), a software company, posted quarterly adjusted Ebitda down to 31.1 million dollars from 33.1 million dollars a year ago, on sales down to 120.1 million dollars from 124.0 million dollars a year earlier. Both figures missed expectations. The company increased quarterly dividend by 3.3% to 0.31 dollar per share.
TerrAscend (TSND), a cannabis company, unveiled quarterly adjusted Ebitda from continuing operations slightly down to 16.7 million dollars from 17.0 million dollars a year earlier. Sales rose to 66.1 million dollars, slightly above estimates, from 65.1 million dollars a year ago.
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