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Market Wrap: pre-opening session |
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U.S. market futures jump after Donald Trump said "productive" talks have taken place with Iran to end the conflict and announced a five-day pause on strikes against Iranian energy infrastructure, conditional on progress in negotiations.
On Saturday, U.S. President Donald Trump had threatened to destroy Iran’s power plants if Iran did not fully reopen the Strait of Hormuz within 48 hours. In return, Iran had threatened to strike the energy and water systems of its neighbours in the Gulf.
On Friday, U.S. stocks encountered another round of sell-off, with the S&P 500 falling 100 points (-1.51%) to 6,506, and the Nasdaq 100 down 457 points (-1.88%) to 23,898.
The Dow Jones dropped 443 points (-0.96%) to 45,577.
The major stock indexes posted a four-week losing streak.
On the stat front in the U.S. the Chicago Fed manufacturing index is expected at 0.27 in February vs 0.18 in January. Also, construction spending is seen up 0.1% in January after a 0.3% rise in December.
European indices erased earlier losses to trade green after Donald Trump statement.
Asian indexes traded red.
WTI crude oil prices drop, trading below 90 dollars.
Gold and silver erase initial losses.
Bitcoin rebounds above 70,000 dollars.
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Blackstone (BX), an asset manager, loses ground as its main private credit fund recorded its first monthly loss in more than three years.
DraftKings (DKNG), a sports betting company, jumps following reports of a possible bipartisan bill to prohibit sports betting on prediction markets.
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No major earnings expected.
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On Friday, the S&P/TSX Composite Index plummeted 1.69% to 31,317, while the S&P/TSX 60 Index retreated 1.61% to 1,833.
Thomson Reuters (TRI), a leading provider of business information services, was downgraded to "equal weight" from "overweight" at Wells Fargo.
Teck Resources (TECK/B)'s, a diversified resource company, target price was cut to 70 dollars from 80 dollars at Scotiabank.
Precision Drilling (PD)'s, an oil and gas industry services company, target price was raised to 140 dollars from 124 dollars at RBC.
Organigram (OGI), a cannabis company, announced "independent proxy advisory firm ISS recommends Organigram shareholders to vote for the acquisition of Sanity Group."
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