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Market Wrap: pre-opening session |
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U.S. market futures lose ground after Donald Trump said on Sunday the U.S. had fired on and taken control of an Iranian-flagged cargo ship in the Gulf of Oman.
On Friday, U.S. stock indexes extended their record-breaking rally, with the S&P 500 advancing 84 points (+1.20%) to 7,126, and the Nasdaq 100 up 339 points (+1.29%) to 26,672, both record-high closing levels.
The Dow Jones climbed 868 points (+1.79%) to 49,447.
Also, the small-cap Russell 2000 also jumped 57 points (+2.11%) to a record-high closing level of 2,776.
That came after Iran’s foreign minister said the Strait of Hormuz was fully open, while U.S. President Donald Trump said the U.S. naval blockade on Iranian ports would remain in place.
However, over the weekend, Iran announced the closure of the Strait of Hormuz again, blaming the continued U.S. naval blockade.
The U.S.-Iran ceasefire will end on Wednesday. Donald Trump said his representatives were going to Islamabad, Pakistan for negotiations. However, Iran’s participation in these talks is not guaranteed.
No major economic stat is expected today in the U.S.
In Canada, inflation rate is estimated to climb to 2.5% year-on-year in March from 1.8% in February.
European stock indices trade red. On the stat plan, Germany's producer price index fell 0.2% in March on a yearly basis vs -1.8% expected and -3.3% a month earlier.
Asian indexes rose, tracking Wall Street's Friday gains. On the economic front, China kept its main interest rate unchanged.
WTI crude oil prices rebound on escalating U.S.-Iran tensions to trade around 87.00 dollars.
Gold and silver both lose ground on stronger U.S. dollar.
Bitcoin is back around 75,000 dollars after declining over the weekend.
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Marvell Technology (MRVL), a developer and producer of semiconductors, jumps after The Information reported that Google, owned by Alphabet (GOOGL), is in talks with the company to develop new AI chips.
American Airlines (AAL), an airline, said it "is not engaged with or interested in any discussions regarding a merger with United Airlines (UAL)".
AST SpaceMobile (ASTS), a satellite designer and manufacturer, tumbles after saying that satellite BlueBird 7 "was placed into a lower than planned orbit by the upper stage of the launch vehicle. While the satellite separated from the launch vehicle and powered on, the altitude was too low to sustain operations with its on-board thruster technology and will de-orbited. The cost of the satellite is expected to be recovered under the company’s insurance policy." The satellite was carried by Jeff Bezos' Blue Origin.
Cleveland-Cliffs (CLF), a steel producer, gains ground as quarterly sales topped estimates.
QXO (QXO), a building products distributor, agreed to acquire TopBuild (BLD) for approximately 17 billion dollars. TopBuild is the largest distributor and installer of insulation and related building products in North America.
Eli Lilly (LLY), a drugmaker, is close to buy Kelonia Therapeutics for more than 2 billion dollars, according to The Wall Street Journal.
Okta (OKTA), a developer of Internet applications software, was upgraded to "overweight" from "equal-weight" at Barclays.
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Steel Dynamics (STLD)
AGNC Investment (AGNC)
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On Friday, the S&P/TSX Composite Index rose 0.86% to 34,346, and the S&P/TSX 60 Index climbed 0.83% to 1,996.
Agnico Eagle Mines AEM), a mining company, "announced a plan to complete a comprehensive consolidation of properties in the Central Lapland Greenstone Belt of Northern Finland, pursuant to which Agnico Eagle has entered into definitive agreements in respect of three separate transactions: the acquisition of all of the issued and outstanding shares of Rupert Resources (RUP) ; the acquisition of all of the issued and outstanding shares of Aurion Resources (AU) ; and the acquisition of a 70% interest in Fingold Ventures held by B2Gold (BTO) , which together with the 30% interest held by Aurion, would result in Agnico Eagle owning a 100% ownership interest in the Fingold JV. The Company currently owns 13.9% of Rupert on a non-diluted basis and 9.9% of Aurion on a partially diluted basis."
B2Gold (BTO), a gold producer, "announced an update on the near-term operational plan related to the fire that occurred in certain areas of the crushing circuit at the Goose Mine in the evening of April 16, 2026. Due to the impact to the crushing circuit related to the fire, the company now forecasts gold production in the second quarter of 2026 of 18,000 to 20,000 ounces, a reduction of approximately 10,000 ounces. B2Gold reiterates its full year gold production guidance for the Goose Mine of 170,000 to 230,000 ounces in 2026."
Bombardier (BBD/B), a global leader in aviation, "and Vista announced a long-term services agreement focused on Bombardier’s Smart Parts programs for the aviation company’s recent order of Challenger 3500 aircraft and a large portion of its existing fleet. Bombardier’s new services agreement tailored to Vista is valued at 300 million dollars over the next five years."
Air Canada (AC)'s, an airline, target price was cut to 21 dollars from 23 dollars at TD Cowen.
First Quantum (FM), a mining company, target price was raised to 44.6 dollars from 42.9 dollars at Barclays.
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