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Market Wrap: pre-opening session |
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U.S. market futures trade lower on tech weakness after Oracle unveiled disappointing outlook.
On Wednesday, U.S. stocks rallied after the Federal Reserve cut interest rates, with the S&P 500 climbing 46 points (+0.67%) to 6,886, not far away from its record closing level of 6,891.
The Dow Jones Industrial Average rose 497 points (+1.05%) to 48,057, and the Nasdaq 100 was up 107 points (+0.42%) to 25,776.
Micron Technology (MU) advanced 4.47% to a record-high closing level, extending its rally to a fourth session.
As expected, the Fed reduced its key interest rate by 25 basis points to the 3.50%-3.75% range.
Moreover, the central bank said it will begin expanding its balance sheet by purchasing 40 billion dollars in Treasury bills this month.
Separately, Canada's central bank maintained its key interest rate unchanged at 2.25%, as expected.
On the stat front in the U.S. initial jobless claims are expected to increase to 205,000.
European indices are mostly slightly higher. On the economic side, Swiss central bank held interest rate at 0% as expected.
Asian indices traded mostly lower. On the stat side, Australia's data showed that the jobless rate held steady at 4.3% in November, with an unexpected reduction of 21,300 employment positions.
WTI crude oil futures drop, breaking below 58.00 dollars.
Gold is steady while silver continues to mark new all-time highs.
Bitcoin keeps consolidating, currently trading around 90,000 dollars.
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Oracle (ORCL), a cloud technology company, plunges after posting quarterly sales and operating income that both missed estimates. Moreover, the company warned that full-year capital expenditures are expected to amount to 50 billion dollars, compared with a previous estimate of 35 billion dollars.
Synopsys (SNPS), an electronic design automation company, edges higher on better-than-expected quarterly earnings.
Adobe (ADBE), a developer of software products, trades flat on tech sector weakness despite posting quarterly earnings above expectations.
Eli Lilly (LLY), a pharma company, gains ground after unveiling successful Phase 3 trial results for an experimental obesity drug.
Coca-Cola (KO), a soft drinks giant, "announced that its board of directors has elected Chief Operating Officer Henrique Braun as CEO, effective March 31, 2026. Braun will succeed James Quincey, who will transition to Executive Chairman after serving as CEO for nine years.
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Broadcom (AVGO)
Costco Wholesale (COST)
Ciena (CIEN)
lululemon athletica (LULU)
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Earning Release:
Dollarama Inc (DOL)
The S&P/TSX Composite Index rose 0.79% to 31,491 and the S&P/TSX 60 Index added 0.82% to 1,847.
Cenovus Energy (CVE), an energy company, expects 2026 "upstream production of between 945,000 barrels of oil equivalent per day (BOE/d) and 985,000 BOE/d, representing a year-over-year growth rate of approximately 4%, adjusted for the acquisition of MEG Energy (MEG)."
Bausch + Lomb (BLCO), an eye health company, was upgraded to "buy" from "neutral" at Citigroup.
Empire Co (EMP/A), a conglomerate whose key businesses are food retailing and related real estate, unveiled quarterly adjusted Ebitda down 18% to 583 million dollars. Sales rose 2.8% to 8.0 billion dollars, slightly above estimates.
Premium Brands (PBH), a food company, agreed to buy Stampede Culinary Partners, a leading culinary solutions and protein platform with a nationwide presence in the United States, for an acquisition price of 662.5 million dollars.
Major Drilling (MDI), a drilling & mine service company, reported record quarterly sales up 29% to 244.1 million dollars, beating estimates. Ebitda fell to 37.7 million dollars from 38.7 million dollars a year earlier.
Capital Power (CPX), a power producer, was upgraded to "outperform" from "sector perform" at ATB Capital Markets.
Transcontinental (TCL/A), a printer, posted quarterly adjusted net income up 1.9% to 68.6 million dollars on sales down 2.3% to 732.4 million dollars. Both figures missed estimates.
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