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Market Wrap: pre-opening session |
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U.S. market futures are slightly up to start the week.
On Friday, major U.S. stock indexes posted further losses after sliding over 1.5% Thursday, with the S&P 500 slipping 40 points (-0.61%) to 6,632.
The Nasdaq 100 fell 152 points (-0.62%) to 24,380, and the Dow Jones was down 119 points (-0.26%) to 46,558.
On a weekly basis, all the three indexes declined for three straight weeks.
Oil prices remained buoyed despite U.S. President Donald Trump temporarily easing sanctions on Russian oil to calm supply concerns.
Over the weekend, Trump threatened more strikes on Kharg Island, Iran’s main oil export hub, adding he was not ready to reach a deal to end the war.
On the stat front in the U.S. the Empire State manufacturing index is expected at 3.0 in March vs 7.1 in February. Separately, industrial production is anticipated to grow 0.3% month-on-month in February after +0.7% in January.
Canada's inflation rate is estimated to slow to 2.1% year-on-year in February from 2.3% a month earlier.
European indices are little changed.
Asian indexes were mixed. On the stat plan, China's industrial production rose 6.3% year-on-year in January-February, above 5.0% expected, and retail sales grew 2.8%, above 1.1% estimated.
WTI crude oil prices ease around 97 dollars after topping 100 dollars overnight.
Gold and silver both lose ground as U.S. dollar jumps.
Bitcoin remains well oriented, currently trading above 73,000 dollars.
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Meta Platforms (META), a tech giant, is preparing new layoffs affecting at least 20% of its workforce, according to Reuters. Separately, Nebius (NBIS), a Dutch AI cloud company, announced a new long-term AI infrastructure supply agreement with Meta. The agreement has a contract value of up to approximately 27 billion dollars.
Micron Technology (MU)'s, a manufacturer of memory chips, target price was raised to 525 dollars from 425 dollars at RBC.
Dollar Tree (DLTR), a discount store chain, loses ground as full-year sales forecast missed estimates.
Upstart Holdings (UPST), an artificial intelligence (AI) lending platform, was upgraded to "buy" from "neutral" at BTIG.
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On Friday, the S&P/TSX Composite Index fell 0.91% to 32,542, and the S&P/TSX 60 Index dropped 0.66% to 1,891.
Canadian Natural Resources (CNQ)'s, an energy company, target price was raised to 59 dollars from 48 dollars at Jefferies. Peer Suncor Energy (SU)'s target price was raised to 82 dollars from 66 dollars still at Jefferies.
Altius Minerals (ALS)'s, a royalty company, target price was raised to 51 dollars from 47 dollars at Canaccord Genuity.
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