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Market Wrap: pre-opening session |
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U.S. market futures jump as Donald Trump said he agreed to suspend airstrikes on Iran for two weeks on condition that Iran reopens the Strait of Hormuz.
On Tuesday, major U.S. stock indexes pared early losses to close little changed, with the S&P 500 edging up 5 points (+0.08%) to 6,616, and the Nasdaq 100 up 10 points (+0.04%) to 24,202.
The Dow Jones was down 85 points (-0.18%) to 46,584.
Health insurance stocks jumped, with UnitedHealth (UNH) surging 9.37% and Humana (HUM) up 7.94%, following the U.S. government's announcement of a higher-than-expected increase in payment rate in the Medicare program.
Broadcom (AVGO) surged 6.21%. The chip maker signed major deals to supply Google and Anthropic with next-generation artificial intelligence (AI) chips.
On the stat front in the U.S., the Federal Reserve will release its latest FOMC meeting minutes.
European stock indices are trading sharply higher. On the economic front, in the eurozone, producer prices fell 3% year on year in February, versus -2.9% expected, after -2% in January. Meanwhile, in Germany, industrial orders rose 0.9% month on month in February, versus +5.7% expected, after -11.1% in January.
Asian indexes jumped. On the stat side, the Reserve Bank of New Zealand kept its benchmark rate unchanged at 2.25% as expected.
After Trump removed the imminent Iran deadline, oil prices tumbled, with U.S. WTI crude oil prices currently down around 15% to 95 dollars a barrel.
Gold and silver are jumping.
Bitcoin is consolidating around 71,600 dollars after a sharp rise.
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Levi Strauss (LEVI), a designer and seller of a variety of clothing products, surges after boosting its full-year sales and profit forecast.
Delta Air Lines (DAL), one of the world's largest airlines, reported first-quarter revenue up 9.4% to 15.85 billion dollars.
Alibaba Group (BABA): according to CNBC, the Chinese technology giant is considering launching with China Telecom, a data center in southern China powered by chips designed by Alibaba.
Deere & Co (DE), a manufacturer of agricultural and construction equipment, was upgraded to "hold" from "underweight" at Jefferies.
CSX (CSX), an international freight transportation company, was downgraded to "neutral" from "buy" at Citi.
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Delta Air Lines (DAL)
Constellation Brands (STZ)
RPM International (RPM)
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On Tuesday, the S&P/TSX Composite Index gained 0.17% to 33,237 and the S&P/TSX 60 Index rose 0.22% to 1,931.
Endeavour Silver (EDR), the mining company, unveiled first quarter gold production up 41% to 11,740 ounces and silver production up 56% to 1,875,375 ounces.
Stella-Jones (SJ), a leading North American producer of industrial pressure-treated wood products, was downgraded to "sector perform" from "outperform" at National Bank of Canada.
Alamos Gold (AGI): Canaccord Genuity raised its price target on the gold miner to 80 dollars from 72 dollars.
Imperial Oil (IMO): JPMorgan raised its price target on the energy company to 155 dollars from 108 dollars.
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