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Market Wrap: pre-opening session |
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U.S. market futures remain under pressure after U.S. stocks retreated significantly on Tuesday, with the S&P 500 falling 54 points (-0.71%) to 7,631, the Nasdaq 100 down 379 points (-1.29%) to 29,077, and the Dow Jones down 419 points (-0.79%) to 52,766.
Escalating hostilities between the U.S. and Iran sent U.S. WTI crude futures jumping 4.46 dollars (+5.20%) to 90.22 dollars a barrel, marking their first close above 90 dollars in more than a month.
Broadly higher government bond yields also rattled investor sentiment. The U.S. 10-year Treasury yield advanced for a fifth straight session, reaching 4.796%, its highest level since January 2025. Meanwhile, Japan's 10-year government bond yield reached 3% for the first time since 1996.
Yields show currently no signs of easing with the U.S. 10-year Treasury yield hitting its highest level since November 2023.
On the stat front in the U.S. ADP employment is estimated to increase by 48,000 in August. Separately factory orders are expected to grow 0.7% month-on-month in July after a 0.3% decline in June.
The Bank of Canada is expected to keep its benchmark rate unchanged at 2.25%.
European indices trade red.
Asian indices were badly oriented. On the economic plan, the Reserve Bank of New Zealand raised its Official Cash Rate by 25 basis points to 2.75% as expected. Regarding stats, Australia's gross domestic product grew 2.1% year-on-year in the second quarter, above the 1.8% estimated.
WTI crude oil prices consolidate around 90.00 dollars.
Gold attempts to stabilize after reaching its lowest level since August 7.
Bitcoin loses ground, crossing below 77,000 dollars.
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Dell Technologies (DELL), a computer technology company, jumps after posting better-than-expected quarterly financial figures and raising full-year guidance, citing strong demand for AI-optimized servers.
Mongodb (MDB), a developer and provider of a general-purpose database platform, tumbles on profit taking as outlook failed to impress investors. Shares rallied more than 34% in August.
Chevron (CVX), an oil major, announced agreements with Venezuela revising the terms of its joint ventures in the country. The company plans to invest more than 7 billion dollars over the next five years to more than double production to approximately 600,000 barrels per day.
Credo Technology (CRDO), a provider of high-speed connectivity solutions, slides as quarterly adjusted gross margin somewhat disappointed investors.
GitLab (GTLB), a software company, surges as quarterly financial figures topped expectations. Full-year guidance also beat estimates.
Palo Alto Networks (PANW), a cybersecurity company loses some ground on profit taking despite posting quarterly financial figures slightly above expectations. Shares rallied more than 96% since the beginning of the year. Separately, the company announced it has acquired Console, "an AI-native platform that enables agentic capabilities".
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Broadcom Inc (AVGO)
Snowflake Inc (SNOW)
Hewlett Packard Enterprise Co (HPE)
NetApp Inc (NTAP)
Five Below Inc (FIVE)
Brown-Forman Corp (BF.B)
Netskope Inc (NTSK)
Argan Inc (AGX)
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On Tuesday, the S&P/TSX Composite Index fell 1.23% to 35,825 and the S&P/TSX 60 Index declined 0.98% to 2,107.
Alimentation Couche-Tard (ATD), a convenience stores operator, reported quarterly adjusted EPS up to 0.90 dollar, just above estimates, from 0.82 dollar a year earlier. Sales rose 25% to 21.70 billion dollars, topping expectations.
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