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Market Wrap: pre-opening session |
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U.S. market futures are slightly up. On Tuesday, the Nasdaq 100 gained 519 points (+1.76%) to 30,001, and the S&P 500 advanced 45 points (+0.61%) to 7,519, both scoring record closing levels. The Dow Jones eased 118 points (-0.23%) to 50,461.
Regarding the U.S.-Iran conflict, the U.S. said it carried out defensive attacks on boats and missile sites in southern Iran. U.S. Secretary of State Marco Rubio pointed out that it could take "a few days" to negotiate a deal to halt the conflict.
Semiconductor stocks outperformed the market on artificial-intelligence-fueled optimism.
Micron (MU) soared 19.29%, with the stock’s market capitalization surpassing one trillion dollars for the first time ever. Brokerage UBS raised its price target on the stock to 1,625 dollars from 535 dollars.
On the stat front, in the U.S., the Richmond Fed manufacturing index is expected to climb to 4 in May.
European indices are on the upside.
Asian indices were mixed, with South Korea's Kospi and Japan's Nikkei hitting fresh records. On the stat front, Australia's inflation rate eased to 4.2% in April, below 4.6% expected. Also, the Reserve Bank of New Zealand kept its benchmark rate unchanged at 2.25% as expected.
WTI crude oil prices are losing ground as traders look for progress on U.S. and Iran talks.
Gold consolidates as investors assess tensions between the U.S and Iran.
Bitcoin edges lower around 75,800 dollars.
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Zscaler (ZS), a cloud security company, tumbles after issuing weak fourth-quarter revenue guidance.
PDD Holdings (PDD), a Chinese e-commerce company, falls as quarterly sales missed expectations.
Dick's Sporting Goods (DKS), a sporting goods retailer, loses ground after cutting full-year profit guidance.
Box (BOX), a leading Cloud Content Management platform, unveiled first-quarter adjusted EPS of 0.08 dollar, up from 0.02 dollar a year ago, on sales up 11% to 305.9 million dollars. Also, its full-year adjusted EPS guidance disappointed investors.
Semtech (SMTC), a chipmaker, jumps on better-than-expected quarterly earnings and strong annual guidance.
SanDisk (SNDK), a data storage solutions company, was upgraded to "overweight" from "equal-weight" at Barclays.
FedEx (FDX), the package delivery service company, was upgraded to "overweight" from "neutral" at JPMorgan.
MGM Resorts International (MGM), a resort operator in Las Vegas, was upgraded to "overweight" from "neutral" at JPMorgan.
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Marvell Technology (MRVL)
Salesforce (CRM)
PDD Holdings (PDD)
Synopsys (SNPS)
Snowflake (SNOW)
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On Tuesday, the S&P/TSX Composite Index shed 0.51% to 34,654 and the S&P/TSX 60 Index lost 0.66% to 2,020.
National Bank of Canada (NA), a banking group, reported second-quarter adjusted EPS up 13% to 3.23 dollars, helped by a robust performance in its wealth management business. The group also raised its quarterly dividend by 6% to 1.32 dollar per share.
Scotiabank (BNS), a banking group, reported second-quarter adjusted EPS of 2.02 dollars, above estimates, up from 1.48 dollar a year earlier, boosted by higher interest income and stronger trading activity.
Silvercorp Metals (SVM), the mining company, posted fourth-quarter adjusted Ebitda of 98.1 million dollars up from 29.8 million a year ago, on sales up 96% to 147.4 million dollars, on higher silver prices. Both figures beat expectations.
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