|
| |
Market Wrap: pre-opening session |
|
|
| |
|
|
|
| |
U.S. market futures are little changed before the release of a bench of economic stats.
On Tuesday, the Nasdaq 100 edged up 62 points (+0.21%) to 30,339, while the S&P 500 dipped 12 points (-0.17%) to 7,670 and the Dow Jones declined 131 points (-0.26%) to 51,349, with both falling for a second straight session.
The 30-year Treasury bond yield reached levels not seen since 2002 before easing after New York Fed President John Williams said there is currently no urgency to raise interest rates again.
On the stat front, the core personal consumption expenditures price index is expected to hold at 3.3% year-on-year in August. Separately, the final estimate for second-quarter GDP growth is seen at 1.5% quarter-on-quarter. Moreover, ADP employment is estimated to increase by 70,000 in September. In addition the Chicago Purchasing Managers Index is expected at 51.2 in September vs 47.1 in August. Finally, personal income and personal spending are seen up 0.4% and 0.8% respectively in August.
European indices are mixed, moving lower from their opening levels. On the stat plan, in Germany, inflation is expected at 3.2% year-on-year in August, up from 2.9% in July. Also in Germany, retail sales rose 1.3% month-on-month in August, versus +1.5% expected, after declining 3.4% in the previous month. In France, inflation came in at 3.0% year-on-year in a preliminary reading in September, versus 2.8% expected, after 2.4% in the previous month. Meanwhile, in the UK, second-quarter GDP growth was revised to 0.5% quarter-on-quarter in the second reading, versus 0.4% in the preliminary reading and 0.6% in the previous quarter.
Asian indices closed mostly green. Regarding stats, Japan's industrial production dropped 1.7% month-on-month in August (vs +1.7% expected), and retail sales fell 1.2%. Separately, China's official Manufacturing Purchasing Managers Index climbed to 50.1 in September as expected, while the RatingDog Manufacturing Purchasing Managers Index rose to 52.1 (vs 51.6 anticipated). Moreover, Australia's inflation rate accelerated to 4.0% year-on-year in August (vs 4.1% estimated).
WTI crude oil prices rebound above a technical support at 88.50 dollars as U.S. President Donald Trump denied reports that he would ease sanctions on Iran. They dropped more than 3% yesterday following reports saying that Saudi Arabia’s crude exports from its Red Sea ports were recovering.
Gold rebounds above 4,100 dollars.
Bitcoin continues to consolidate.
|
| |
|
|
|
|
|
|
|
|
| |
Boeing (BA), an aircraft maker, gains ground after being awarded by the U.S. Navy a 20 billion dollars contract to produce its F/A-XX aircraft, the Navy's 6th-generation fighter. Boeing beat Northrop Grumman (NOC) to win the contract.
Robinhood (HOOD), a trading & investing app, rises after saying that: "coming soon, pending regulatory review, it is expanding its trading hours to let customers trade a selection of U.S. equities 24/7, including weekends".
Moderna (MRNA), a biotechnological company, was downgraded to "sell" from "neutral" at Citigroup.
Ciena (CIEN), a networking systems, services and software company, was rated "outperform" in a new coverage at Bernstein.
Gamestop (GME), a videogame retailer, is slightly up as CEO Ryan Cohen bought another 10.6 million dollars of stocks.
Cal-Maine Foods (CALM), an egg producer, drops as quarterly loss was wider than expected.
Nuvation Bio (NUVB), a biopharmaceutical oncology company, was rated "buy" in a new coverage at Citigroup.
Concentrix (CNXC), a provider of customer experience (CX) solutions and technology, tumbles as quarterly sales missed expectations.
|
| |
|
|
|
|
|
|
|
|
| |
Micron Technology Inc (MU)
Jabil Inc (JBL)
FactSet Research Systems Inc (FDS)
Conagra Brands Inc (CAG)
|
| |
|
|
|
|
|
|
|
|
| |
On Tuesday, the S&P/TSX Composite Index dropped 0.08% to 35,460 and the S&P/TSX 60 Index slid 0.10% to 2,086.
Celestica (CLS), an electric components specialist, was rated "outperform" in a new coverage at Bernstein.
Tamarack Valley Energy (TVE), an energy producer, was rated "sector outperform" in a new coverage at Scotiabank.
AG Growth International (AFN), a leading provider of equipment solutions for agriculture bulk commodities, provided update on capital strategy and strategic review. The company said: "combined with more than 30 million dollars of expected annualized cost savings and approximately 50 million dollars of identified surplus real estate monetization opportunities, management believes AGI is well positioned to improve earnings, strengthen cash flow, and accelerate balance sheet deleveraging".
Wheaton Precious Metals (WPM)', a mining company, target price was cut to 154 dollars from 157 dollars at Berenberg.
Hudbay Minerals (HBM)', a mining company, target price was raised to 45 dollars from 43 dollars at Haywood Securities.
Telus (T)', a communications technology company, target price was cut to 13 dollars from 15 dollars at National Bank of Canada.
Rogers Communications (RCI/B)', a communications and media company, target price was cut to 59 dollars from 62 dollars at National Bank of Canada.
Mullen Group (MTL)'s, a supplier of trucking and logistics services, target price was raised to 32 dollars from 30 dollars at RBC.
TFI International (TFII)'s, a transport and logistics company, target price was cut to 144 dollars from 171 dollars at RBC.
Stella-Jones (SJ)', a producer of industrial pressure-treated wood products, target price was cut to 76 dollars from 79 dollars at RBC.
|
| |
|
|
|
|
|
