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Market Wrap: pre-opening session |
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U.S. market futures are slightly down. On Wednesday, the S&P 500 ticked up 1 point (+0.02%) to 7,520, a record closing level. The Dow Jones climbed 182 points (+0.36%) to 50,644, also a record closing level. Meanwhile, the Nasdaq-100 slipped 27 points (-0.09%) to 29,973.
Most semiconductor stocks retreated, with Qualcomm (QCOM) falling 6.20%, Arm Holdings (ARM) down 5.76%, Advanced Micro Devices (AMD) down 1.66%, and Nvidia (NVDA) down 1.05%.
Airline stocks remained buoyed amid falling oil prices, with United Airlines (UAL) climbing 6.33%, Delta Air Lines (DAL) up 3.04%, and Southwest Airlines (LUV) up 3.31%.
On the stat front, in the U.S., the core personal consumption expenditures price index is expected to climb to 3.3% year-on-year in April, while durable goods orders are estimated to increase by 3.4% month-on-month and new home sales are anticipated to drop 3.2% month-on-month. Also, the second estimate of the first quarter GDP is expected to grow 2.0% quarter-on-quarter and the weekly initial jobless claims are estimated at 215,000.
European indices are trading lower. On the stat front, the Eurozone consumer confidence index was confirmed at -19 in May in final reading, compared with -20.6 the previous month. The economic confidence index came in at 93.5 in May, compared with 91 expected and 93.2 the previous month (revised from 93). Also, in France, producer prices fell by 2.1% in April on a monthly basis, compared with +1.1% expected, and after +1.9% in March (revised from 2%).
Asian indices were mostly down.
WTI crude oil prices gain ground after Iran said it targeted a U.S. airbase in response to a strike near Bandar Abbas airport in Iran.
Gold loses ground, hitting a two-month low as fresh U.S. attacks on Iran boost concerns about rising inflation.
Bitcoin is on the downside, currently around 73,000 dollars.
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Snowflake (SNOW), a software solutions provider, soars after raising its full-year product-revenue outlook and announcing a five-year 6 billion dollar deal with Amazon Web Services.
Marvell Technology (MRVL), a developer and producer of semiconductors, loses ground on profit-taking despite posting better-than-expected quarterly revenue. The stock had closed at a record high on May 26, gaining more than 120% year-to-date.
Salesforce (CRM), a developer of business software, slips following a weak second-quarter revenue outlook.
Synopsys (SNPS), an electronic design automation company, loses ground despite raising its full-year guidance, which was deemed conservative by analysts. In addition, the group reached an agreement with activist investor Elliott Investment Management, appointing Jesse Cohn to its board of directors, effective June 1.
Agilent Technologies (A), an international life sciences and diagnostics company, pops after raising its full-year adjusted profit forecast, citing strong demand across its markets.
HP (HPQ), a provider of computers, printers and printer supplies, trades lower despite quarterly results that topped estimates as the company warned that rising memory costs would pressure margins.
3M (MMM), a diversified multinational conglomerate, slips after the Australian government filed a lawsuit against the group over contamination caused by a firefighting foam supplied by 3M containing "forever chemicals."
Dollar Tree (DLTR), a North American discount store chain, gains ground after boosting its full-year profit forecast.
Hormel Foods (HRL), a producer of mainly meat products, is well oriented on better-than-expected quarterly earnings.
Dominion Energy (D), an electricity and natural gas supplier, was upgraded to "buy" from "hold" at Jefferies.
Best Buy (BBY), the consumer electronics retailer, is well oriented after issuing upbeat second quarter sales guidance.
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Costco Wholesale Corporation (COST)
Dell Technologies Inc. (DELL)
Autodesk, Inc. (ADSK)
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Earning Release:
Royal Bank of Canada (RY)
Toronto-Dominion Bank (TD)
Canadian Imperial Bank of Commerce (CM)
On Wednesday, the S&P/TSX Composite Index shed 0.70% to 34,412 [1.11] and the S&P/TSX 60 Index lost 0.56% to 2,008.
Royal Bank of Canada (RY), a banking group, posted second-quarter adjusted EPS up 25% to 3.90 dollars, beating estimates. The group also raised its quarterly dividend by 7% to 1.76 dollar per share.
Toronto-Dominion Bank (TD), a banking group, reported second quarter adjusted EPS up to 2.38 dollars from 1.97 dollar a year earlier.
BRP Inc (DOO), a global leader in the world of powersports vehicles, propulsion systems and boats, unveiled first-quarter adjusted EPS up to 1.83 dollar from 0.47 dollar a year ago, on sales up 29.5% to 2.39 billion dollars. Both figures beat expectations.
EQB (EQB), a digital financial services company, reported second quarter adjusted EPS down 12% to 2.03 dollars, on sales down 4% to 302.4 million dollars.
ATS (ATS), the automation solutions provider, posted fourth quarter adjusted EPS down to 0.36 dollar from 0.41 dollar a year earlier, on sales up 30.1% to 747.1 million dollars.
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