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Market Wrap: pre-opening session |
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U.S. market futures lose some ground as oil prices jump.
On Friday, major U.S. stock indexes pared early gains to close lower, as investors became cautious following Federal Reserve Chairman Kevin Warsh’s hawkish comments.
The Nasdaq 100 fell 208 points (-0.70%) to 29,433, the S&P 500 dipped 19 points (-0.25%) to 7,711, and the Dow Jones edged down 9 points (-0.02%) to 53,559.
In a closely watched keynote speech at the Fed's Jackson Hole Economic Policy Symposium in Wyoming, Warsh expressed concern about elevated inflation, saying: "We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do."
Traders now see the probability of the Fed hiking interest rates in September significantly higher at 57%, according to the CME Group’s FedWatch tool.
On the stat front in the U.S. the Dallas Fed Manufacturing Index is estimated at 0.7 in August vs 1.3 in July.
European indices trade mostly slightly down. U.K. stock market is closed for Summer Bank Holiday. On the stat plan, Germany's inflation rate is expected to climb to 2.9% year-on-year in August.
Asian indices closed mixed. Regarding stats, Japan's industrial production grew 0.1% month-on-month in July (vs -0.5% expected), while retail sales rose 2.4% (vs +3.1% estimated). Separately, China's official Manufacturing Purchasing Managers' Index improved to 49.8 in August, above the 49.7 expected.
WTI crude oil prices jump above 86.00 dollars after U.S. forces struck two targets on Iran’s Larak Island in the Strait of Hormuz.
Gold is little changed around 4,450 dollars after sinking more than 3% on Friday in the face of a stronger dollar.
Bitcoin attempts to rebound above 77,000 dollars after easing 3% on Friday.
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PG&E (PCG), a natural gas and electric service provider, plunges after California lawmakers rejected Governor Gavin Newsom’s proposal to change wildfire liability rules.
Intel (INTC): SK Hynix is reportedly exploring a partnership with Intel’s foundry business to manufacture substrate chips for its next-generation HBM4E products.
Pinterest (PINS), a social media, loses ground as CFO Julia Brau Donnelly has stepped down and will leave the company on October 30, 2026.
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Science Applications International Corp (SAIC)
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On Friday, the S&P/TSX Composite Index fell 0.76% to 36,553 and the S&P/TSX 60 Index declined 0.51% to 2,144.
Bombardier (BBD/B)'s, an aircraft maker, target price was raised to 350 dollars from 295 dollars at JPMorgan.
EQB (EQB)'s, a digital financial services company, target price was cut to 135 dollars from 141 dollars at Scotiabank.
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