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Market Wrap: pre-opening session |
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U.S. market futures fall on inflation worries as oil prices jump.
On Thursday, both the S&P 500 (up 56 points or 0.77% to 7,501) and the Nasdaq 100 (up 213 points or 0.73% to 29,580) continued to set closing records.
The Dow Jones rose 370 points (+0.75%) to 50,063, closing above the level of 50,000 for the first time since February.
The U.S. 10-year Treasury yield trade at its highest level in a year.
On the stat front in the U.S. industrial production is expected to increase 0.1% in April on a monthly basis after a 0.5% decline in March. Separately, the New York Empire State Manufacturing Index is seen at 7 in May vs 11 a month earlier.
European indices trade red.
Asian indexes lost ground. On the stat side, Japan's producer price inflation accelerated to 4.9% year on year in April, faster than expected.
WTI crude oil prices climb as negotiations between the United States and Iran appear to remain deadlocked.
Gold and silver both sharply fall.
Bitcoin loses some ground, yet holding 80,000 dollars.
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Microsoft (MSFT), a tech giant, pares earlier losses to trade marginally higher as investor Bill Ackman said Pershing Square took a stake in the company.
Nvidia (NVDA), Advanced Micro Devices (AMD) and other chipmakers lose ground as Trump-Xi summit ended without major deals regarding the tech sector.
Applied Materials (AMAT), a global leader in materials engineering solutions for the semiconductor industry, drops despite posting better-than-expected quarterly financial figures. The stock is up more than 70% year-to-date.
Figma (FIG), a collaborative design platform, soars as quarterly financial figures smashed estimates.
DexCom (DXCM), a continuous glucose monitoring systems manufacturer, jumps as the company and Elliott Investment Management "have agreed to collaborate to identify two new independent members to join the Board of Directors."
Rumble (RUM), an online video-sharing platform, drops after posting a quarterly loss that widened to 30.3 million dollars from 2.65 million dollars. Sales rose 7% to 25.5 million dollars, yet missing estimates.
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No major earnings expected
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On Thursday, the S&P/TSX Composite Index rose 0.67% to 34,268, and the S&P/TSX 60 Index was up 0.90% to 1,987.
Quebecor (QBR/B)'s, a telecom and media company, target price was raised to 69 dollars from 63 dollars at JPMorgan.
Pembina Pipeline (PPL)'s, an oil and natural gas infrastructure company, target price was raised to 67 dollars from 64 dollars at JPMorgan.
Interfor (IFP), a forest products company, reported quarterly adjusted Ebitda down to 30.7 million dollars, yet better-than-expected, from 48.6 million dollars a year earlier. Sales fell to 643.2 million dollars, yet topping estimates, from 735.5 million dollars a year ago. The company said "North American lumber markets over the near term are expected to remain volatile".
Westport (WPRT), a leading supplier of advanced alternative fuel components and systems, posted quarterly adjusted Ebitda loss that narrowed to 4.86 million dollars from 7 million dollars a year earlier on sales down 69% to 2.29 million dollars. However both figures beat estimates.
Stantec (STN)'s, a professional services company, target price was cut to 132 dollars from 158 dollars at TD Cowen.
Bird Construction (BDT)'s, a construction company, target price was raised to 62 dollars from 50 dollars at Canaccord Genuity.
Keyera (KEY)'s, an energy infrastructure company, target price was raised to 60 dollars from 55 dollars at RBC.
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