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Market Wrap: pre-opening session |
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U.S. market futures are mixed as traders await Fed decision as well as earnings from some tech giants.
On Tuesday, major U.S. indices finished higher. The S&P 500 advanced 45 points (+0.60%) to 7,722, the Nasdaq 100 jumped 378 points (+1.29%) to 29,651, and the Dow Jones edged up 15 points (+0.03%) to 52,377.
On the economic front in the U.S., the Federal Reserve is anticipated to hold its Fed funds target rate range at 3.75% - 4.00%.
The Bank of Canada is expected to raise its benchmark rate by 25 basis points to 2.50%.
European indices are consolidating. In Germany, the GfK consumer confidence index was -30.8 in November (-30.9 expected) vs -30.6 in October.
Asian indices were mostly up. South Korea's Kospi jumped 6.63% while Japan's Nikkei 225 rose 1.08%, led by tech stocks. On the economic front, The Reserve Bank of New Zealand kept its benchmark rate unchanged at 2.75%, while the market expected a rate hike of 25 basis points. Regarding stats Australia's inflation rate climbed to 4.3% year-on-year in September, above the 4.2% expected.
WTI crude oil prices rebound following an attack on a Saudi refinery.
Gold somewhat eases after slightly bouncing yesterday above a key technical support area around 3,980 dollars.
Bitcoin rebounds above the 80,000 dollars threshold.
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Alphabet (GOOGL), Google's holding company, rises as The Information reported OpenAI plans to buy Google's AI chips.
Micron Technology (MU), a manufacturer of memory chips, jumps after South Korea peer SK Hynix (SKHY) posted quarterly sales that beat expectations.
Robinhood (HOOD), a commission-free stock trading & investing app, drops as quarterly revenue per user missed estimates.
Seagate Technology (STX), a designer and manufacturer of a wide range of hard disk drives, loses ground on profit taking despite an earnings beat. The stock is up more than 142% year-to-date.
NXP Semiconductors (NXPI), a semiconductor company, tumbles as current quarter guidance disappointed investors.
F5 (FFIV), a provider of Internet networking traffic products, drops as quarterly operating margin came in slightly below expectations. Separately, the company approved a 1.5 billion dollars increase to its stock buyback program.
Visa (V), the credit card company, loses some ground as quarterly adjusted operation margin was just below estimates.
GE HealthCare Technologies (GEHC), a medical technology company, jumps after raising its full-year earnings guidance.
CoStar Group (CSGP), a leader in commercial real estate information, drops after announcing it is buying aerial imaging Vexcel Group for 730 million dollars in cash. Separately, the company posted better-than-expected quarterly financial figures.
Manhattan Associates (MANH), a software company, soars after lifting full-year guidance.
PPG Industries (PPG), a producer of paints and coatings, jumps on better-than-expected quarterly financial figures.
Enphase Energy (ENPH), a manufacturer of solar powered solutions, plunges as current quarter sales guidance missed expectations.
Boston Scientific (BSX), a developer of medical devices, is badly oriented after lowering full-year earnings forecast.
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Microsoft Corp (MSFT)
Alphabet Inc (GOOGL)
GE Vernova Inc (GEV)
KLA Corp (KLAC)
Amphenol Corp (APH)
ServiceNow Inc (NOW)
T-Mobile US Inc (TMUS)
Fortinet Inc (FTNT)
Automatic Data Processing Inc (ADP)
Phillips 66 (PSX)
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Earnings release:
Agnico Eagle Mines Ltd (AEM)
Canadian Pacific Kansas City Ltd (CP)
Kinross Gold Corp (K)
First Quantum Minerals Ltd (FM)
Whitecap Resources Inc (WCP)
Alamos Gold Inc (AGI)
Eldorado Gold Corp (ELD)
Bausch & Lomb Corp (BLCO)
West Fraser Timber Co.Ltd (WFG)
Tamarack Valley Energy Ltd (TVE)
On Tuesday, the S&P/TSX Composite Index gained 0.63% to 36,171 and the S&P/TSX 60 Index rose 0.37% to 2,147.
Precision Drilling (PD), an oil and gas industry services company, unveiled quarterly adjusted Ebitda up 6% to 125 million dollars. Sales rose 15% to 532 million dollars, beating expectations.
Trican Well Service (TCW), an oilfield services company, reported quarterly adjusted EPS up to 0.23 dollar, above estimates, from 0.15 dollar a year earlier. Sales were up to 338.3 million dollars, yet missing expectations, from 300.6 million dollars a year ago.
Tamarack Valley Energy (TVE), an energy producer, posted quarterly adjusted EPS up to 0.45 dollar from 0.40 dollar a year earlier. Sales rose 19% to 469 million dollars. The company plans to increase its quarterly dividend by 20% to 0.06 dollar per share, commencing December 2026.
Canada Packers (CPKR), one of North America's largest producers of raised without antibiotics (RWA) pork, unveiled quarterly adjusted EPS down 79.6% to 0.23 dollar, missing estimates.
Shopify (SHOP)'s, an e-commerce platform, target price was raised to 216 dollars from 196 dollars at Citigroup.
Sun Life Financial (SLF), a financial services company, was upgraded to "sector outperform" from "sector perform" at Scotiabank.
Aritzia (ATZ)'s, a clothing retailer, target price was raised to 190 dollars from 175 dollars at TD Cowen.
Elemental Royalty (ELE), a gold-focused royalty company, was resumed "outperform" at National Bank of Canada.
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