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Market Wrap: pre-opening session |
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U.S. market futures slightly rebound to start the week as oil prices cool. On Friday, major U.S. indices finished mostly lower. The S&P 500 fell 39 points (-0.52%) to 7,623, and the Dow Jones dropped 652 points (-1.23%) to 52,215, while the Nasdaq 100 was little changed at 28,957.
On the stat front in the U.S., the Dallas Fed Manufacturing Index is projected at 7.0 in October vs 9.8 in September.
European indices trade mostly higher. On the economic plan, Moody's maintained France's credit rating at Aa3 with a negative outlook. The rating agency added that it could revise France's outlook to stable if the country's institutions managed to reduce the deficit. On the stat front, in Germany, the IFO business climate index rose to 90.2 in October, versus 90 expected and 89.9 a month earlier.
Asian indices were mixed.
WTI crude oil prices consolidate on concerns that persistently high prices may dampen demand over time.
Gold attempts to stabilize over a key technical support area around 3,980 dollars.
Bitcoin holds above the 80,000 dollars threshold.
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EQT (EQT) and Range Resources (RRC) "announced that they have entered into a definitive merger agreement, under which EQT will acquire Range in an all-stock transaction to create America's leading natural gas company with a pro forma enterprise value over 50 billion dollars".
SpaceX (SPCX): Elon Musk said the space company closed 40 billion dollars of debt for graphics processing units (GPUs).
Neocloud companies such as Nebius (NBIS), CoreWeave (CRWV) or IREN (IREN) lose ground as Elon Musk said that 200 neoclouds are "going to see guppy-level death and consolidation".
Block (XYZ), a fintech, was downgraded to "equal-weight" from "overweight" at Morgan Stanley.
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Verizon Communications Inc (VZ)
Welltower Inc (WELL)
Cadence Design Systems Inc (CDNS)
Nucor Corp (NUE)
Public Storage (PSA)
The Hartford Insurance Group Inc (HIG)
Cincinnati Financial Corp (CINF)
Brown & Brown Inc (BRO)
Principal Financial Group Inc (PFG)
Sun Communities Inc (SUI)
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Earnings release:
Celestica Inc (CLS)
PrairieSky Royalty Ltd (PSK)
On Friday, the S&P/TSX Composite Index slid 0.52% to 35,788 and the S&P/TSX 60 Index dropped 0.49% to 2,130.
Alimentation Couche-Tard (ATD), a convenience stores operator, has proposed a deal worth 7.5 billion dollars to 8 billion dollars to acquire U.S. peer Cumberland Farms, according to The Times.
Teck Resources (TECK/B), a mining company, "announced that strike action by United Steelworkers (USW) Local 7619 has commenced at Teck's Highland Valley Copper (HVC) Operations in B.C. Operations are currently continuing at a reduced capacity. The impact on overall production will depend on the duration of the labour action. Contingency plans are in place with the priority to maintain safety and environmental management during labour action. Teck is committed to reaching a collective agreement that is fair and reasonable for employees and supports the ongoing viability of the operation".
Rogers Communications (RCI/B)', a communications and media company, target price was cut to 63 dollars from 65 dollars at JPMorgan.
Groupe Dynamite (GRGD)'s, a clothing retailer, target price was raised to 88 dollars from 79 dollars at Barclays.
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