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Market Wrap: pre-opening session |
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U.S. market futures are mixed, with S&P 500 and Dow Jones futures down slightly, while Nasdaq 100 futures edge higher.
On Monday, U.S. markets were closed for the Labor Day holiday.
On Friday, the S&P 500 closed 29 points lower (-0.38%) at 7,719, and the Dow Jones dropped 272 points (-0.51%) to 53,414, while the Nasdaq 100 rose 62 points (+0.21%) to 29,544.
U.S. producer price data and consumer price data are due, respectively, on Thursday and Friday ahead of the Federal Reserve’s policy decision next week.
On the stat front, the U.S. NFIB Small Business Optimism Index is expected at 99.3 in August vs 99.8 in July.
European indices are consolidating. On the stat plan, Germany's trade surplus increased more than expected to 21.3 billion euros from 15.4 billion euros a month earlier. On the other hand, France's trade deficit widened more than anticipated to 6.7 billion euros from 5.8 billion euros in June.
Asian indices are little changed. On the economic front, traders priced in a higher probability of the Bank of Japan hiking interest rates next week after U.S. Treasury Secretary Scott Bessent urged Japan to raise rates to stem yen weakness.
Regarding stats in Asia, China's exports rose 25.0% year-on-year in August as expected, while imports increased by 28.2% (vs +30.0% estimated). Separately, Australia's NAB Business Confidence Index fell to -8 in August as expected.
WTI crude oil prices continue to rise, challenging the key 94.00 dollars threshold. The Financial Times reported that Saudi Aramco's oil facilities in Jizan, Saudi Arabia, were hit on Monday.
Gold consolidates below 4,500 dollars.
Bitcoin eases below 80,000 dollars.
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Intel (INTC), a chipmaker, jumps on reports saying the company might increase computer chip prices next month.
Boston Scientific (BSX), a developer of medical devices, is badly oriented after saying that a cybersecurity incident identified on August 25 is likely to have a material impact on its third-quarter and full-year 2026 results. As a result, the company now believes it is unlikely to meet its previously issued net sales growth and adjusted EPS guidance for both periods.
Amgen (AMGN), a biotech, drops as disappointing results for Swiss Novartis’ cholesterol drug raised concerns over the prospects for Amgen’s experimental cholesterol treatment olpasiran.
Bloom Energy (BE), a provider of solid oxide fuel cell systems, and Everpure (P), a data storage platform, will both join the S&P 500 index, effective September 21.
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Gamestop (GME)
Casey's General Stores (CASY)
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The Canadian markets were closed on Monday. Last Friday, the S&P/TSX Composite Index fell 0.33% to 36,514 and the S&P/TSX 60 Index dropped 0.38% to 2,146.
Bombardier (BBD/B): U.S. President Donald Trump said Monday that the company would be barred from selling its aircraft in the U.S. unless it begins manufacturing them domestically. In a statement, Bombardier said it spends over 2.5 billion dollars with U.S. suppliers each year.
Tamarack Valley Energy (TVE) and Headwater Exploration (HWX), energy companies, announced "they have entered into a definitive arrangement agreement whereby the two companies will merge in an all-stock transaction valued at 10 billion dollars, creating a premier North American oil company that combines top-tier profitability with an unmatched position as the only publicly-traded pure-play Clearwater producer".
Cenovus Energy (CVE), an oil company, was upgraded to "overweight" from "neutral" at JPMorgan.
Shopify (SHOP)'s, an e-commerce platform, target price was raised to 180 dollars from 172 dollars at Piper Sandler.
Thomson Reuters (TRI)'s, a leading provider of business information services, target price was cut to 130 dollars from 140 dollars at Barclays.
AGF Management (AGF/B), an asset management company, was downgraded to "sector perform" from "outperform" at RBC.
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