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Market Wrap: pre-opening session |
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U.S. market futures are down. On Thursday, major U.S. indices were broadly under pressure amid renewed concerns over the scale of AI infrastructure spending and higher oil prices. The Nasdaq 100 tumbled 863 points (-2.90%) to 28,958, and the S&P 500 dropped 93 points (-1.21%) to 7,663. The Dow Jones edged up 11 points (+0.02%) to 52,867.
The U.S. 10-year Treasury yield fell 15.8 basis points to 4.961%.
On the stat front, in the U.S., the S&P Global manufacturing purchasing managers index is expected to slip to 55.5 in October. Also, Canada's retail sales are expected to grow 0.3% month-on-month in September.
European indices are mostly down. On the stat plan, eurozone's S&P Global composite purchasing managers index declined to 51.9 in October in first estimate (52.7 expected) from 53.1 a month earlier. Meanwhile U.K's S&P Global manufacturing purchasing managers index rose to 52.8 (51.7 anticipated) from 51.9 in September. In addition, British retail sales decreased 0.4% month-on-month in September, versus -0.1% anticipated and after +0.7% in August.
Asian indices were mixed. On the stat front, Japan's core consumer price index rose to 2.1% year-on-year in September, meeting expectations and topping the Bank of Japan's 2% target for the first time this year.
WTI crude oil prices remain up on concerns over escalating Middle East tensions.
Gold is set up for a steep weekly loss as high oil prices fuel Fed rate concerns.
Bitcoin consolidates, currently trading around 81,500 dollars.
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SpaceX (SPCX): according to Bloomberg, the space company is reportedly in talks with Crown Castle (CCI) to access at least 80,000 cell sites in the U.S. for its wireless network. Telecom companies such as AT&T (T), Verizon (VZ) or T-Mobile US (TMUS) drop following the news.
American Express (AXP), the payments specialist, raised its 2026 full-year profit forecast after reporting third-quarter billed business up 8% to 454 billion dollars.
Bloom Energy (BE), a provider of solid oxide fuel cell systems, lifted its full-year earnings forecast.
Deckers Outdoor (DECK), a footwear designer and distributor, drops after posting second-quarter sales that missed estimates.
Moderna (MRNA), the biotechnological company, extends its decline after plunging 17.57% on Thursday. Analysts noted that the group's valuation was hard to justify following the release of data seen as mixed on its cancer vaccine.
Gilead Sciences (GILD), a biopharmaceutical company focused on infectious diseases, will acquire PepStar Therapeutics' oral inflammation drug program, including an experimental bowel disease treatment, for 1.275 billion dollars.
Norwegian Cruise Line (NCLH), the cruise company, was downgraded to "underweight" from "neutral" at JPMorgan.
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American Express Co (AXP)
SLB Ltd (SLB)
First Citizens BancShares Inc (FCNCA)
Booz Allen Hamilton Holding Corp (BAH)
Balchem Corp (BCPC)
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Earnings release:
Rogers Communications Inc (RCI.B)
On Thursday, the S&P/TSX Composite Index dropped 0.97% to 35,973 and the S&P/TSX 60 Index slid 0.62% to 2,141.
Rogers Communications (RCI/B), the communications and media company, reported third-quarter adjusted EPS down 6% to 1.29 dollar, on total revenue up 2% to 5.44 billion dollars. Both figures beat estimates.
Mullen Group (MTL): RBC raised its price target on the suppliers of trucking and logistics services in Canada to 35 dollars from 32 dollars.
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