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Market Wrap: pre-opening session |
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U.S. market futures lose ground but rebounded from their sessions lows.
Oil prices topped 100 dollars for the first time since 2022 as oil output has been trimmed by Iraq, Kuwait and the United Arab Emirates amid a shortage of storage capacity.
After reaching levels close to 120 dollars overnight, oil prices are easing after reports that G7 nations, including the U.S., plan talks on a coordinated strategic reserve release. Also, Bloomberg reported that Saudi Arabia offered crude supplies to the market.
On Friday, U.S. stocks saw further pressure as U.S. and Israeli strikes against Iran showed no end in sight. The Trump administration indicated that it would only consider a deal if Iran agreed to "unconditional surrender".
Major stock indexes lost over 1%, with the S&P 500 dropping 90 points (-1.33%) to 6,740, the Nasdaq 100 down 377 points (-1.51%) to 24,643.
The Dow Jones was down 453 points (-0.95%) to 47,501.
No major economic stat is expected in the U.S.
European indices opened deeply red but are cutting some losses since. On the stat front, Germany's industrial production fell 0.5% in January on a monthly basis vs +1.2% expected and -1.9% a month earlier. Still in Germany, factory orders plunged 11.1% in January month-on-month vs -4.3% anticipated and +7.8% in December.
Asian indexes tumbled but moderated losses at the end of the session as oil prices were easing on an intraday basis. On the stat side, China's inflation rate bounced to 1.3% year-on-year in February, above 0.7% expected, while producer price index fell 0.9%, compared with -1.2% estimated.
WTI crude oil prices pared gains after trading close to 120 dollars. The 100 dollars threshold acts currently as a support.
Gold and silver began the session by losing but rebounded on an intraday basis. The 5,000 dollars and 80 dollars act as technical supports for gold and silver respectively
Bitcoin slightly rebounds above 65,000 dollars after falling over the weekend.
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Exxon Mobil (XOM), Chevron (CVX) and other oil producers gain some ground as oil prices hit 100 dollars for the first time since 2022. On the other hand, airlines such as Delta (DAL) are badly oriented.
Hims & Hers (HIMS) soars more than 50% after Bloomberg reported that Novo Nordisk (NVO) plans to distribute its weight-loss drugs via the company’s telehealth platform, potentially ending the dispute between the firms.
Vertiv (VRT), Lumentum (LITE), Coherent (COHR) and EchoStar (SATS) will join the S&P 500 on March 23 before the session opening. They will replace Match Group (MTCH), Molina Healthcare (MOH), Lamb Weston (LW), and Paycom Software (PAYC).
Live Nation (LYV), an entertainment promoter and ticket vendor, jumps after Bloomberg reported the company is nearing a settlement with the U.S. Department of Justice over an antitrust lawsuit that would allow it to keep Ticketmaster.
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Hewlett Packard Enterprise (HPE)
Casey's General Stores (CASY)
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Earning Release:
Constellation Software Inc (CSU)
On Friday, the S&P/TSX Composite Index dropped 1.57% to 33,084, and the S&P/TSX 60 Index declined 1.55% to 1,916.
First Quantum Minerals (FM), a mining company, was downgraded to "underweight" from "overweight" at JPMorgan. Peer Lundin Mining (LUN) was downgraded to "underweight" from "neutral" still at JPMorgan.
Shopify (SHOP)'s, an e-commerce platform, target price was raised to 150 dollars from 125 dollars at Jefferies.
AltaGas (ALA)'s, an energy infrastructure company, target price was raised to 53 dollars from 49 dollars at Jefferies.
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