Global Markets
Canada
Canada’s TSX dropped, primarily driven by pressures in the energy sector. The drop in oil prices has significantly impacted energy stocks, leading to broader market weakness. Gold stocks offset some of the weakness as the price for the precious metal rose.
USA
US Stocks traded mostly negatively, as investors took profits after recent gains. Investors are also closely monitoring economic indicators for clues regarding the Federal Reserve’s stance on interest rates. Speculation around more potential rate cuts has been heightened, particularly in light of upcoming economic data releases, which are critical in shaping monetary policy.
European Stocks
European markets were in the red across the board, reflecting broader global concerns about economic growth and geopolitical uncertainties. The energy sector also came under pressure, and investors are still weighing the overall impact of inflation on consumer spending and business investment.
Asian Markets
Japan’s Nikkei index ended higher amid volatile trading conditions, showcasing investor confidence in certain sectors despite external pressures.
Chinese markets continued their rally for a second consecutive day, buoyed by government stimulus measures aimed at revitalizing the economy.
Corporate Stock News
Amgen Inc: The drugmaker announced that its treatment improved daily activities in patients with a rare muscle-weakening disease, achieving the main goal of a late-stage study.
Bank of America Corp & Berkshire Hathaway Inc: Berkshire Hathaway has sold more shares of Bank of America, bringing its total stake down to 10.5%, worth $32.13 billion.
Boeing Co: A union representing striking Boeing workers rejected the company’s latest pay proposal, stating it did not meet members’ priorities, while a U.S. Senate panel criticized Boeing’s safety practices.
Canadian Imperial Bank of Commerce (CIBC): CIBC must pay a $1.25 million penalty to the Commodity Futures Trading Commission for failing to report swap transactions promptly.
DoorDash Inc & Uber Technologies Inc: A federal judge ruled a New York City law requiring food delivery companies to share customer data unconstitutional, siding with DoorDash, Grubhub, and Uber Eats.
Marathon Petroleum Corp: Negotiations for a new labor agreement with the Teamsters union have stalled, entering the third week of a strike at a Detroit refinery.
Meta Platforms Inc: Meta will begin its annual Connect conference, expected to preview augmented reality glasses and announce updates to its virtual reality and AI products, while delaying joining the EU’s AI Pact.
Nebius Group NV: The Amsterdam-based company plans to invest over $1 billion in AI infrastructure in Europe by mid-2025, focusing on expanding GPU capacity.
Norfolk Southern Corp: Jason Zampi has been appointed as the new chief financial officer, replacing Mark George, who was recently promoted.
Orange SA: The French telecom operator will delist its shares from the New York Stock Exchange to simplify administrative workload, with an application to be filed in Q4.
Ryanair Holdings PLC: The airline plans to expand flights from Sweden, adding two aircraft and potentially reintroducing domestic flights after the removal of an aviation tax.
SAP SE: The U.S. is investigating SAP and other companies for possibly conspiring to overcharge government agencies over the past decade.
Southwest Airlines Co: The airline faces pressure from an activist investor to modernize its business model, with internal calls for changes to its network post-pandemic.
Starbucks Corp: CEO Brian Niccol expressed support for workers’ rights to union representation and commitment to a constructive dialogue with unions.
Uber Technologies Inc: Uber is partnering with WeRide to introduce self-driving vehicles to its rideshare platform, starting in Abu Dhabi later this year.
Vertex Energy Inc: The refiner filed for bankruptcy in Texas, receiving $80 million in DIP financing to continue operations after pausing renewable diesel output due to economic challenges.
Volkswagen AG: Executives and trade unions will begin discussions on pay that could influence potential layoffs and factory closures in Germany.
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