Canada

The Toronto Stock Exchange (TSX) faced a significant decline on Thursday, driven largely by pressure from falling copper and oil prices and concerns about a weakening American manufacturing sector.

The index was hammered as investors adjusted their outlooks, taking cues from a broader global context and looking forward to more corporate earnings reports from both domestic and U.S. companies.

USA

American markets were hit badly, with the Nasdaq down by almost 3% in response to disappointing manufacturing data, which highlighted a slowdown in economic activity, which caused a sell of in chip and AI-themed stocks, despite a positive sales forecast from Meta. Meta Platforms earnings offered a glimmer of hope in the tech sector, however the overall sentiment was heavily influenced by the economic data, leading to a sharp sell-off.

Europe

In Europe, major equity markets mirrored the global turmoil, with most indexes trading down sharply as the release of additional earnings results added to the negative sentiment. Investors across the continent were reacting to mixed financial reports and growing economic uncertainties.

Japan

Japan’s Nikkei also experienced a notable tumble. Concerns over a strengthening yen , which threatens the profitability of Japan’s key exporters , added to the downward pressure on the market. The yen’s appreciation was attributed to a flight to safety amid global uncertainties, further compounding the challenges faced by Japanese companies.

Top Stock News

• Aflac Inc: Reported higher U.S. premiums leading to second-quarter profit above estimates, despite a decline in its Japanese unit.
• Albemarle Corp: Lithium producer posted a significant net loss and announced cost cuts, missing earnings expectations.
• Allstate Corp: Surged in second-quarter profit due to increased premiums, better investment returns, and lower catastrophe losses.
• American International Group Inc (AIG): Exceeded second-quarter profit expectations but faced lower underwriting income and higher catastrophe losses.
• APA Corp: Oil and gas firm exceeded profit forecasts with higher production and oil prices, increasing its cost savings outlook.
• Apollo Global Management Inc: Adjusted net income remained flat and missed expectations despite record fee-related earnings.
• Arm Holdings Plc: Experienced a stock selloff due to a conservative revenue forecast and predicted slower returns compared to competitors.
• AvalonBay Communities Inc: REIT raised full-year FFO forecast due to strong rental demand in suburban coastal markets.
• Biogen Inc: Increased full-year earnings outlook, aided by new treatments and cost-cutting, despite declining sales of older drugs.
• Canada Goose Holdings Inc: Beat revenue estimates with strong non-winter clothing demand and reaffirmed revenue growth target.
• Canadian Natural Resources Ltd: Saw profit increase from higher crude prices and output.
• Carvana Co: Forecasted higher annual core profit and reported a second-quarter net income turnaround due to strong used-car demand.
• C.H. Robinson Worldwide Inc: Surpassed profit estimates through cost control efforts.
• Cenovus Energy Inc: Reported higher second-quarter profit from increased production and throughput volumes.
• Cigna Corp: Exceeded profit expectations with an adjusted earnings of $6.72 per share, surpassing the $6.41 estimate.
• eBay Inc: Surpassed revenue and profit expectations for the second quarter, though its forecast for the current quarter was below market expectations.
• Etsy Inc: Beat revenue and gross merchandise sales estimates with a 4.1% rise in gifting sales, though net income was slightly lower year-over-year.
• Entergy Corp: Outperformed profit estimates with a 4% sales increase and affirmed its full-year profit forecast.
• Everest Group Ltd: Saw an 8% rise in profit due to strong reinsurance growth and improved investment returns.
• Fair Isaac Corp: Reported lower-than-expected third-quarter profit due to higher expenses, though revenue from its scores unit rose 20%.
• FMC Corp: Beat profit estimates driven by cost management and strong sales volumes, but reduced 2024 revenue outlook.
• HF Sinclair Corp: Experienced a drop in profit due to lower refining margins and higher global capacity.
• Host Hotels & Resorts Inc: Lowered 2024 FFO forecast due to a slowing recovery from Maui wildfires.
• Ingersoll Rand Inc: Raised annual profit forecast due to strong demand for air compressors.
• Meta Platforms Inc: Surpassed revenue expectations and issued a positive third-quarter forecast.
• MetLife Inc: Reported better-than-expected profit driven by strong group benefits performance.
• MGM Resorts International: Beat profit estimates with strong recovery in Macau, and revenue rose 9.7%.
• Mid-America Apartment Communities Inc: Beat FFO estimates with stable occupancy and modest rent increases.
• Moderna Inc: Slashed 2024 sales forecast due to expected low sales to the EU, reporting a second-quarter net loss.
• Paycom Software Inc: Forecasted third-quarter revenue below estimates, tightening annual forecast.
• PTC Inc: Forecasted higher fourth-quarter revenue and profit, though missed third-quarter revenue estimates.
• Qualcomm Inc: Projected higher fourth-quarter revenue driven by high-end smartphone demand.
• Spirit Airlines Inc: Forecasted lower third-quarter revenue and reported a wider-than-expected loss due to operational disruptions.
• TC Energy Corp: Surpassed profit expectations due to strong performance in Canadian and Mexican natural gas pipelines.
• Thomson Reuters: Exceeded revenue expectations but fell short on operating profit due to a one-time gain in the prior year.
• Western Digital Corp: Projected lower first-quarter revenue due to slower recovery in data storage.
• Tesla Inc: Investigated for a fatal accident involving its “Full Self-Driving” mode.