Global Markets
- Canada: Canada’s TSX, the main stock index dropped over one percent, playing catchup, and aligning with the global sell-off, that commenced on Monday’s trading session, of which the TSX was closed for the country’s Civic holiday. Over the long weekend, fears have surfaced of a potential U.S. recession based on last week’s trifecta of weak economic data.
- United States: American stocks saw a rebound, but the gains did not amount to the losses incurred in the previous session. This recovery was fueled by dovish comments from Federal Reserve officials, which lifted investor sentiment. Investors were also on the lookout for bargain opportunities following a recent market rout.
- Asia: Asian markets experienced relief, with the Nikkei showing a whopping 10 percent rise, after Monday’s market meltdown. The yen also supported a degree of stabilization following the recent currency volatility. Chinese markets also gained slightly, even as economic concerns persisted in the country, amidst the government’s inability to create policy framework that provides confidence.
- Europe and UK: European and UK stocks edged higher, reflecting a modest improvement in global market sentiment. This increase was slight but indicated a cautious optimism across these regions.
- Commodities: Oil prices inched up, supported by ongoing supply concerns in the Middle East, indicating geopolitical factors were influencing commodity prices. Gold prices, however dropped.
Corporate Stock News
- AngloGold Ashanti PLC: Boosted its first half dividend payment by 450% following higher gold prices and increased production.
- Caterpillar Inc: Reported a rise in adjusted quarterly profit due to strong demand for construction equipment, despite a drop in sales revenue.
- Canadian National Railway Co & Canadian Pacific Kansas City Ltd: Agreed with Teamsters Canada to restart stalled contract negotiations with federal mediators.
- CSX Corp: Narrowly beat second-quarter profit estimates, aided by higher shipment volumes and robust pricing.
- Diamondback Energy Inc: Raised its full-year production estimates and tightened its capital budget range while reporting adjusted earnings slightly above expectations.
- GSK: Won a trial defending its discontinued heartburn drug Zantac against cancer claims.
- Kenvue Inc: Beat second-quarter profit and revenue estimates, driven by strong sales in its essential health products unit.
- Lucid Group Inc: Announced a $1.5 billion cash injection from its largest shareholder and reported second-quarter revenue above estimates despite a wider-than-expected loss.
- Marathon Petroleum Corp: Posted lower second-quarter profit due to decreased refining margins but saw improved crude capacity utilization.
- Molson Coors Beverage Co: Surpassed Wall Street expectations for sales and profit, led by strong demand for premium beers.
- Nvidia Corp: Analysts believe delays in its upcoming AI chips will not significantly impact overall revenue or demand.
- Novartis and Viatris: Faced a federal lawsuit related to the use of a woman’s tissue cells taken in the 1950s.
- ONEOK Inc: Reported a rise in second-quarter profit due to increased natural gas and liquids transportation.
- Palantir Technologies Inc: Raised its annual revenue forecast and reported its largest-ever quarterly profit amid growing demand for AI-driven software.
- Simon Property Group Inc: Lowered its annual net income forecast and missed second-quarter funds from operations estimates.
- Spirit AeroSystems Holdings Inc: Reported a significant increase in quarterly losses due to reduced 737 fuselage shipments and other program issues.
- Uber Technologies Inc: Exceeded second-quarter revenue and profit expectations but forecasted lower-than-expected third-quarter gross bookings.
- Williams Companies Inc: Beat second-quarter profit estimates with gains from acquisitions and expansion projects.
- Yum Brands Inc: Experienced a larger-than-expected drop in same-store sales due to inflation, despite growth in Taco Bell’s sales.
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