Global Markets
- Wall Street witnessed a decline, driven by a downturn in chip stocks, exacerbating investor concerns ahead of the Federal Reserve’s policy decision.
- Uncertainty regarding the Fed’s next move contributed to cautious sentiment across markets, amplifying apprehension among investors.
- The U.S. dollar saw incremental gains, nearing its highest point since November, while gold prices remained stable near a four-week low.
- The Nikkei in Asia closed lower as traders adopted a guarded approach, reflecting concerns over various economic factors at the beginning of the new month.
- Many European and Asian markets were closed for the Labour Day holiday, leading to subdued trading volumes and limited market activity.
- In Canada, the primary stock index faced downward pressure as oil prices continued to decline, fueled by hopes for a ceasefire in the Middle East.
- The decrease in oil prices weighed on energy stocks, further impacting broader market sentiment.
Corporate News
- Japan’s factory activity contracted slower in April despite ongoing inflationary pressures.
- Europe showed similar trends with positive inflation data potentially indicating the European Central Bank’s consideration of lowering interest rates.
- Notable corporate events included BBVA’s potential merger, the start of the first Zantac cancer trial, and Arnaud Lagardere’s resignation from Lagardere due to legal issues.
- In the tech sector, Advanced Micro Devices Inc. disappointed investors while Amazon reported strong quarterly results.
- Barrick Gold Corp exceeded profit expectations due to increased gold prices, while Chesapeake Energy Corp struggled with low natural gas prices.
- Consumer goods companies like Clorox Co benefited from price hikes, whereas CVS Health Corp faced challenges from rising medical costs.
- Diamondback Energy Inc surpassed profit estimates, while DuPont de Nemours Inc raised forecasts.
- In real estate, Essex Property Trust Inc reported strong performance, while Invitation Homes Inc faced challenges from rising property taxes.
- Haleon Plc experienced a slight revenue dip attributed to declining volumes and cooling demand for certain medicines.
- Johnson & Johnson proceeded with a proposed $6.475 billion settlement for lawsuits alleging their talc products cause ovarian cancer.
- KKR & Co Inc reported a 20% increase in adjusted net income in the first quarter.
- Kraft Heinz Co missed sales expectations for the first quarter due to consumer pushback on higher prices.
- Lumen Technologies Inc missed revenue estimates for the first quarter.
- Marriott International Inc raised its annual adjusted profit forecast.
- Mondelez International Inc beat market expectations for first-quarter sales and profit.
- New York Community Bancorp Inc reported a loss for the first quarter.
- ONEOK Inc reported a fall in first-quarter profit.
- Pfizer Inc raised its annual profit forecast.
- Pinterest Inc forecasted second-quarter revenue above Wall Street estimates.
- Cenovus Energy Inc reported a rise in first-quarter profit.
- Bombardier Inc announced NetJets as the customer for the order of 12 Challenger 3500 business jets.
- Toronto-Dominion Bank took an initial provision of $450 million in relation to ongoing discussions with a U.S. regulator over an anti-money laundering probe.
- Loblaw Companies Ltd topped expectations for first-quarter revenue and profit.
- Brookfield Asset Management Ltd and Microsoft will develop new wind and solar farms to bring over 10.5 gigawatts of new renewable energy capacity between 2026 and 2030.
- TMX Group Ltd’s Canada Trans Mountain pipeline expansion project is set to start shipping oil on Wednesday.
