Cvs Health (NYSE:CVS): Piper Sandler & Co maintains its
overweight rating with a reduced target price of $82.
Dell (NYSE:DELL): Credit Suisse maintains its outperform
rating with a target price raised from $62 to $74.
Dollar General (NYSE:DG): Citi maintains a neutral
recommendation with a reduced target price of $146.
Ecolab Inc (NYSE:ECL): Berenberg maintains its
recommendation with a target price of $180.
Exxon Mobil Corp (NYSE:XOM): Goldman Sachs maintains its neutral
recommendation on the stock with a target price raised from $115 to
$116.
Fair Isaac Corp (NYSE:FICO): Goldman Sachs maintains its Buy
rating on the stock with a raised target price from $978 to
$1029.
Hewlett Packard (NYSE:HPE): Daiwa Securities maintains its
outperform recommendation with a raised target price of $19.
Marathon Petroleum (NYSE:MPC): Goldman Sachs maintains its buy
recommendation with a target price raised from $153 to $163.
Phillips 66 (NYSE:PSX): Goldman Sachs maintains its buy
recommendation with a target price increased from $125 to $141.
Valero Energy (NYSE:VLO): Goldman Sachs downgrades to sell from
neutral. PT up 13.3% to $128.
Vmware (NYSE:VMW): Mizuho Securities maintains a neutral
recommendation with a target price raised from $158 to $165.
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U.S. stock futures advanced on Friday following a challenging
August on Wall Street, as investors awaited the release of critical
nonfarm payroll data.
As of 05:30 ET (09:30 GMT), Dow futures rose by 115 points or
0.3%, S&P 500 futures increased by 13 points or 0.3%, and
Nasdaq 100 futures edged up by 25 points or 0.2%.
All major indices on Wall Street experienced losses in August,
particularly the broad-based S&P 500 and the tech-heavy Nasdaq
Composite, both recording their first monthly decline since
February. On Thursday, the Dow Jones Industrial Average dipped by
0.5%, the S&P 500 lost 0.2%, and the Nasdaq gained 0.1%.
These movements followed economic data revealing that the
personal consumption expenditures (PCE) price index, the Federal
Reserve’s preferred gauge of inflation, rose as anticipated on an
annual basis in July. On a month-on-month basis, the PCE figure
remained stable, indicating a potential easing in price pressures.
Additionally, household spending rates increased, suggesting
ongoing resilience in the broader economy despite recent interest
rate hikes.
Traders largely maintained their expectations that the Federal
Reserve would keep interest rates unchanged at its upcoming policy
meeting later this month. According to Investing.com’s Fed Rate
Monitor Tool, there is now an 88% likelihood that the central bank
will maintain the target range for the federal funds rate at 5.25%
to 5.50%, slightly down from a 90% probability on Thursday.
Nonfarm Payrolls Awaited
The next significant event on the U.S. economic calendar is the
publication of the August jobs report, scheduled for later in the
day on Friday.
Economists forecast an increase of 170,000 in nonfarm payrolls
for the month, following a gain of 187,000 in July. Additionally,
growth in average hourly earnings is anticipated to slightly
moderate to 0.3% month-on-month. The unemployment rate in the
largest economy globally is also expected to remain unchanged at
3.5%.
Separate data earlier this week indicated a picture of a slowing
yet tight U.S. job market. The Federal Reserve will likely monitor
further indications of this cooling trend, without it posing a
threat to economic activity.
Curbing labor demand and mitigating wage growth has been a
significant aspect of the Fed’s long-standing campaign of rate
hikes, with policymakers aiming to lower inflation closer to their
2% target. Despite speculation that the central bank might step
back from this cycle, uncertainty remains regarding its actions
after this month’s meeting.
The jobs report could offer insights into this matter.
Chinese Manufacturing Unexpectedly Expands in August – Caixin PMI
A private survey revealed that Chinese factory activity
unexpectedly grew in August, buoyed by increased new orders.
The Caixin manufacturing purchasing managers’ index (PMI)
reached 51.0 for August, surpassing estimates of 49.3 and exceeding
the previous month’s reading of 49.2. A reading above 50 indicates
expansion, and the Caixin PMI reached its highest level since
February. Improved local demand, coupled with monetary stimulus
from the Chinese government, helped counter weakness in
export-focused businesses.
However, the Caixin data contrasted with the official PMI, which
registered 49.7 on Thursday, suggesting contraction.
Amid growing calls for stronger measures to revive the country’s
post-pandemic recovery, Beijing introduced new steps to bolster the
local currency and support China’s struggling real estate sector on
Friday.
Lululemon Gains on Positive Q3 Outlook
Shares of Lululemon (NASDAQ:LULU) rose in premarket trading on
Friday after the sportswear manufacturer reported a “solid start”
to the third quarter due to robust demand in North America.
The stock initially saw fluctuations following the yogawear
company’s second-quarter results. Sales in North America surged by
11%, though this uptick was offset by slowing quarter-on-quarter
revenue growth in China.
Despite a recent dip in customer spending on nonessential items
affecting many retailers, the Vancouver-based company indicated no
change in consumer behavior. CEO Calvin McDonald mentioned during
an earnings call that shoppers were responding positively to
back-to-school and early fall product lines.
Lululemon subsequently raised its full-year revenue and profit
guidance, contrasting with a more cautious outlook for the second
half from other sports apparel manufacturers.
Oil Set to Break Two-Week Losing Streak
Oil prices were on track for weekly gains on Friday, driven by
optimism surrounding the prospect of major crude producers
extending output cuts until the end of the year.
Russian Deputy Prime Minister Alexander Novak stated on Thursday
that Moscow had reached a new agreement with its peers in the
Organization of Petroleum Exporting Countries (OPEC) and its allies
(OPEC+), outlining additional production reductions for the coming
week.
These reductions would supplement the ongoing supply cuts by
Russia and Saudi Arabia, possibly resulting in a tighter supply
outlook for the remainder of the year.
By 05:31 ET, U.S. crude futures traded 0.8% higher at $84.30 per
barrel, while the Brent contract climbed 0.7% to $87.47. Both
contracts experienced more than 3% gains this week, breaking
two-week losing streaks.
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