US index futures are appreciating in this Friday’s pre-market,
awaiting the release of activity data in the country. However, the
market is poised to conclude the week with notable declines,
reacting to signals from central banks that interest rates will
persistently stay elevated to curb inflation.
At 7:00 am, Dow Jones futures (DOWI:DJI) increased by 30 points,
or 0.08%. S&P 500 futures ascended 0.21%, and Nasdaq-100
futures went up 0.42%. The yield on the 10-year Treasury note was
at 4.486%.
In commodities, West Texas Intermediate crude for November
advanced 1.14% to $90.65 per barrel. Brent oil for November
elevated 0.92%, nearing US$94.13 per barrel. The iron ore with a
62% concentration grade rose 0.87%, quoted at US$119.36 per
ton.
On Friday’s U.S. economic schedule, investors are anticipating
September’s composite, industrial, and services PMIs from S&P
Global at 9:45 am, likely indicating a contracting economy due to
sustained inflation, deterring investments in these sectors. At 1
pm, Baker Hughes will publish the weekly oil rig count.
In Europe, investors are assessing a series of data from the
United Kingdom and Germany, validating the Bank of England’s (BoE)
stance to maintain interest rates at 5.25%, against market
anticipations of a 25 basis point rise.
In the UK, retail sales in August rose 0.40% monthly, below the
0.50% consensus. S&P Global’s composite, industrial, and
services PMIs for the last month recorded 46.8, 44.2, and 47.2
points respectively, all beneath the projections and the 50-point
threshold distinguishing between activity expansion and
contraction.
In Germany, the PMIs, measured by the Hamburg Commercial Bank
(HCOB), demonstrated mixed outcomes relative to projections,
registering 46.2, 39.8, and 49.8 points in September,
respectively.
A statement from the European Central Bank’s (ECB) vice
president, Luis de Guindos, is anticipated.
In Asia, markets concluded mixed, affected by Chinese incentives
for foreigners and the Bank of Japan’s (BoJ) resolution to maintain
negative interest rates at 0.1% and the local 10-year government
bond yield target at zero. The BoJ stressed that amid significant
global economic uncertainties, it will continue its prudent policy,
adapting responsively to alterations in prices and financial
circumstances.
In China, the markets ended a three-day losing streak after
Shanghai permitted foreign investors to transfer resources
unrestrictedly and swiftly. The Chinese government also vowed to
ease the capital flows from foreign firms.
At Thursday’s close, stock values have receded, while,
concurrently, there has been an increase in the yields of
Treasuries and in the valuation of the dollar. Dow Jones fell
370.46 points or 1.08% to 34,070.42 points. S&P 500 fell 72.20
points or 1.64% to 4,330.00. Nasdaq fell 245.14 points or 1.82% to
13,223.98 points.
This scenario occurred in response to a labor market report that
supported the Federal Reserve’s stance to maintain high-interest
rates. The long-term yields in the United States, particularly the
10-year rates, reached levels not seen since 2007, demonstrating
renewed confidence in the economy.
Economically speaking, applications for unemployment benefits in
the US have reduced, reaching their lowest level since January,
signaling a robust job market. However, the real estate sector has
shown signs of weakness, with a decline in the numbers of property
sales due to scarce supply and rising mortgage rates.
Wall Street Corporate Highlights for Today
Apple (NASDAQ:AAPL) – At the launch of the
iPhone 15 in Shanghai, more than a hundred consumers were waiting
at Apple’s main store. Despite concerns about government
restrictions and competition from Huawei, demand was robust, with
premium models selling out quickly online. Some consumers,
however, lamented the lack of significant innovations in the new
model.
Alphabet (NASDAQ:GOOGL), Broadcom (NASDAQ:AVGO)
– Google has denied plans to abandon Broadcom as a supplier of
artificial intelligence chips, contrary to media
reports. Despite rumors of replacing Broadcom
with Marvell Technology (NASDAQ:MRVL)
due to price disputes, Google said it values the collaboration
with Broadcom, which remains a significant partner. Meanwhile,
it continues to expand investments in AI to compete with
Microsoft.
Microsoft (NASDAQ:MSFT) – Microsoft
announced a “unified” AI, Copilot, for Windows 11 and four new
Surface devices. Copilot will be available on November 1,
integrating with numerous apps and services, including Bing and
Microsoft 365, intensifying AI competition with giants like
Alphabet and Apple.
Activision Blizzard (NASDAQ:ATVI) –
The restructuring of Microsoft’s (NASDAQ:MSFT) $69 billion
acquisition of Activision Blizzard has received preliminary
approval from the British regulator, which previously blocked the
deal due to antitrust concerns. The sale of Activision’s
streaming rights to Ubisoft has assuaged concerns, although
additional solutions have been proposed to address residual
issues. Final approval is still pending following subsequent
consultation.
Cisco
Systems (NASDAQ:CSCO), Splunk (NASDAQ:SPLK)
– Cisco Systems acquired cybersecurity company Splunk for
approximately $28 billion, aiming to strengthen its software sector
and capitalize on artificial intelligence. This is Cisco’s
largest deal, marking a strategy to reduce dependence on networking
equipment and focus more on services and software, exploiting
Splunk’s capabilities in data security and observability. The
deal is expected to be completed in the third quarter of 2024.
Intel (NASDAQ:INTC) – Intel was fined
US$400 million (€376.36 million) by the European Union for abusing
its dominant position in the x86 chip market, following the
annulment of a previous penalty of €1.06 billion. The European
Commission reimposed the fine alleging anti-competitive practices
by Intel, aimed at excluding competitors. Even with errors
highlighted in previous decisions, the court confirmed Intel’s
abusive conduct under EU competition rules.
AXT Inc (NASDAQ:AXTI) – Semiconductor
wafer maker AXT Inc said subsidiary Beijing Tongmei has obtained
initial licenses to export gallium arsenide and germanium
substrates from China, essential for chips. This development
comes amid rising tensions and tight controls between the US and
China on the microchip trade.
Oracle (NYSE:ORCL) – On Thursday, in a
meeting with analysts in Las Vegas, Oracle reaffirmed its revenue
target of US$65 billion for 2026, even after forecasts below Wall
Street’s consensus for the current quarter.
News
Corp (NASDAQ:NWSA), Fox
Corp (NASDAQ:FOX) – Lachlan Murdoch has been named
chairman of News Corp and will maintain his role as president and
chief executive at Fox Corp. The son of Rupert Murdoch, he now
leads important media brands, temporarily resolving succession
issues in the media empire. Lachlan has a deep background in
family media companies and represents a significant figure in the
global media landscape.
Warner Bros Discovery (NASDAQ:WBD) –
Warner Bros Discovery plans to expand its Leavesden studios by 50%,
adding 10 sound stages, creating around 4,000 jobs. The
investment of US$301 million will increase annual production to
US$737.6 million. The works, starting in 2024, will conclude
in 2027.
Scholastic (NASDAQ:SCHL) – Scholastic
shares are down 19.8% in pre-market trading Friday after reporting
a larger-than-expected second-quarter loss and maintaining its
full-year outlook. The company reported a net loss of US$74.2
million and a drop in revenue to US$228.5 million. The
administration attributed the results to summer vacations and the
temporality of revenue from state programs.
United Parcel Service (NYSE:UPS) – UPS is
in talks with Mexican authorities following the mandatory change of
cargo flights to Felipe Angeles International Airport (AIFA),
seeking to speed up imports and align operations with military
standards. Francisco Ricaurte, head of UPS for Mexico and
Latin America, expressed the need for understanding to adapt
processes and mitigate the impacts of the hasty transfer.
Ford Motor (NYSE:F), General
Motors (NYSE:GM), Stellantis (NYSE:STLA)
– Detroit automakers UAW face growing tensions with hourly workers
union, entering final hours Friday for new labor agreements, trying
to avoid an expansion of the strike. This impasse raises
concerns about possible disruptive impacts on US production and the
economy.
Ford Motor (NYSE:F) – U.S. automotive
safety regulators are investigating approximately 240,000 Ford
EcoSport (2018-2021) vehicles due to complaints of oil pump
failures. The National Highway Traffic Safety Administration
has received 95 complaints about loss of vehicle propulsion.
Toyota Motor (NYSE:TM) – Toyota plans to
accelerate production of electric vehicles, aspiring to produce
more than 600,000 units annually by 2025, Nikkei revealed. The
company aims to sell 1.5 million electric vehicles per year by
2026, and 3.5 million by 2030.
Tesla (NASDAQ:TSLA) – Tesla has proposed
manufacturing and selling battery storage systems in India, and is
in dialogue about incentives to build a factory. The focus is
on the “Powerwall”, to store solar or grid energy. While there
are challenges, the proposal reflects Elon Musk’s continued
interest in expanding Tesla’s presence in India, encompassing
electric vehicles and energy storage solutions. Additionally,
more car manufacturers are seeking access to Tesla’s charging
network in the US, bringing Elon Musk’s superchargers closer to
becoming an industrial standard. Texas now requires
compatibility with Tesla plugs to access federal funds, solidifying
Tesla’s superior reliability over rival networks like CCS.
VinFast (NASDAQ:VFS) – VinFast Auto
reported a second-quarter loss of $500 million on sales of $315
million. The company has delivered more than 9,000 electric
vehicles globally. Despite a strong stock market debut in
August, shares are down 71.29% so far this month. VinFast,
majority-owned by Vingroup, has substantial plans to invest in a
manufacturing facility in North Carolina.
American Airlines (NASDAQ:AAL) – American
Airlines, after internal audits and collaboration with suppliers,
identified and removed uncertified components on some
aircraft. This issue, also reported by other airlines, comes
after the discovery that AOG Technics sold unapproved parts for GE
engines. The FAA and the European Union Aviation Safety Agency
are investigating, and legal action is underway against AOG for
unauthorized practices and falsifying airworthiness approvals.
Ryanair (NASDAQ:RYAAY) – Ryanair will
reduce 17 routes in Dublin, relocating 19 Boeing 737 MAX planes to
airports with green flight incentives. The decision, prompted
by fee increases and a lack of environmental incentives in Dublin,
will see planes flown to Spain, Italy and Luton, UK.
Chevron (NYSE:CVX) – Australian union
alliance and Chevron have reached an agreement, suspending strikes
on liquefied natural gas projects, which threatened 7% of global
supply. The agreement, which follows proposals from an
arbitrator over pay and conditions, ends disputes that have driven
up gas prices by 35%. The final terms are being drafted,
aiming to improve salaries and working conditions.
TotalEnergies (NYSE:TTE) – TotalEnergies
SE plans to sell its remaining stake in North Sea gas fields in the
Greater Laggan region, following the trend of oil majors leaving
the area. The decision comes after selling 20% of its stake
to Kistos Plc for US$125 million last year. The sale signals
continued interest from smaller, newer companies in assets in the
region.
Magellan Midstream
Partners (NYSE:MMP), Oneok (NYSE:OKE)
– Shareholders of Magellan Midstream Partners approved the $18.8
billion sale to ONEOK despite concerns about executive
compensation. Approximately 96% of votes were in favor of the
transaction, but opposed the directors’ remuneration associated
with the deal.
NextEra Energy (NYSE:NEE) – NextEra
Energy’s $5.4 billion retirement plan suffered significant losses,
exposing 401(k) policy risks with a high concentration in
proprietary shares. Nearly 50% of this plan’s investments are
in company stock, contrasting with the standard practice of
diversification, and placing employees at considerable financial
risk, as evidenced by recent declines in the company’s stock value,
substantially affecting employee retirement balances.
Constellation Energy (NASDAQ:CEG) – Joe
Dominguez, CEO of Constellation Energy, emphasized in an interview
with CNBC the reliability of nuclear energy. He highlighted
its importance for decarbonization and its ability to fill gaps in
solar and wind energy. Constellation claims to be a leader in
clean energy, aiming to surpass renewable energy certificates,
ensuring a continuous supply of renewable energy to companies.
US Steel (NYSE:X) – Canadian
steelmaker Stelco Holdings (USOTC:STZHF)
seeks to make an offer for US Steel Corp to expand its portfolio
and participation in the automotive market, increasing the number
of interested parties in the American company.
Faraday Future Intelligent
Electric (NASDAQ:FFIE) – On Thursday, Faraday Future
Intelligent Electric named Matthias Aydt as its new global CEO
effective September 29. Aydt, a company veteran, will focus on
increasing production and generating revenue as the company faces
liquidity and governance crises, as well as delivery delays and
shareholding disputes.
AstraZeneca (NASDAQ:AZN) – AstraZeneca
shares rose 2.8% in pre-market trading on Friday after the company,
in collaboration with Daiichi Sankyo, announced that it had
achieved extremely positive results in trials of its drug Dato
-DXd, intended for the treatment of breast cancer. In other
news, Bloomberg reported on Thursday that Elmarie Bodes, a former
director at AstraZeneca, has sued the company, alleging it refused
to pay her $125,000 in bonuses because she worked
remotely. Bodes asserts that retroactively modifying bonus
criteria, without prior notice, constitutes a breach of contract
and transgression of local law.
Alibaba (NYSE:BABA), JD.com (NASDAQ:JD)
– In Friday’s pre-market, Alibaba’s American depositary receipts
were up 4.7%, while JD.com posted a gain of 4.7%. A Bloomberg
report says that China is considering easing rules that restrict
foreign ownership of local listed companies. In addition,
Cainiao Network Technology, Alibaba’s logistics sector, plans to
hold its initial public offering in Hong Kong, potentially raising
at least US$1 billion, according to sources. The initiative is
part of Alibaba’s strategy of listing its units separately.
Wayfair (NYSE:W) – Wayfair was up 2.7% in
Friday pre-market trading to $62.19 after the online furniture
merchant’s stock was upgraded from Underperform to Market Perform
by Bernstein, with the price target being adjusted from $60 to
$65.
HSBC (NYSE:HSBC) – HSBC raised its
forecast for 10-year U.S. Treasury yields to 3.5%, anticipating
that the Federal Reserve will raise interest rates to combat
inflation as the economy continues to expand. Despite the
Fed’s aggressive stance, some predict rate cuts by global central
banks next year.
JPMorgan Chase (NYSE:JPM) – A judge upheld
a $1.4 million arbitration award against JPMorgan in favor of
Dustin Luckett, a former consultant, for alleged
defamation. Luckett, who was fired in 2017, claimed that the
reason given by the bank for his dismissal harmed his future
employment opportunities. The decision comes after the bank
tried to annul the arbitration award, alleging excessive authority
by the arbitration panel.
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