Bay Street Eyes U.S. Data; Technology Stocks Likely To Rise On Strong U.S. Tech Earnings

RTTNews | 574 dni temu

(RTTNews) - Key U.S. economic data, including non-farm payrolls employment, factory orders, and the University of Michigan's report on consumer confidence, are set to determine the trend on Wall Street and Bay Street in early trades on Friday.

Technology stocks are likely to fare reasonably well thanks to strong results from Meta Platforms, Amazon Inc., and Apple Inc.

In Canadian earnings news, Open Text Corporation (OTEX.TO) reported adjusted EBITDA of $566.3 million for the second-quarter, up 66.1% over the adjusted EBITDA of $340.9 million in the year-ago quarter.

Brookfield Business Partners (BBU.UN.TO) announced that net income attributable to Unitholders for the year ended December 31, 2023 was $1,405 million, compared to net income of $98 million in the prior year. The firm said current year results include net gains primarily related to the sale of our nuclear technology services operation.

The Canadian market shrugged off early weakness and ended on a firm note on Thursday, led by gains in materials, industrials, consumer sectors.

The benchmark S&P/TSX Composite Index ended with a gain of 97.33 points or 0.46% at 21,119.21. The index climbed to 21,189.26 in early trades, but dropped to 20,980.93 around late morning, but recovered gradually as the session progressed to eventually close well above the flat line.

Asian stocks ended higher on Friday after Meta and Amazon delivered forecast beating results. iPhone maker Apple also delivered strong results for its fiscal first quarter, but its China sales missed Wall Street targets. A weaker dollar and falling yields contributed as well to the positive sentiment in Asian markets.

Chinese shares fell sharply despite promises of further fiscal stimulus from the government to boost the government amid a deepening property slump.

European markets are modestly higher in cautious trade, a day after the Bank of England signaled that it will likely lower borrowing costs this year for the first time since 2020. Data showing strong industrial production growth in France is aiding sentiment.

In commodities, West Texas Intermediate Crude oil futures are down $0.05% at $73.77 a barrel.

Gold futures are gaining $1.30 at $2,072.40 an ounce, while Silver futures are up $0.068 at $23.305 an ounce.

U.S. Dollar Falls Against Most Majors

The U.S. dollar weakened against its most major counterparts in the New York session on Friday.

RTTNews | 15 minut temu

German Inflation Accelerates To 2.2% In August

Consumer price inflation in Germany climbed in August to its highest level in five months, while the core figure was steady amid an acceleration in food price growth, and weakened chances for further easing from the European Central Bank in the near term.

RTTNews | 1g 35 minut temu

Canadian Market Up In Positive Territory; BRP Rises Sharply On Strong Earnings

Despite weak GDP data, the Canadian market is up firmly in positive territory Friday afternoon with stocks from materials and healthcare sectors contributing significantly to the gains.

RTTNews | 3g 48 minut temu

Swiss Market Ends Modestly Lower

Save for a very brief while early on in the session, and for less than an hour a little past mid afternoon, the Switzerland market stayed in negative territory on Friday with investors largely staying cautious due to a lack of positive triggers.

RTTNews | 4g 25 minut temu

European Stocks Close Lower On Geopolitical Tensions

European stocks closed lower on Friday, weighed down by geopolitical concerns due to rising clashes in Gaza and Ukraine, and political uncertainty in France. Investors also digested the latest batch of economic data, including the closely watched U.S. personal consumption expenditure report.

RTTNews | 4g 53 minut temu

U.S. Consumer Sentiment Deteriorates Slightly More Than Initially Estimated In August

The University of Michigan released a report on Friday showing consumer sentiment in the U.S. deteriorated by slightly more than previously estimated in the month of August. The report said the consumer sentiment index for August was downwardly revised to 58.2 from the preliminary reading of 58.6.

RTTNews | 7g 38 minut temu

Chicago Business Barometer Slumps Much More Than Expected In August

MNI Indicators released a report on Friday showing a sharp pullback by its reading on Chicago-area business activity in the month of August. The report said the Chicago business barometer tumbled to 41.5 in August after jumping to 47.1 in July, with a reading below 50 indicating contraction. Economists had expected the business barometer to edge down to 46.0.

RTTNews | 7g 57 minut temu

U.S. Consumer Prices Increase In Line With Estimates In July

Consumer prices in the U.S. increased in line with economist estimates in the month of July, according to closely watched data released by the Commerce Department on Friday. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in July after climbing 0.3 percent in June. The uptick matched expectations.

RTTNews | 8g 40 minut temu

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