Stock Market Update for April 17th, 2024

Stock Market Update for April 17th, 2024

Global Markets

In the U.S., the stock market showed a mixed performance, with some indexes experiencing gains while others remained relatively stagnant. Notably, many large-cap growth stocks saw positive movement, contributing to the varied performance across the indexes.

Over in Europe, the stock market trended upwards, buoyed by strong quarterly earnings reports from key companies like LVMH and Adidas. These positive results helped bolster investor confidence in the region.

In Asian markets, China witnessed a notable surge in its stock market after reassuring statements from the securities regulator alleviated concerns regarding new delisting regulations. However, Japan’s Nikkei index faced downward pressure due to escalating tensions in the Middle East.

Turning to Canada, the primary stock index saw a modest uptick, largely influenced by the upward movement in gold prices. This rise in gold prices helped offset other market factors, contributing to the overall positive drift in the Canadian stock market.

Conversely, oil prices experienced a decline for the third consecutive session, driven by expectations of increased U.S. commercial inventories. Additionally, concerns over weakening economic data from China added to apprehensions about global demand for oil.

In currency markets, the U.S. dollar saw a slight decline against a basket of currencies, reflecting some degree of weakening compared to its counterparts. This movement in the dollar index highlighted ongoing shifts in global currency dynamics.

Corpoate News

  • LVMH: Sales slowed in the first quarter due to rising prices, prompting cautious spending among consumers aspiring to own luxury labels.
  • Adidas: Raised its 2024 profit outlook after a strong first quarter, surpassing expectations.
  • Mistral AI: French tech startup reportedly in talks with investors to raise several hundred million dollars at a $5 billion valuation.
  • Trudeau Government’s Tax Proposal: Proposes new taxes on wealthy Canadians to generate billions for housing programs, aiming to address housing issues and gain support from voters.
  • Job Cuts at Morgan Stanley and HSBC: Both banks are reducing investment banking jobs in Asia due to slower deal activities and market challenges.
  • United Airlines: Shares rose after a positive profit forecast for the second quarter despite challenges from Boeing’s safety crisis.
  • Netflix: Faces scrutiny over subscriber growth as it reports earnings, with analysts warning that gains from password-sharing crackdown may decline.
  • TC Energy’s Pipeline Rupture: A section of the NGTL gas pipeline in Alberta ruptured, sparking a wildfire in a remote area.
  • America Movil SAB de CV: Mexican telecommunications giant’s net profit dropped significantly due to currency fluctuations and lack of extraordinary income.
  • ASML Holdings NV: Reported weaker-than-expected first-quarter new bookings, citing a lull in demand for its advanced machines.
  • JB Hunt Transport Services Inc: Missed Wall Street estimates for first-quarter results, with declines in revenue in its intermodal segment.
  • Omnicom Group Inc: Beat Wall Street estimates for first-quarter profit and revenue, driven by solid demand for its advertising services.
  • VinFast Auto Ltd: Reported higher first-quarter revenue due to increased vehicle deliveries, maintaining its 2024 delivery goal.
  • Apple Inc: Considering building a manufacturing facility in Indonesia, aiming to increase local content in partnership with domestic firms.
  • Ryanair Holdings Inc: Pushing back against Italy’s antitrust regulator’s order to stop limiting the sale of its flight tickets by travel agencies.
  • Capri Holdings Ltd & Tapestry Inc: U.S. FTC preparing to sue to block Capri Holdings’ acquisition by Tapestry, raising competition concerns.
  • Chevron Corp: Launched its third fund to invest in renewable energy technologies with a $500 million commitment.
  • Deutsche Bank AG: No agreement reached in wage dispute talks with Postbank management and the Verdi labor union.
  • Eli Lilly and Co: Reported success in late-stage trials for its weight-loss drug in patients with obstructive sleep apnea.
  • Ford Motor Co: Recalling units of some compact SUVs and pickup trucks in the United States over loss of drive power due to a low battery issue.
  • Competition Concerns Over Sports Streaming Venture: U.S. lawmakers raise concerns over the sports streaming joint venture planned by Walt Disney, Fox, and Warner Bros Discovery.
  • Honda Motor Co Ltd: U.S. NHTSA upgrades probe into reports of unexpected activation of automatic emergency braking systems in Honda vehicles.
  • MercadoLibre Inc: Plans to increase total staff by 30% in 2024, aiming to build its business in Mexico and other regions.
  • Microsoft Corp: CEO Satya Nadella to visit Indonesia to discuss possible investments, indicating potential business expansion.
  • Mobileye Global Inc: Secured orders to ship 46 million EyeQ6 Lite assisted-driving chips over the next few years, anticipating increased vehicle launches.
  • Take-Two Interactive Software Inc: Plans to lay off about 5% of its workforce and scrap several projects as part of a cost-reduction plan.
  • Toyota Motor Corp: Recalled over 135,000 Prius hybrid cars in Japan due to a problem with rear door handles, suspending new orders for the model.
  • United Airlines Holdings Inc: Raised profit forecast for the second quarter despite challenges from Boeing’s safety crisis, expecting strong demand for travel.
  • TC Energy Corp & Valero Energy Corp: A section of TC Energy’s NGTL gas pipeline in Alberta ruptured, leading to a wildfire, while Valero Energy shut down a crude distillation unit at its Memphis refinery for planned maintenance.
  • Chevron Corp: Launched its third fund to invest in renewable energy technologies with a $500 million commitment, aiming to diversify its business.
  • Deutsche Bank AG: No agreement reached in wage dispute talks with Postbank management and the Verdi labor union.
  • Eli Lilly and Co: Reported success in late-stage trials for its weight-loss drug in patients with obstructive sleep apnea.
  • Ford Motor Co: Recalling units of some compact SUVs and pickup trucks in the United States over loss of drive power due to a low battery issue.
  • Competition Concerns Over Sports Streaming Venture: U.S. lawmakers raise concerns over the sports streaming joint venture planned by Walt Disney, Fox, and Warner Bros Discovery.
  • Honda Motor Co Ltd: U.S. NHTSA upgrades probe into reports of unexpected activation of automatic emergency braking systems in Honda vehicles.
  • MercadoLibre Inc: Plans to increase total staff by 30% in 2024, aiming to build its business in Mexico and other regions.
  • Microsoft Corp: CEO Satya Nadella to visit Indonesia to discuss possible investments, indicating potential business expansion.
  • Mobileye Global Inc: Secured orders to ship 46 million EyeQ6 Lite assisted-driving chips over the next few years, anticipating increased vehicle launches.
  • Take-Two Interactive Software Inc: Plans to lay off about 5% of its workforce and scrap several projects as part of a cost-reduction plan.
  • Toyota Motor Corp: Recalled over 135,000 Prius hybrid cars in Japan due to a problem with rear door handles, suspending new orders for the model.

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