Stock Market Update for June 25th, 2024

Stock Market Update for June 25th, 2024

Global Markets

June 25th

Canada: Canadian stocks experienced a decline driven primarily by a fall in crude oil prices. A report released showed Investor sentiment turned cautious as domestic inflation saw a rise to 2.9 percent in May. This unexpected increase in inflation has led to speculation that the Bank of Canada might consider further interest rate cuts to stabilize the economy. The cautious approach by investors reflects concerns over the potential impact of prolonged inflation on the overall economic outlook.

USA: The Nasdaq index saw gains, fueled by a rebound in Nvidia and other AI-linked stocks. These stocks had previously experienced a selloff, but investor confidence returned, driving their prices up. Market participants are also paying close attention to the comments from Federal Reserve officials. Their insights are eagerly anticipated as they will provide critical guidance on the future trajectory of monetary policy. Investors are keen to understand how the Fed plans to navigate the current economic landscape, especially in light of recent market volatility.

European: European shares declined significantly, largely due to Airbus issuing a profit warning. This announcement had a ripple effect, negatively impacting Airbus’s stock and dragging down other aerospace-related stocks. The profit warning from one of Europe’s largest aerospace companies has raised concerns about broader industry challenges, including supply chain disruptions and commercial risks. Investors reacted by pulling back from aerospace stocks, reflecting apprehension about the sector’s near-term prospects.

Japan: Meanwhile, Japan’s Nikkei index rose, achieving its highest close in over two months. The rise was driven by a strategic shift among investors from semiconductor stocks to value stocks. A weaker yen provided support to export-related shares, making Japanese goods more competitive in international markets. This currency effect, combined with the shift in investment strategy, has bolstered the Nikkei, showcasing a divergence in market movements compared to Western indices.

U.S. Dollar and Gold: The U.S. dollar eased slightly, reflecting a minor shift in currency markets. Despite this, gold prices remained stable, showing little movement.

Corporate Stock News

Airbus: Airbus lowers targets and records a €900 million charge for space activities.

Apple & Meta Platforms: Apple rejects Meta’s proposal to integrate its AI chatbot into iPhones.

Apple Inc: Evercore ISI raised its target price from USD 220 to USD 250, maintaining an “Outperform” rating.

Apple Inc: Maxim Group raised its target price from USD 178 to USD 195, maintaining a “Hold” rating.

Boeing & Spirit AeroSystems: Boeing offers $4.08 billion to acquire Spirit AeroSystems.

Boeing: Families of 737 MAX crash victims request a corporate monitor to oversee Boeing’s safety practices.

Covestro & ADNOC: Covestro intensifies talks with ADNOC following a €11.7 billion takeover bid.

ExxonMobil & Suncor Energy: Exxon and Suncor lose bid to dismiss climate change lawsuit by Boulder, Colorado.

Goldman Sachs & Hess Corp: John Hess joins Goldman Sachs’ board as an independent director.

Manulife Financial: Manulife aims to generate over C$22 billion in cash by 2027.

Microsoft: Microsoft faces a significant antitrust fine from the EU for linking Teams with its Office product.

Novo Nordisk: Novo Nordisk invests $4.1 billion in a U.S. facility for Wegovy and Ozempic injection pens.

OTPP & Multiplan: OTPP plans to sell its 18.5% stake in Brazilian mall operator Multiplan.

Uber: Piper Jaffray Companies raised their target price for Uber from USD 86 to USD 88, while maintaining an “Overweight” rating.

Riot Platforms: Riot Platforms seeks three board seats at Bitfarms after a rejected $950 million buyout offer.

Targa Resources: Targa Resources appoints William Byers as CFO; Jennifer Kneale becomes president of finance and administration.

Tesla: Tesla recalls 11,688 Cybertrucks due to windshield wiper issues and 11,383 trucks for a potential trunk bed trim hazard. Guggenheim Securities reiterated its “Sell” rating for Tesla, maintaining the target price at USD 126.

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