Stock Market Update for Monday March 18th, 2024

Stock Market Update for Monday March 18th, 2024

Global Markets

Global Markets Navigate Central Bank Decisions Amid Inflation Concerns

In Asia, Japan’s Nikkei index surged as investor sentiment turned bullish following revelations about potential adjustments to the Bank of Japan’s policy framework. Similarly, China’s stock market ended higher, driven by positive data concerning factory output and retail sales.

European markets witnessed marginal upticks, buoyed by the resilience of commodity-linked stocks.

In the USA, the S&P 500 and the Nasdaq saw gains ahead of the Federal Reserve’s upcoming meeting, reflecting cautious optimism among investors.

Canada’s primary stock index experienced slight downward pressure amidst a flurry of central bank decisions. Investors remained attuned to forthcoming domestic inflation data, seeking insights into the Bank of Canada’s trajectory regarding interest rates.

The global oil market saw prices inching upwards, fueled by perceptions of tightening supply. Heightened geopolitical tensions, particularly Ukraine’s attacks on Russian energy infrastructure, contributed to market anxieties. Concurrently, the U.S. dollar exhibited subdued performance, while gold prices saw modest gains amid prevailing uncertainties.

Looking ahead, market participants await the release of producer prices data, which is anticipated to provide further insights into inflationary pressures across various sectors. As central banks worldwide navigate economic challenges, investors remain vigilant, adjusting their positions in response to evolving market dynamics and macroeconomic indicators.

Corporate News

  1. Nuvei Canadian payments processor is considering offers to take the company private. Reports suggest that private equity firm Advent International is in advanced talks to acquire Nuvei.
  2. Nasdaq announced that connectivity issues impacting the exchange have been resolved, with all systems operating normally.
  3. Pfizer, a major shareholder in consumer healthcare firm Haleon, plans to reduce its stake in the company to approximately 24%.
  4. Nvidia’s annual developer conference has commenced, with a focus on new chip announcements expected from CEO Jensen Huang during his keynote address. Investors are keenly observing developments in artificial intelligence semiconductor technology.
  5. Embraer SA anticipates growth in aircraft deliveries and revenue for 2024, with expectations of delivering between 125 to 135 executive jets and a forecasted increase of up to 21.5% in annual consolidated revenue.
  6. Hertz Global Holdings Inc has appointed Gil West as its new CEO effective April 1, succeeding Stephen Scherr.
  7. Tellurian Inc announced the resignation of Octávio Simões as CEO and his transition to the role of senior commercial adviser.
  8. Alphabet Inc & Apple Inc are reportedly in talks for Apple to integrate Google’s Gemini AI engine into the iPhone, potentially enhancing its features.
  9. Bristol-Myers Squibb Co & Johnson & Johnson had advisers to the U.S. health regulator vote in favor of earlier use of their cell therapies for a type of blood cancer.
  10. Exxon Mobil Corp announced a new oil and gas discovery in Guyana’s Stabroek block, its first in the country this year.
  11. Haleon Plc & Pfizer Inc revealed Pfizer’s intention to reduce its stake in Haleon to about 24%.
  12. HashiCorp Inc is exploring options, including a sale, with a market capitalization of $5.28 billion.
  13. Johnson & Johnson & Viatris Inc saw Viatris obtain approval from a federal judge for its generic version of a J&J cardiovascular drug.
  14. Meta Platforms Inc faced an interim measure from Turkey’s competition authority hindering data sharing between Instagram and Threads platforms.
  15. Nasdaq Inc reported and resolved issues impacting connectivity at the exchange.
  16. Nvidia Corp commenced its annual developer conference, with focus on new chip announcements.
  17. Reddit Inc IPO is reportedly oversubscribed, increasing likelihood of achieving its targeted valuation.
  18. Shift4 Payments Inc CEO stated that bids from potential contenders have failed to sufficiently value the company.
  19. Starbucks Corp shareholders re-elected all 11 directors to the company’s board at its annual general meeting.
  20. Taiwan Semiconductor Manufacturing Co Ltd is considering building advanced packaging capacity in Japan.
  21. Tesla Inc announced price increases for its Model Y electric vehicles in Europe.
  22. Uber Technologies Inc agreed to pay $178 million to settle a lawsuit brought by Australian taxi operators and drivers.
  23. UnitedHealth Group Inc urged states to make interim payments to healthcare providers affected by the cyberattack at UnitedHealth’s unit Change Healthcare.
  24. United States Steel Corp expects its acquisition by Nippon Steel to close later this year.
  25. VinFast Auto Ltd founder Pham Nhat Vuong launched an EV charging stations company, V-Green, focusing on supporting VinFast vehicles globally.
  1. Premium Brands Holdings Corp: Desjardins Securities reduced the target price to C$105 from C$110, aligning with the company’s in-line 2024 guidance.
  2. Spin Master Corp: RBC lowered the target price to C$46 from C$50, citing concerns about product recalls and liability claims related to competitor’s products that could indirectly impact Spin Master.
  3. Transcontinental Inc: National Bank of Canada increased the target price to C$18.5 from C$18, attributing it to the benefits derived from the company’s profitability improvement program initiated in December.
  4. Lennar Corp: JPMorgan decreased the target price to $157 from $161, following the company’s mixed first-quarter earnings.
  5. Republic Services Inc: Jefferies raised the target price to $225 from $213, expressing confidence in the company’s joint venture with BP.
  6. Ulta Beauty Inc: Raymond James elevated the target price to $630 from $575, reflecting Ulta Beauty’s fourth-quarter earnings surpassing expectations.
  7. Ultragenyx Pharmaceutical Inc: JPMorgan increased the target price to $92 from $88, driven by a positive outlook for the company’s GTX-102 gene therapy.

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