{"id":52231,"date":"2024-07-29T15:57:47","date_gmt":"2024-07-29T15:57:47","guid":{"rendered":"https:\/?p=52231"},"modified":"2024-07-29T15:57:47","modified_gmt":"2024-07-29T15:57:47","slug":"stock-market-update-analysis-july-29th-2024","status":"publish","type":"post","link":"https:\/\/www.stocktargetadvisor.com\/blog\/stock-market-update-analysis-july-29th-2024\/","title":{"rendered":"Stock Market Update & Analysis: July 29th, 2024"},"content":{"rendered":"

Global Markets<\/h2>\n

Canada<\/strong><\/h3>\n

The Toronto Stock Exchange (TSX) experienced a decline, caused by the almost 2 percent drop in oil price,\u00a0 and the loss of earlier gains in gold.<\/p>\n

USA<\/strong><\/h3>\n

U.S. stock indexes initially opened higher but fell after a shift investor sentiment, that was likely influenced by ongoing uncertainties related to the Federal Reserve\u2019s policy decisions and key labor data expected this week.<\/p>\n

Europe<\/strong><\/h3>\n

European shares started the week on a positive note but lost their gains as positive sentiment around earnings evaporated.<\/p>\n

Japan<\/strong><\/h3>\n

Japan\u2019s Nikkei index rebounded from previous losses, influenced by Wall Street\u2019s positive closing on Friday, while he Japanese Yen remained steady.<\/p>\n

Currencies and Commodities\u00a0<\/strong><\/h3>\n
    \n
  • U.S. Dollar Index:<\/strong> The U.S. dollar index inched up against a basket of currencies, indicating a slight strengthening of the dollar.<\/li>\n
  • Oil Prices:<\/strong> Oil prices slipped after an earlier rise driven by fears of a widening conflict in the Middle East.<\/li>\n<\/ul>\n

    Corporate Stock News<\/h2>\n
      \n
    • Abbott Laboratories<\/strong>: Shares fell premarket after a jury ordered the company to pay $495 million related to its formula for premature infants, which allegedly caused a serious bowel disease. Abbott plans to appeal the decision.<\/li>\n
    • Airline Group Lufthansa<\/strong>: Suspended flights to Beirut up to and including July 30 due to the current situation in the Middle East.<\/li>\n
    • Apple Inc<\/strong>: AI features are delayed and will miss the initial release of upcoming iPhone and iPad software updates. Apple plans to roll out these features by October.<\/li>\n
    • BHP Group Ltd<\/strong>: The union at BHP’s Escondida mine in Chile, the world\u2019s largest copper mine, has urged members to reject a final contract offer, potentially leading to a strike.<\/li>\n
    • Boeing Co<\/strong>: Kelly Ortberg, former Rockwell Collins chief, is a serious candidate for Boeing\u2019s next CEO, alongside other candidates including Spirit AeroSystems CEO Pat Shanahan and Boeing COO Stephanie Pope.<\/li>\n
    • ConocoPhillips<\/strong>: Forecasts Q2 earnings to be between $2.70 and $2.90 per share, exceeding analyst estimates.<\/li>\n
    • Disney Inc<\/strong>: Marvel\u2019s “Deadpool & Wolverine” had a record domestic opening of $205 million, making it the highest-grossing R-rated film debut. The film also earned $233.3 million internationally.<\/li>\n
    • Docebo<\/strong>: Target price set to CAD 60 by Craig Hallum Capital Group with a Buy rating.<\/li>\n
    • Google<\/strong>: Target price set to $196 by Stifel Nicolaus with a Buy rating.<\/li>\n
    • GSK Plc<\/strong>: Settled a lawsuit confidentially over its discontinued heartburn drug Zantac, which was alleged to have caused cancer.<\/li>\n
    • Guardant Health Inc<\/strong>: The FDA approved the company’s blood test for detecting colorectal cancer, potentially becoming the first screening test eligible for Medicare coverage for adults 45 and older.<\/li>\n
    • Honda Motor Co Ltd<\/strong>: Shares in Mitsubishi Motors surged as media reported talks about joining Nissan\u2019s and Honda\u2019s strategic partnership, focusing on electric vehicle components and AI in automotive software.<\/li>\n
    • IBM<\/strong>: Target price set to $215 by Evercore ISI with a Buy rating.<\/li>\n
    • Koninklijke Philips NV<\/strong>: Reported stronger-than-expected Q2 results, with adjusted EBITA rising 9.3% to \u20ac495 million. The company benefited from cost savings and a significant insurance payout.<\/li>\n
    • McDonald’s Corp<\/strong>: Reported a surprise decline in global comparable sales, the first drop in 13 quarters, attributed to budget-conscious customers and weaker performance in key international markets.<\/li>\n
    • Microsoft Corp<\/strong>: Investors will be watching for updates on Azure’s growth and AI business contributions when the company reports earnings on Tuesday.<\/li>\n
    • MGM Resorts International<\/strong>: BetMGM expects to post similar losses in the second half of the year as the first half due to increased investment in marketing and customer experience.<\/li>\n
    • Nasdaq Inc<\/strong>: Announced that Thoma Bravo will sell 41.6 million shares through a secondary public offering, reducing its stake in Nasdaq from nearly 15% to 7.4%.<\/li>\n
    • Northern Oil and Gas Inc & Vital Energy Inc<\/strong>: Acquiring U.S. shale assets from Point Energy Partners for $1.1 billion. Vital will acquire an 80% stake, and Northern will buy the remaining 20%.<\/li>\n
    • Occidental Petroleum Corp & Permian Resources Corp<\/strong>: Occidental is selling Delaware Basin assets to Permian Resources for about $818 million as part of a plan to divest up to $6 billion in assets.<\/li>\n
    • Petroleo Brasileiro SA Petrobras<\/strong>: Made a non-binding offer to acquire a significant stake in Galp Energia’s offshore oil discovery in Namibia, potentially becoming the operator of the Mopane field.<\/li>\n
    • Swiss Pharmaceutical Company Roche<\/strong>: Plans to fast-track its anti-obesity drugs to compete with Eli Lilly and Novo Nordisk following promising data on a weight-loss pill.<\/li>\n
    • Union Pacific Corp<\/strong>: Interfered in a federal safety audit by coaching employees on responses, leading to the audit’s discontinuation. A Senate probe is underway.<\/li>\n
    • Walt Disney Inc<\/strong>: “Deadpool & Wolverine” achieved record box office results, leading the domestic market and performing strongly internationally. This marks a rebound for Disney following previous underperforming releases.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

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