Latest News and Market Trends: Nvidia’s Results, Citi Redesign, Meta’s Web Version, and More

2023-08-21 18:33:28

(Illustration: Camille Charbonneau)

NEWS ESSENTIALS

• Nvidia’s results will be a major test for AI demand and market recovery. Nvidia investors expect the chip designer to post quarterly revenue above estimates when it reports results on Wednesday. The only question they ask themselves is: by how much?

• Citi is considering splitting off the Institutional Clients Group as part of a redesign-FT. Citigroup Chief Executive Jane Fraser is considering a plan to dismantle the bank’s largest division, according to the Financial Times.

• Meta will soon launch the web version of Threads as part of its competition with X for users. Meta Platforms is set to roll out the web version of its new text-focused social media platform Threads, hoping to gain an edge over X, formerly Twitter, whose initial influx of users has faded.

• J&J will hold a 9.5% stake in Kenvue following the share exchange offer. Johnson & Johnson said it expected to retain a roughly 9.5% stake in its newly spun off consumer healthcare unit, Kenvue, following a share exchange offer.

• Trans Mountain says BC fires pose no risk to operations. Canadian pipeline system operator Trans Mountain said on Sunday that wildfires in British Columbia posed no risk to its pipeline operations or its expansion project.

TRENDS BEFORE OPENING

Canadian stock index futures rose as oil prices rose on tighter global supplies and lower exports from Saudi Arabia and Russia. Wall Street futures rose slightly as investors waited for the Federal Reserve’s Jackson Hole symposium to find out where rates might settle. European equities advanced, led by gains in the energy and healthcare sectors. In Asia, the Japanese Nikkei ended higher as investors were cautious following last week’s steep losses, while Chinese stocks fell to their lowest in nine months as investors were disappointed by less severe measures. than expected taken by the authorities. The US dollar remained firm following five consecutive weeks of gains and gold hit its lowest level in five months.

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