2024-01-26 13:40:31
(Illustration: Camille Charbonneau)
THE ESSENTIAL NEWS
• Intel slumps due to gloomy forecasts and weak demand for PC chips. Intel slumped following the release of its first-quarter revenue forecast as the chipmaker battled demand uncertainty in traditional computing markets and tried to catch up in the race to AI.
• Musk’s brain implant company violated US rules for transporting hazardous materials. Elon Musk’s brain implant company Neuralink has been fined for violating U.S. Department of Transportation (DOT) rules regarding the transportation of hazardous materials, according to federal agency documents reviewed by Reuters.
• OPEC+ will probably not decide on its oil policy on February 1, it will wait several weeks. OPEC+ will likely decide its oil production levels in the coming weeks for April and beyond, OPEC+ sources said, with a meeting next week too early to make decisions on future production policy.
• American Express posts disappointing profit due to higher loan loss provisions. American Express reported fourth-quarter profit below expectations as the credit card giant faced a rise in potential defaults, underscoring the impact of rising interest rates on the financial health of its clients.
• Tesla recalls nearly 200,000 vehicles in the United States — NHTSA. Tesla is recalling nearly 200,000 Model S, X and Y vehicles in the United States due to a software malfunction that might obstruct drivers’ visibility when reversing, the National Highway Traffic Safety Administration (NHTSA) said.
TRENDS BEFORE OPENING
Futures contracts on the main Canadian stock index are rising, stimulated by the rise in the price of gold. Wall Street futures are falling as chip stocks were hurt by Intel’s lackluster revenue forecast, while a crucial inflation estimate that might influence the company’s outlook monetary policy of the Federal Reserve, was at the top of investors’ watch list. European stocks are rising, boosted by positive quarterly updates from luxury group LVMH and spirits maker Rémy Cointreau. In Asia, Chinese stocks fell as investors locked in profits and cautiously waited for more details on stimulus plans, while Japan’s Nikkei slumped as chip stocks fell in the wake of American stocks. The U.S. dollar edged lower as traders weighed the impact of surprisingly strong economic growth data on the Federal Reserve’s interest rate path. Oil prices fell on the prospect of reduced disruptions to shipping oil in the Red Sea, as Chinese authorities asked Iran to help limit Houthi attacks on shipping.
(Re)read all the market news
Click next to see the recommendations
1706277545
#Market #news #Friday #January
