Stock Market Update for July 11th, 2024

Global Markets

Canada:

• Main Stock Index Performance: Surged
• Driver: Sharp rise in gold prices
• Details: The increase in gold prices significantly boosted mining and resource-related stocks, aligning with Canada’s rich natural resource sector.

United States:

• Stock Indexes Performance: Heavily mixed
• NASDAQ: Deep into the red
• Driver: US inflation data
• Details: The mixed performance reflects varied investor reactions to the latest US inflation data, which saw its first drop since May 2020, influencing different sectors unevenly and particularly impacting tech-heavy NASDAQ.

Europe:

• Shares Performance: Extended gains
• Driver: Upbeat earnings updates
• Details: Continued positive earnings reports have bolstered investor confidence, leading to sustained gains across European stock exchanges.

Japan:

• Nikkei Performance: Surged to an all-time high, crossing 42,000 points for the first time
• Driver: Solid investor sentiment
• Details: Strong investor sentiment, backed by favorable economic conditions and corporate performance, pushed Japan’s Nikkei index to a record high.

Commodities:

• Gold Prices Performance: Climbed
• Driver: Weaker U.S. dollar
• Details: The rise in gold prices was supported by a weaker U.S. dollar, making gold more attractive to investors holding other currencies.
• Oil Prices Performance: Edged up
• Drivers: Mixed signals from the International Energy Agency (IEA) and U.S. consumption data
• Details: Oil prices saw a modest increase as investors balanced the IEA’s bleaker demand growth outlook with rising U.S. consumption data, leading to cautious optimism in the oil markets.

Corporate Stock News

Strathcona Resources partners with Canada Growth Fund for a C$2 billion carbon capture project.

London Stock Exchange undergoes major listing rules overhaul, Aer Lingus pilots call off industrial action.

BMW recalls 394,000 vehicles in the U.S. for faulty airbags, Delta Air Lines forecasts lower profits due to market pressure.

PepsiCo misses Q2 revenue expectations.

Google ends takeover talks with HubSpot.

NBA finalizes a $76 billion media deal with NBCUniversal, Amazon Prime Video, and Disney.

Honeywell acquires Air Products’ LNG business for $1.81 billion.

Amazon faces UK grocery regulator scrutiny.

Apple opens mobile payments to rivals under EU pressure.

Citigroup fined $136 million for data management issues.

Costco raises membership fees for the first time in seven years.

Bernie Sanders pressures Novo Nordisk to cut drug prices.

JPMorgan aims to attract 15% of U.S. consumer deposits,

Pfizer advances once-daily obesity pill to clinical trials.

Volkswagen ramps up production of QuantumScape batteries.