Before The Bell: 1/26/22
The S&P/TSX and American Futures are on the upside after they closed lower in another volatile session yesterday. The Dow Jones Industrial Average once sank over 800 points before rebounding to close at 34,297, down 66.77 points (-0.19%) on day. The S&P 500 slid 53.68 points (-1.22%) to 4,356, and the Nasdaq 100 tumbled 360.46 points (-2.48%) to 14,149.
Later today, the Federal Reserve is expected to keep its Fed funds rate unchanged at 0.00%-0.25% and its policy update will be closely monitored. Also, wholesale inventories are expected to grow 1.4% on month in December, and new home sales are estimated at an annualized rate of 760,000 units. In Canada, the Bank of Canada is expected to raise its main interest rate by 25 bps to 0.5%. Also, December wholesale sales will be expected.
European equity indices are strongly bullish. France's January consumer confidence was released at 99, as expected.
Asian indices closed on the downside, except the Chinese CSI. Australian market was closed for bank holiday. In Japan, official data showed that services sector producer prices increased 1.1% on year in December (vs +1.0% expected).
Crude oil WTI price is on the upside. The U.S. Department of Energy announced to release 13.4 million barrels from its strategic oil reserve. The American Petroleum Institute said U.S. crude oil stockpiles dropped 0.872 million barrels for the week ending January 14. The U.S. Energy Information Administration will report official crude inventories for the same period later in the day, with a draw of 0.728 million barrels expected.
Microsoft (MSFT), the software development company, jumps premarket after posting second quarter earnings and third quarter sales above forecasts.
Texas Instruments (TXN), a designer of semiconductors, popped after hours as the company reported positive fourth quarter results and raised its current quarter's revenue forecast.
AT&T (T), a wireless provider, is well oriented before the bell on better-than-expected quarterly earnings.
Verizon Communications (VZ), a wireless provider, was downgraded to "neutral" from "overweight" at JPMorgan.
F5 Networks (FFIV), a provider of Internet networking traffic products, dropped in extended trading on disappointing guidance.