Stock futures were on track for a mixed open as investors looked ahead to a packed week of earnings, stimulus talks and congressional testimony from Covid-19 vaccine developers.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Stocks closed out last week with a choppy session, though both the S&P 500 and Dow eked out a third straight weekly advance. Tech shares lagged throughout the week, as the software stocks that had been outperforming for months gave back some gains.” data-reactid=”17″>Stocks closed out last week with a choppy session, though both the S&P 500 and Dow eked out a third straight weekly advance. Tech shares lagged throughout the week, as the software stocks that had been outperforming for months gave back some gains.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Over the weekend, coronavirus case and death counts rose again in the US, with the domestic death toll topping 140,000. Cases in Florida rose by more than 10,000 for a fifth straight day as of Sunday. California’s new cases rose by more than 9,300, or well above the 8,487 average over the prior two weeks, as the state struggled to reign in infections. In Texas, new cases rose by 7,300 as of Sunday, falling below the 10,000 mark for new cases for the first time since July 13.” data-reactid=”18″>Over the weekend, coronavirus case and death counts rose again in the US, with the domestic death toll topping 140,000. Cases in Florida rose by more than 10,000 for a fifth straight day as of Sunday. California’s new cases rose by more than 9,300, or well above the 8,487 average over the prior two weeks, as the state struggled to reign in infections. In Texas, new cases rose by 7,300 as of Sunday, falling below the 10,000 mark for new cases for the first time since July 13.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="With Congress returning from a more than two-week recess on Monday, lawmakers are set to begin discussions for another round of stimulus to help relieve individuals and companies impacted by the coronavirus pandemic. White House Chief of Staff Mark Meadows told Fox News on Sunday that the talks would begin at the White House at the start of this week, with Senate Majority Leader Mitch McConnell, Treasury Secretary Steven Mnuchin and House Republican Leader Kevin McCarthy present.” data-reactid=”19″>With Congress returning from a more than two-week recess on Monday, lawmakers are set to begin discussions for another round of stimulus to help relieve individuals and companies impacted by the coronavirus pandemic. White House Chief of Staff Mark Meadows told Fox News on Sunday that the talks would begin at the White House at the start of this week, with Senate Majority Leader Mitch McConnell, Treasury Secretary Steven Mnuchin and House Republican Leader Kevin McCarthy present.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="On Tuesday, officials from Merck (MRK), Moderna (MRNA), Pfizer (PFE), AstraZeneca (AZN) and Johnson & Johnson (JNJ) are set to testify on July 21 before the House Committee of Energy and Commerce to discuss their work in creating inoculations for Covid-19.” data-reactid=”22″>On Tuesday, officials from Merck (MRK), Moderna (MRNA), Pfizer (PFE), AstraZeneca (AZN) and Johnson & Johnson (JNJ) are set to testify on July 21 before the House Committee of Energy and Commerce to discuss their work in creating inoculations for Covid-19.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Investors are also gearing up for a packed slate of quarterly earnings results this week, which will reflect the extent of the damage the pandemic has done to corporate profits. Companies comprising about one-quarter of the S&P 500 are set to deliver earnings results in the coming week, representing one of the heaviest weeks of reports this quarter. About 13.4% of the S&P 500’s market capitalization reported second-quarter results so far, with the big banks, Netflix (NFLX) and Johnson & Johnson (JNJ) among the big reporters last week.” data-reactid=”23″>Investors are also gearing up for a packed slate of quarterly earnings results this week, which will reflect the extent of the damage the pandemic has done to corporate profits. Companies comprising about one-quarter of the S&P 500 are set to deliver earnings results in the coming week, representing one of the heaviest weeks of reports this quarter. About 13.4% of the S&P 500’s market capitalization reported second-quarter results so far, with the big banks, Netflix (NFLX) and Johnson & Johnson (JNJ) among the big reporters last week.
“As with the big banks that reported last week results will likely be mixed, identifying winners and losers in a tough environment of unprecedented dimension,” Oppenheimer strategist John Stoltzfus said.
Second-quarter earnings per share are “projected to experience the greatest contraction of the current crisis, -43.0% versus the same quarter last year,” Credit Suisse strategist Jonathan Golub wrote in a note Friday. “That said, company results have been topping forecasts by +13.0%, more than any quarter since 1Q10.”
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7:19 a.m. ET Monday: Stock futures point to mixed open
Here were the main moves in markets, as of 7:19 a.m. ET:
S&P 500 futures (ES=F): 3,208.25, down 5.75 points or 0.18%
Dow futures (YM=F): 26,495.00, down 25 points, or 0.09%
Nasdaq futures (NQ=F): 10,637.00, up 14.5 points, or 0.14%
6:04 p.m. ET Sunday: Stock futures tick higher as overnight session kicks off
Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:04 p.m. ET:
S&P 500 futures (ES=F): 3,214.75, up 0.75 points or 0.02%
Dow futures (YM=F): 26,538.00, up 18 points, or 0.07%
Nasdaq futures (NQ=F): 10,635.25, up 12.75 points, or 0.12%
NEW YORK, NEW YORK – MAY 26: Traders walk into the New York Stock Exchange (NYSE) on the first day that traders are allowed back onto the historic floor of the exchange on May 26, 2020 in New York City. While only a small number of traders will be returning at this time, those that do will have to take temperature checks and wear face masks at all times while on the floor. The Dow rose over 600 points in morning trading as investors see economic activity in America picking up (Photo by Spencer Platt/Getty Images)
HALIFAX – Ottawa is negotiating a $500-million bailout for Nova Scotia’s privately owned electric utility, saying the money will be used to prevent a big spike in electricity rates.
Federal Natural Resources Minister Jonathan Wilkinson made the announcement today in Halifax, saying Nova Scotia Power Inc. needs the money to cover higher costs resulting from the delayed delivery of electricity from the Muskrat Falls hydroelectric plant in Labrador.
Wilkinson says that without the money, the subsidiary of Emera Inc. would have had to increase rates by 19 per cent over “the short term.”
Nova Scotia Power CEO Peter Gregg says the deal, once approved by the province’s energy regulator, will keep rate increases limited “to be around the rate of inflation,” as costs are spread over a number of years.
The utility helped pay for construction of an underwater transmission link between Newfoundland and Nova Scotia, but the Muskrat Falls project has not been consistent in delivering electricity over the past five years.
Those delays forced Nova Scotia Power to spend more on generating its own electricity.
This report by The Canadian Press was first published Sept. 16, 2024.
TORONTO – Roots Corp. may have built its brand on all things comfy and cosy, but its CEO says activewear is now “really becoming a core part” of the brand.
The category, which at Roots spans leggings, tracksuits, sports bras and bike shorts, has seen such sustained double-digit growth that Meghan Roach plans to make it a key part of the business’ future.
“It’s an area … you will see us continue to expand upon,” she told analysts on a Friday call.
The Toronto-based retailer’s push into activewear has taken shape over many years and included several turns as the official designer and supplier of Team Canada’s Olympic uniform.
But consumers have had plenty of choice when it comes to workout gear and other apparel suited to their sporting needs. On top of the slew of athletic brands like Nike and Adidas, shoppers have also gravitated toward Lululemon Athletica Inc., Alo and Vuori, ramping up competition in the activewear category.
Roach feels Roots’ toehold in the category stems from the fit, feel and following its merchandise has cultivated.
“Our product really resonates with (shoppers) because you can wear it through multiple different use cases and occasions,” she said.
“We’ve been seeing customers come back again and again for some of these core products in our activewear collection.”
Her remarks came the same day as Roots revealed it lost $5.2 million in its latest quarter compared with a loss of $5.3 million in the same quarter last year.
The company said the second-quarter loss amounted to 13 cents per diluted share for the quarter ended Aug. 3, the same as a year earlier.
In presenting the results, Roach reminded analysts that the first half of the year is usually “seasonally small,” representing just 30 per cent of the company’s annual sales.
Sales for the second quarter totalled $47.7 million, down from $49.4 million in the same quarter last year.
The move lower came as direct-to-consumer sales amounted to $36.4 million, down from $37.1 million a year earlier, as comparable sales edged down 0.2 per cent.
The numbers reflect the fact that Roots continued to grapple with inventory challenges in the company’s Cooper fleece line that first cropped up in its previous quarter.
Roots recently began to use artificial intelligence to assist with daily inventory replenishments and said more tools helping with allocation will go live in the next quarter.
Beyond that time period, the company intends to keep exploring AI and renovate more of its stores.
It will also re-evaluate its design ranks.
Roots announced Friday that chief product officer Karuna Scheinfeld has stepped down.
Rather than fill the role, the company plans to hire senior level design talent with international experience in the outdoor and activewear sectors who will take on tasks previously done by the chief product officer.
This report by The Canadian Press was first published Sept. 13, 2024.
VANCOUVER – Mediated talks between the union representing HandyDART workers in Metro Vancouver and its employer, Transdev, are set to resume today as a strike that has stopped most services drags into a second week.
No timeline has been set for the length of the negotiations, but Joe McCann, president of the Amalgamated Transit Union Local 1724, says they are willing to stay there as long as it takes, even if talks drag on all night.
About 600 employees of the door-to-door transit service for people unable to navigate the conventional transit system have been on strike since last Tuesday, pausing service for all but essential medical trips.
Hundreds of drivers rallied outside TransLink’s head office earlier this week, calling for the transportation provider to intervene in the dispute with Transdev, which was contracted to oversee HandyDART service.
Transdev said earlier this week that it will provide a reply to the union’s latest proposal on Thursday.
A statement from the company said it “strongly believes” that their employees deserve fair wages, and that a fair contract “must balance the needs of their employees, clients and taxpayers.”
This report by The Canadian Press was first published Sept. 12, 2024.
