📊 The selloff spread beyond tech as oil pushed past $100. The Dow dropped 1.23% to 52,215.16, the S&P 500 slipped 0.52%, the Nasdaq lost 0.21% and Canada’s S&P/TSX Composite fell 0.52%. 💳 American Express ($AXP) fell more than 3% after announcing it will cut about 5% of its global workforce, citing the need to prepare for AI. Caterpillar edged down about 2% and Goldman Sachs lost more than 1%, adding to the Dow’s drag. 🛒 Discount retailers sank on diesel costs. Dollar Tree ($DLTR) and Dollar General ($DG) each dropped around 5% after Wells Fargo warned that third quarter diesel prices, up roughly 60% year over year, will more than double the hit to earnings per share to 6.2%. Dollar Tree is the most exposed, facing about $25 million in third quarter profit pressure. 📡 Rogers Communications ($RCI) slid despite beating on both lines, with adjusted earnings of $1.29 per share on revenue of $5.44 billion. Wireless service revenue fell 1%, mobile ARPU dropped to $55.22 from $56.70 and postpaid net additions collapsed to 6,000 from 62,000 a year ago. 🚚 Mullen Group ($MTL) gave it all back, falling 10.90% to $28.76 to finish as the worst TSX performer. The logistics company had led the index Thursday with an 11.50% jump on record quarterly results. 🛢️ Brent rose 3.1% to settle at $116.72, its highest since April, and WTI gained 3.8% to $103.27 on reports the U.S. and Israel may be planning renewed strikes on Iran. ExxonMobil, Chevron and ConocoPhillips all hit all-time highs, while uranium and clean energy ETFs fell to 52-week lows. 👨🏻💻 Researched and written daily by @timemino
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1 Comments
Mike L
@noviceadvisor · 8h
Tim's on an oil streak!
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