S&P 500 Hits Record Highs

Author

Faro Capital
February 11, 2024

Good Morning,

The S&P 500 and Nasdaq 100 hit record highs, propped up by mega cap stocks. The Dow Jones dropped due to energy and industrials underperforming. Revisions on the BLS report showed CPI increased by 0.2% m/m in December.

 The TSX ended Friday higher. In January almost 40K jobs were added to the Canadian economy. 

Brazil stocks ended the week lower as the country heads into the holidays for Carnaval. The Brazilian stock exchange will be closed Monday and Tuesday. Banco do Brasil hit record profits on Q4 earnings. The stocks still dropped due to worried of line items on its financial statements.

Markets:

Source: Koyfin

Source: Koyfin

Top New Stories

Canada

  • Bombardier stock drops due to slow growth and lower profits (BNN)

  • Canada Nickel Co plans a $1B nickel processing plant in Ontario (BNN)

  •  Thomson Reuters reports great earnings (BNN)

  •  Canfor Pulp sales Taylor Pulp mill for $7M (BNN)

  •  TFI International earned $131.4M in Q4, lower than last year (BNN)

  •  Cineplex reports Q4 losses (BNN)

  •  Bell Canada cuts 9% of its workforce (BNN)

  •  Laurentian Bank selects three new board members (BNN)

  • Montreal airport gets $90M in funding (BNN)

  •  Brookfield Asset Management reports $95M Q4 profit (BNN)

  •  Algoma Steel reports a C$84.8M loss in Q3 (BNN)

  •  TMX group reports C$84.4M in Q4 profit (BNN)

  •  Montreal home sales rose 18% in January (MG)

U.S.

  • Overdraft fees are dropping (CNBC)

  • Pepsi reported mixed earnings last Friday (CNBC)

  •  Disney beat earnings estimates (CNBC)

  •  ESPN will start streaming services in Fall 2025 (CNBC)

  •  Warner music cuts staff by 10% (CNBC)

  •  NYCB gets new chairman as problems continue to grow (CNBC)

  • Spirits beat beer & wine sales in 2023, for the second straight year (CNBC)

  •  CVS beats earnings expectations (CNBC)

  • Ford beats earnings expectations (CNBC)

  •  Chipotle earnings beats estimates (CNBC)

  •  Owens Corning to buys Masonite Intl for $3.9B (WSJ)

Argentina

  • Wall Street banks will visit Argentina to evaluate its investment environment (BAT)

  •  President Milei sets to end capital controls by June (BAT)

  •  Inflation hits 21.7% in Buenos Aires City in Jan. (BAT)

  • YPF plans asset sale to focus on shale production (BAT)

  •  Top stories of the week (BAT)

Bolivia

  • Bolivia is partnering with China top open zinc refinery with $350M loan, funding comes from China’s Eximbank (RIO)

Brazil

  • Brazil saw a 63% tourist surge in 2023 (RIO)

  • Petrobras to invest $100B to offshore oil exploration & production (RIO)

  • Brazil expects grain production to drop by 3.8% in 2024 (RIO)

  • Brazil’s trade surplus hits $6.527B, the highest for the month, setting new record (RIO)

  • Embraer gets investment grade status (RIO)

  • GOL says LATAM is stealing its aircrafts and pilots (RIO)

  • Brazil’s current account dropped to $28.6B in 2023 vs $48.3B in 2022 (RIO)

  • Mining income dropped in 2023 (RIO)

Colombia

  • Rice production grew 3.3% in 2023 (PORT)

  • Palm oil production started the year lower vs last year (PORT)

  • Fitch explains why thy dropped Colombia’s credit quality (PORT)

  • Ecopetrol reveals plans to maintain Barranca refinery (PORT)

  • Colombian departments and their exports in 2023 (PORT)

  • Inflation drops 8.35%, lowest in two years (PORT)

  • Coffee production rose 22% y/y in Jan (PORT)

  • Colombian exports to Venezuela rose 6.5% in 2023 (PORT)

Cuba

  • Sugar production hits historic low of 400K tons in 2023 vs historic of nearly 7M tons in 1960 (RIO)

Dominican Republic

  • Dominican Republic and Guyana announce three flights a week through airline Sky High (ELD)

Ecuador

  • Ecuador and China announce a Free trade agreement (RIO)

  • Inflation hit 1.35% in Jan. (RIO)

Mexico

  • PEMEX starts exploration in Chiapas (MB)

  • Oil & Gas news for the week (MB) 

  • Reforms seek to ban open pit mining (MB)

  • Finance news for the week (MB) 

  • Grupo Vasconia issues reports of low liquidity, solvency, and profitability (MB)

  •  3B shots for $500M in its IPO in the US (MB)

Peru

  • Central bank cuts rates to 6.25% (ELD)

Uruguay

  • Exports grew 8%, totaling $917M in Jan (RIO)

  • New car sales rose 4.2% in Jan., totaling 4,166 units (RIO)

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