Gold Slips As Investors Look To US Jobs Report
Gold prices edged lower on Thursday after the minutes from the mid-December meeting showed that Fed officials remained determined to keep rates high despite mounting economic uncertainties.
Spot gold dipped 0.4 percent to $1,847.70 per ounce, while U.S. gold futures were down 0.3 percent at $1,853.20.
Data released overnight showed that U.S. job openings, a measure of labor demand, remained elevated in November – running counter to the Fed’s goal of slowing hiring and the economy in order to bring down inflation.
However, a contraction in U.S. manufacturing activity in December indicated that economic growth was slowing.
Investors await economic reports on U.S. weekly jobless claims, private sector employment and trade deficit later today for more direction.
The U.S. ADP private payrolls data for December is scheduled for release at 8:15 am ET while non-farm payrolls data is due on Friday.
The dollar traded roughly flat in choppy trading despite hawkish Fed rhetoric.
Oil Prices See Tentative Recovery
Oil prices rebounded on Thursday, after having fallen around 9 percent in the previous two sessions, marking the worst yearly start in over three decades, on concerns about the demand outlook in the United States and China.
Benchmark Brent crude futures jumped 2.4 percent to $79.72 a barrel, while WTI crude futures were up 2.5 percent at $74.64.
Today’s rebound comes after top U.S. pipeline operator Colonial Pipeline said its Line 3 had been shut for unscheduled maintenance with a restart expected on Jan. 7.
Big declines in the previous two sessions were driven by weak demand data from China and fears of a global recession.
A measure of U.S. manufacturing contracted further in December and the COVID surge in China hit its commercial hub Guangzhou, raising concerns over the demand outlook.
Also weighing on prices were inventory figures from the American Petroleum Institute showing a rise in U.S. crude and gasoline stocks.
Official inventory data from the Energy Information Administration is due later in the day.
Air Raid Alert Issued Across Ukraine As Russia Fires 120-plus Missiles
Ukraine issued an air raid alert across the country on Thursday after Russia launched more than 120 missiles in a fresh wave of attacks targeting civilian infrastructure in Ukrainian cities.
The Ukrainian Air Force said Russia was attacking the country from various directions with air and sea-based cruise missiles and Kamikaze drones.
Several explosions were reported in the Western city of Lviv, according to Mayor Andriy Sadovy. 90 percent of the city was without power, he said.
The Military Administration of Kryvyi Rih said the central city was attacked with missiles fired from Russian ships and planes stationed at the Black Sea.
Air defense systems were activated in capital Kyiv, Kharkiv in the northeast, Mykolaiv and Odesa in the south, and Zhytomyr and Poltava in central Ukraine among other cities.
Kyiv Mayor Vitali Klitschko said that air defense forces intercepted 16 missiles over the city.
Three people, including a 14-year-old girl, were injured in the attack. Residential homes, an industrial facility and a playground were damaged.
Presidential adviser Oleksiy Arestovych told residents to stay in shelters.
Earlier, Russia’s foreign minister Sergey Lavrov said his government will not negotiate with its counterparts in Ukraine under a 10-point peace formula proposed by President Volodymyr Zelensky, alleging that it is “another PR campaign from Washington.”
Pre-market Movers: BXRX, KALA, YELL, KWE, SATX…
The following are some of the stocks making big moves in Thursday’s pre-market trading (as of 07.00 A.M. ET).
In the Green
Baudax Bio, Inc. (BXRX) is up over 50% at $3.46
Kala Pharmaceuticals, Inc. (KALA) is up over 32% at $16.50
Yellow Corporation (YELL) is up over 21% at $2.99
KWESST Micro Systems Inc. (KWE) is up over 19% at $2.80
Satixfy Communications Ltd. (SATX) is up over 17% at $5.40
Brookdale Senior Living Inc. (BKD) is up over 9% at $2.97
BlackRock Science and Technology Trust (BST) is up over 6% at $29.94
BP Prudhoe Bay Royalty Trust (BPT) is up over 5% at $12.95
Lufax Holding Ltd (LU) is up over 5% at $2.01
In the Red
PAR Technology Corporation (PAR) is down over 14% at $21.00
Clearmind Medicine Inc. (CMND) is down over 12% at $2.92
Third Coast Bancshares, Inc. (TCBX) is down over 9% at $17.00
LightJump Acquisition Corporation (LJAQ) is down over 9% at $10.85
Healthcare Realty Trust Incorporated (HR) is down over 8% at $17.37
Gaotu Techedu Inc. (GOTU) is down over 8% at $2.58
TAL Education Group (TAL) is down over 5% at $7.12
Constellation Brands Inc Q3 Profit Misses Estimates
Constellation Brands Inc (STZ) reported earnings for third quarter that missed the Street estimates.
The company’s earnings totaled $467.7 million, or $2.52 per share. This compares with $470.8 million, or $2.48 per share, in last year’s third quarter.
Excluding items, Constellation Brands Inc reported adjusted earnings of $524.7 million or $2.83 per share for the period.
Analysts on average had expected the company to earn $2.89 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 4.4% to $2.62 billion from $2.51 billion last year.
Constellation Brands Inc earnings at a glance (GAAP) :
-Earnings (Q3): $467.7 Mln. vs. $470.8 Mln. last year.
-EPS (Q3): $2.52 vs. $2.48 last year.
-Analyst Estimates: $2.89
-Revenue (Q3): $2.62 Bln vs. $2.51 Bln last year.
Full year EPS guidance: $11.00 – $11.20