North American Morning Briefing: Stock Futures Rise as Tech Rally Gathers Pace -2-

Footage broadcast on Spanish television showed large crowds of mostly young men swimming around breakwaters and climbing over fences to cross into Ceuta. Most carried little more than the shorts and flip-flops they were wearing. Some were equipped with life buoys or swimming fins. Many celebrated setting foot on Spanish soil by shouting, "Long Live Spain."

Write to priscila.barrera@wsj.com

TODAY IN CANADA

Earnings:

Ballard Pwr Sys 2Q

Brookfield Ren 2Q

Cameco Corp. 2Q

Enbridge Inc. 2Q

Foraco Intl SA 2Q

Fortis Inc. 2Q

George Weston 2Q

Imperial Oil 2Q

Magna Intl Inc. 2Q

Parex Res Inc. 2Q

TELUS Corp. 2Q

TransAlta Corp. 2Q

Economic Indicators (ET):

0830 May GDP

Stocks to Watch:

Advantage Energy 2Q Natural Gas & Liquids Sales CAD 196M; Reports 2Q Natural Gas & Liquids Sales of CAD 196 Million; 2Q EPS C$0.26; Now Expect 2026 Operating Costs per BOE at Lower End of Annual Guidance Range

Arc Resources 2Q EPS C$0.62; 2Q Net C$352.7M

Aris Mining Files WKSI Base Shelf Prospectus

Baytex Energy 2Q Free Cash Flow $128M; 2Q Net Income $174.9M; Reports 2Q Net Income of $174.9 Million

Black Diamond Group 2Q FFO CAD 28.6M; 2Q Adj EBIT CAD 12.6M; 2Q Revenue CAD 129.2M; FactSet Est. CAD 130.1M; 2Q Pretax Profit CAD 1.2M; 2Q Basic EPS CAD 0.01; 2Q Adj EBITDA CAD 30.4M; 2Q Gross Profit CAD 52.2M; 2Q Capex CAD 24.9M; Reports 2Q Revenue of CAD 129.2 Million, Compared With FactSet Estimates of CAD 130.1 Million

Couche-Tard Plans to Buy Poland's Zabka for About $8.7 Billion

Definity Financial 2Q Net Income CAD 152.4M; 2Q Expense Ratio 29.7%; 2Q Combined Ratio 93.9%; 2Q Underwriting Revenue CAD 1.45B; 2Q Gross Written Premiums CAD 1.8B; 2Q Insurance Revenue CAD 1.79B; 2Q EPS CAD 1.25; FactSet Est. CAD 0.88; 2Q EPS Beats Estimates

DPM Metals 2Q Free Cash Flow $227.3M; 2Q Adj EBITDA $257.8M; 2Q Pretax Profit $255.9M; 2Q Net Income $230.1M; 2Q Adj Net Income $210.8M; 2Q Revenue $361.5M; FactSet Est. $372.7M; 2Q Revenue Misses Estimates

DREAM Unlimited to Buy U.K.'s Chancerygate; Chancerygate Deal for Assets, Interests for About GBP78M; Sees Funding Added GBP25M to Complete Wholly Owned Chancerygate Projects

Eldorado Gold 2Q Adj EPS 54c; 2Q Net $172.8M; 2Q Rev $487.5M; 2Q EPS 68c; Provides Update on Executive Leadership Transition; George Burns Will Retire as CEO, Effective Sept 30; Burns Will Remain on the Bd of Directors; Christian Milau Will Assume Role of Pres and CEO and Will Join the Bd, Effective Sept 30; Paul Ferneyhough's Role Will Expand to Exec Vice Pres, Strategy and CFO; Exec Vice Pres, Development, Greece Role Is No Longer Required, and Louw Smith Will Be Leaving, Effective Sept 30; George Burns Will Retire as CEO, Effective Sept 30, Following His Retirement Burns Will Remain on Bd of Directors; Effective Sept 30, Christian Milau Will Assume the Role of Pres and CEO and Join the Bd of Directors; Steven Reid Has Stepped Dn as Chair and From the Bd; Board Has Appointed Dan Myerson as Chair

Fairfax Financial Holdings 2Q Net Insurance Revenue $6.73B; 2Q Net Income $1.56B; 2Q Underwriting Profit $458.6M; 2Q Pretax Profit $1.96B; 2Q Gross Written Premiums $9.63B; Reports 2Q Gross Written Premiums of $9.63 Billion

Fairfax India 2Q Net Income $227.9M; Reports 2Q Net Income of $227.9 Million

Hammond Power Solutions 2Q EPS CAD 0.79; FactSet Est. CAD 1.39; 2Q Adj EPS CAD 2.76; FactSet Est. CAD 2.09; 2Q Net Income CAD 9,394; 2Q Sales CAD 325M; FactSet Est. CAD 286.3M; 2Q Gross Margin 31.5%; 2Q Adj EPS Beats Estimates; 2Q Sales C$325M; 2Q EPS C$0.79; 2Q Adj EPS C$2.76

Pembina Pipeline 2Q Gross Profit CAD 933M; 2Q Adj EBITDA CAD 1.06B; 2Q Revenue CAD 2.15B; FactSet Est. CAD 2.07B (2 Est.); 2Q EPS CAD 0.82; FactSet Est. CAD 0.68 (2 Est.); 2Q Basic EPS CAD 0.83; 2Q Capex CAD 218M; 2Q Revenue Beats Estimates

Power Corporation 2Q Adj Net Income CAD 974M; 2Q Net Income CAD 690M; Reports 2Q Net Income of CAD 690 Million; 2Q EPS C$1.10; 2Q Adj EPS C$1.55

TMX Group 2Q Revenue CAD 487.5M; FactSet Est. CAD 471.8M; 2Q Operating Income CAD 227.1M; 2Q EPS CAD 0.52; FactSet Est. CAD 0.51; 2Q Operating Expenses CAD 260.4M; 2Q Adj EPS CAD 0.62; FactSet Est. CAD 0.59; 2Q Adj EPS Beats Estimates

Yangarra Resources 2Q FFO C$0.23/Shr; 2Q EPS C$0.11

Expected Major Events for Friday

01:00/JPN: Jun Steel Imports & Exports Statistics

04:30/JPN: Jun Preliminary Report on Petroleum Statistics

05:00/JPN: Jun Housing Starts

05:00/JPN: Jun Construction Orders

06:00/UK: Jul Nationwide House Price Index

06:45/FRA: Jun PPI

06:45/FRA: Jul Provisional CPI

07:55/GER: Jul Labour market statistics (incl unemployment)

08:00/ITA: Jul Consumer Confidence Survey

08:00/ITA: Jul Business Confidence Survey

08:59/JPN: Japan Monetary Policy Meeting decision

09:00/ITA: Jul Cities CPI

09:00/ITA: Jul Provisional CPI

12:30/CAN: May GDP

12:30/US: 2Q Employment Cost Index

13:45/US: Jul Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI

14:00/US: Jul University of Michigan Survey of Consumers - final

19:00/US: Jun Agricultural Prices

All times in GMT. Powered by Onclusive and Dow Jones.

Expected Earnings for Friday

AbbVie Inc (ABBV) is expected to report $1.80 for 2Q.

Arbor Realty Trust Inc (ABR) is expected to report $-0.04 for 2Q.

Ares Management Corp (ARES) is expected to report $1.33 for 2Q.

AutoNation Inc (AN) is expected to report $5.49 for 2Q.

Balchem Corp (BCPC) is expected to report $1.28 for 2Q.

BrightSpring Health Services Inc (BTSG) is expected to report $0.33 for 2Q.

Brookfield Renewable Corp (BEPC,BEPC.T) is expected to report for 2Q.

Brookfield Renewable Partners LP (BEP,BEP.UN.T) is expected to report $-0.46 for 2Q.

Cameco Corp (CCJ,CCO.T) is expected to report $0.28 for 2Q.

Carter's Inc (CRI) is expected to report $0.05 for 2Q.

Cboe Global Markets Inc (CBOE) is expected to report $3.34 for 2Q.

Chevron Corp (CVX) is expected to report $5.55 for 2Q.

Church & Dwight Co (CHD) is expected to report $0.88 for 2Q.

Colgate-Palmolive Co (CL) is expected to report $0.94 for 2Q.

Dominion Energy Inc (D) is expected to report $0.71 for 2Q.

Enbridge Inc (ENB,ENB.T) is expected to report $0.43 for 2Q.

ExxonMobil Holdings Corp (XOM) is expected to report for 2Q.

Fortis Inc (FTS,FTS.T) is expected to report $0.75 for 2Q.

Franklin Resources Inc (BEN) is expected to report $0.56 for 3Q.

Gates Industrial Corp Ltd (GTES) is expected to report for 2Q.

George Weston Ltd (WN.T,WNGRF) is expected to report for 2Q.

Imperial Oil Ltd (IMO,IMO.T) is expected to report $4.09 for 2Q.

Lear Corp (LEA) is expected to report $3.62 for 2Q.

Magna International Inc (MG.T,MGA) is expected to report $2.08 for 2Q.

Moderna Inc (MRNA) is expected to report $-2.01 for 2Q.

Moog Inc - Class A (MOGA,MOGB) is expected to report $2.55 for 3Q.

Newell Brands Inc (NWL) is expected to report $0.17 for 2Q.

Oppenheimer Holdings Inc (OPY) is expected to report for 2Q.

Parex Resources Inc (PARXF,PXT.T) is expected to report for 2Q.

Perella Weinberg Partners (PWP) is expected to report for 2Q.

Portland General Electric (POR) is expected to report $0.66 for 2Q.

Proto Labs Inc (PRLB) is expected to report $0.38 for 2Q.

RBC Bearings Inc (RBC) is expected to report $2.82 for 1Q.

Silvercrest Asset Management Group Inc (SAMG) is expected to report $0.28 for 2Q.

T Rowe Price Group Inc (TROW) is expected to report $2.44 for 2Q.

TELUS Corp (T.T,TU) is expected to report $0.12 for 2Q.

TPG Mortgage Investment Trust Inc (MITT) is expected to report $0.29 for 2Q.

TXNM Energy Inc (TXNM) is expected to report $0.19 for 2Q.

TransAlta Corp (TA.T,TAC) is expected to report $0.14 for 2Q.

iRadimed Corp (IRMD) is expected to report $0.40 for 2Q.

Powered by Onclusive and Dow Jones.

ANALYST RATINGS ACTIONS

Bloom Energy Raised to Outperform From Neutral by Mizuho

Capricor Therapeutics Cut to Neutral From Buy by HC Wainwright & Co.

Capricor Therapeutics Cut to Neutral From Overweight by Cantor Fitzgerald

Capricor Therapeutics Cut to Neutral From Overweight by Piper Sandler

CBIZ Cut to Market Perform From Market Outperform by CJS Securities

Cincinnati Fincl Cut to Neutral From Buy by B of A Securities

Core Scientific Raised to Outperform From Market Perform by Keefe, Bruyette & Woods

Coursera Slides on Lower 2Q Core Revenue

ExlService Raised to Outperform From Neutral by Baird

Humana Cut to Market Perform From Outperform by Raymond James

Humana Raised to Outperform From In-Line by Evercore ISI Group

Intuitive Surgical Cut to Hold From Buy by HSBC

Las Vegas Sands Cut to Hold From Buy by Argus Research

Lemonade Raised to Market Perform From Underperform by Keefe, Bruyette & Woods

LeonaBio Raised to Market Outperform From Market Perform by Citizens

Lithia Motors Cut to Neutral From Buy by UBS

Manhattan Associates Raised to Buy From Hold by Loop Capital

Masco Cut to In-Line From Outperform by Evercore ISI Group

NBT Bancorp Cut to Equal-Weight From Overweight by Stephens & Co.

Neptune Insurance Cut to Market Perform From Outperform by BMO Capital

Option Care Health Cut to Hold From Buy by Deutsche Bank

Paymentus Holdings Cut to Neutral From Outperform by Baird

PennyMac Fincl Services Cut to Neutral From Overweight by Piper Sandler

Procter & Gamble Cut to Hold From Buy by HSBC

Sanara MedTech Cut to Neutral From Buy by HC Wainwright & Co.

SiteOne Landscape Supply Cut to Hold From Buy by Stifel

Sprouts Farmers Market Raised to Overweight From Neutral by JP Morgan

Stock Yards Bancorp Cut to Market Perform From Outperform by Hovde Group

(MORE TO FOLLOW) Dow Jones Newswires

July 31, 2026 06:19 ET (10:19 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.