Static Start for Stocks Thursday
Futures for Canada's main stock index were muted on Thursday after a resources-led rally in the prior session as investors shied away ahead of a reading of the crucial U.S. jobs data, while higher oil prices provided some support.
The TSX Composite popped 264.21 points, or 1.4%, to conclude Wednesday at 19,571.16.
Futures on the S&P/TSX index were flat Thursday morning.
The Canadian dollar demurred 0.24 cents to 73.44 cents U.S.
Among single stocks to look out for, RBC started coverage on asset manager Brookfield Asset Management with an "outperform" rating.
Bombardier CEO Eric Martel voiced concerns over Canada's potential plan to buy reconnaissance jets directly from Boeing Co instead of tapping its home-grown aerospace industry through a bidding process.
Canaccord Genuity raised Automotive Properties Real Estate Investment Trust to "buy" from "hold".
On the economic calendar, Statistics Canada stated the number of employees receiving pay or benefits from their employer—referred to as "payroll employees" in the Survey of Employment, Payrolls and Hours—was little changed in October (-5,400), following an increase of 96,400 (+0.5%) in September.
ON BAYSTREET
The TSX Venture Exchange pointed upward 8.31 points, or 1.5%, Wednesday to 570.76.
ON WALLSTREET
Stock futures were muted in early trading on Thursday, as traders digested a sharp rally from the previous session.
Futures for the Dow Jones Industrials lost 58 points, or 0.2%, early Thursday to 33,511.
Futures for the S&P 500 stepped back 9.75 points, or 0.3%, to 3,896.
Futures for the NASDAQ Composite slipped 41 points, or 0.4%, to 11,293.50.
CarMax shares dropped more than 12% in the pre-market after the used car retailer missed profit and revenue expectations. Micron Technology shares slipped 3% in the pre-market on disappointing quarterly results. Under Armour shares shifted between gains and losses after the athletics apparel maker selected Marriott executive Stephanie Linnartz as its next CEO.
Even with Wednesday’s gains, stocks are on pace to finish the month with losses. The Dow is down 3.5%, while the S&P 500 lost 4.9% and NASDAQ has tumbled 6.6%. All three major averages are slated to break a three-year win streak and post their worst yearly performance since 2008.
On Thursday, investors awaited jobless claims data.
In Japan, the Nikkei 225 gained 0.5% Thursday, while in Hong Kong, the Hang Seng Index popped 2.7%.
Oil prices took on $1.24 to $79.53 U.S. a barrel.
Gold prices climbed $1.40 to $1,826.80 U.S. an ounce.
Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.
