Futures for stocks in Canada’s largest market rose on Thursday, helped by higher oil prices and as investors awaited the monthly U.S. jobs report for signs of an economic rebound following the easing of coronavirus-led lockdowns.
The S&P/TSX Composite Index popped 125.50 points to close Tuesday at 15,515.22.
June futures jumped 1% Thursday.
Canadian markets were shuttered Wednesday for Canada Day.
A modernized U.S.-Mexico-Canada trade pact took effect on Wednesday, ensuring continuity for manufacturers and agriculture, but the threat of disputes is exposing cracks in what was meant to be a stronger North American fortress of competitiveness.
A Michigan circuit court ruled Wednesday that Enbridge can restart operations at the west leg of its Line 5 pipeline while the damaged east leg remains shut.
Credit Suisse raised the price target on Canadian Natural Resources to $32.00 from $29.00
Scotiabank cuts target price on Cineplex to $13.00 from $15.00
Economically speaking, Statistics Canada reported exports increased 6.7% in May. Meanwhile, imports decreased 3.9%. As a result, Canada's merchandise trade deficit with the world narrowed from $4.3 billion in April to $677 million in May.
Also, the Markit Canada Manufacturing Purchasing Managers Index was due out this morning at 9:30 EDT.
The TSX Venture Exchange charged ahead 11.88 points, or 2%, to 620.13.
Futures contracts tied to the major U.S. stock indexes rose early Thursday as investors awaited two closely watched jobs reports on the week’s final day of trading ahead of the July Fourth holiday.
Futures for Dow Jones Industrials bounced 255 points, or 1%, early Thursday, to 25,830.
Futures for the S&P 500 acquired 24.25 points, or 0.8%, to 3,127.25.
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Futures for the NASDAQ Composite Index added 65.5 points, or 0.6%, to 10,334.25.
The pre-market moves Thursday followed the market’s first trading day in the third quarter. Both the S&P 500 and NASDAQ Composite gained during the regular session on Wednesday, with the latter jumping more than 1% to an all-time high.
Boeing shares contributed to the gains before the bell, rising 2.2% after the company completed a series of recertification test flights for the 737 Max.
Though traders accredited Wednesday’s gains to optimism over a COVID-19 vaccine being developed by Pfizer and BioNTech, Thursday’s multiple jobs reports loom large into the holiday weekend.
U.S. markets will be closed on Friday for the July Fourth holiday.
The closely-watched monthly employment report, set to be released Thursday, has proven difficult for market watchers to forecast of late. Last month, economists forecast a loss of eight million jobs in May and the economy gained 2.5 million payrolls instead.
Economists expect nearly three million jobs were created in June, as companies rehired workers they let go when the economy shut down. Consensus estimates also forecast the unemployment rate falling to 12.4% from 13.3% in May.
Meanwhile, the weekly jobless claims data will also be released Thursday morning.
Overseas, in Tokyo, the Nikkei 225 nicked ahead 0.1% Thursday, while in Hong Kong, the Hang Seng index popped 2.9%.
Oil prices gained 31 cents at $40.13 U.S. a barrel.
Gold prices popped $2.60 to $1,782.50.