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Futures Better Thursday
Futures for Canada's main stock index rose on Thursday, as positive corporate earnings helped investors look past risks around rising inflation and a global jump in coronavirus infections.
The TSX Composite index fell 28.4 points to close Wednesday at 20,337.45.
The Canadian dollar jumped 0.26 cents to 79.97 cents U.S.
September futures increased 0.2% Thursday.
Bombardier raised its full-year estimates for both revenue and business jet deliveries, as it benefits from a rebound in demand for private jets after the pandemic sapped sales last year.
Canadian Natural Resources posted a better-than-expected profit for the second quarter, buoyed by higher oil prices, which rebounded from pandemic-driven lows.
Thomson Reuters also reported better-than-expected results in its second quarter, with higher sales across its main divisions, and raised its annual revenue forecast.
National Bank of Canada raised the price target on Endeavour Mining to $55.00 from $54.00
Scotiabank raised the target price on Nuvei Corp to $109.00 from $106.00.
BMO raised the target price on Stantec Inc to $67.00 from $65.00.
On the economic slate, Statistics Canada reported that a sharp increase in exports resulted in Canada's merchandise trade balance returning to a surplus position, reaching $3.2 billion.
This follows a $1.6-billion deficit in May. Exports of goods rose 8.7% in June, while imports decreased 1.0%.
ON BAYSTREET
The TSX Venture Exchange gave back 4.12 points Wednesday to 924.06.
ON WALLSTREET
Futures contracts tied to the major U.S. equity indexes were mildly higher Thursday morning as Wall Street looked to improve upon a mixed week.
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Futures for the Dow Jones Industrials hiked 75 points, or 0.2%, to 34,765.
Futures for the S&P 500 gained 10.75 points, or 0.2%, to 4,405.50.
Futures for the NASDAQ Composite Index added 28 points, or 0.2%, to 15,101.50.
Shares of Roku and Uber dropped after each issued quarterly earnings results. Etsy fell 12% in pre-market trading after the company gave guidance for the current quarter that indicated the pandemic-fueled commerce boom may be coming to an end. Uber was off by 3% in premarket trading.
However, earnings season has been strong overall. Goldman Sachs raised its year-end target for the S&P 500 to 4,700, representing 7% upside, in part due to an improving earnings outlook going.
During regular trading Wednesday, shares of Robinhood surged 50%, continuing a volatile jump after last week’s soft initial public offering. Semiconductor stocks were another bright spot, with Nvidia and Advanced Micro Devices rising.
On Thursday, investors will receive yet another update on the U.S. employment situation with the Labor Department’s latest weekly update to initial jobless claims. Recent earnings and economic data have been strong overall, but some economists worry economic growth and employment gains will taper from here.
Overseas, in Japan, the Nikkei 225 index gained 0.5%, while in Hong Kong, the Hang Seng index flopped 0.8%,
Oil prices slid gained 38 cents to $68.53 U.S. a barrel.
Gold prices fell 80 cents to $1,813.70 U.S. a pound.
