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Futures Soar Thursday

·3 min read

Futures for stocks in Canada’s largest market rose on Thursday, bolstered by higher bullion prices and a survey showing domestic exporter confidence hit its best level in more than 20 years, signaling that a sustained global economic recovery was underway.

The TSX Composite index faded 36.26 points to end Wednesday at 20,164.39

The Canadian dollar gained 0.07 cents to 81.33 cents U.S.

September futures improved 0.4% Thursday.

Enbridge said on Wednesday that construction on its Line 5 oil pipeline tunnel under the Great Lakes will be delayed, after the U.S. Army Corps of Engineers announced the project will undergo a tougher environmental review.

In the economic docket, Statistics Canada reported the number of employees receiving pay or benefits from their employer—measured in SEPH as payroll employment—increased by 166,900 (+1.0%) in April.

Export Development Canada's Trade Confidence Index jumped 19% from end-2020 to mid-2021, the largest six-month increase since the survey began in 1999, the agency said.

ON BAYSTREET

The TSX Venture Exchange rocketed 7.52 points Wednesday to 946.71.

ON WALLSTREET

Stock futures jumped on Thursday with the S&P 500 poised to surpass its record high set a week ago.

Futures for the Dow Jones Industrials hiked 179 points, or 0.5%, to 33,938.

Futures for the S&P 500 added 20 points, or 0.5%, to 4,251.50.

The NASDAQ jumped 79.25 points, or 0.6%, to 14,342.25

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A broad group of stocks were jumping in pre-market trading and set to push the benchmark above a new all-time high. Tesla added more than 2%, while GM and Caterpillar each gained about 1%.

Despite a slight decline Wednesday, the S&P 500 is up 1.8% so far this week and sits just 0.4% from an all time high set last Tuesday, the day before a Federal Reserve policy update caused a dip in the market.

Investors await new jobs data set to be released at 8:30 a.m. ET which is expected to show weekly jobless claims fell to 380,000 from 412,000 the week prior, according to economists polled by Dow Jones. Data on durable goods orders will also be released.

Despite Wednesday’s hiccup, the three major indexes are up more than 1% this week, rallying from a selloff last week after the Federal Reserve heightened inflation expectations and forecast rate hikes as soon as 2023.

Comments from Fed Chair Jerome Powell during a Congressional testimony Tuesday reiterated that inflation pressures should be temporary, which seemed to soothe market sentiment.

Darden Restaurants, Nike and FedEx are set to report quarterly earnings on Thursday.

Overseas, in Japan, the Nikkei 225 gained less than one point, while in Hong Kong, the Hang Seng index picked up 0.2%.

Oil prices fell back nine cents to $72.99 U.S. a barrel.

Gold prices dipped 90 cents to $1,784.30 U.S.

Dow Zooms, S&P Set to Re-Take Record

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