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Stocks Due for Slight Gains

Baystreet.ca
·2 min read

Futures for Canada's main stock index nudged higher on Thursday as energy and metal prices climbed in the run up to U.S. inflation data, due later today, that would shape expectations for how soon the U.S. Federal Reserve may start cutting interest rates.

The TSX Composite inched higher 18.44 points to conclude Wednesday at 20,989.42.

March futures advanced 0.2% Thursday.

The Canadian dollar moved upward 0.11 cents to 74.86 cents U.S.

In company news, Thomson Reuters, the parent company of the Reuters news agency said on Thursday it has offered to buy Swedish e-invoicing and tax solutions company Pagero for 6.4 billion crowns (about $627 million U.S.), topping an earlier offer from U.S. tax technology firm Vertex.

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The Panama unit of First Quantum Minerals said on Wednesday that it will present the first phase of its mine preservation plan to government officials on Jan 16, according to a statement.

Aritzia reported its third-quarter results on Wednesday after the bell, beating analysts' expectations.

ON BAYSTREET

The TSX Venture Exchange poked higher 0.49 points Wednesday to 554.42.

ON WALLSTREET

Stock futures inched up Thursday as Wall Street prepared for the latest inflation data and the start of the fourth-quarter earnings season.

Futures for the Dow Jones Industrials squeaked higher six points to 37,942.

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Futures for the S&P 500 struggled higher 6.5 points, or 0.1%, at 4,826.75.

Futures for the NASDAQ grabbed 61 points, or 0.4%, to 17,006.25.

December’s consumer price index report was due at 8:30 a.m. ET. Economists polled by Dow Jones predict that the CPI rose 0.2% in December and 3.2% on a year-over-year basis.

The inflation data will be a key catalyst for markets and could provide evidence as to whether the Federal Reserve’s tightening measures have done enough to tamp down prices. The results could also test the market’s expectations for six rate cuts in 2024, versus the central bank’s forecast for three cuts this year.

Investors are also eyeing the kickoff of the fourth-quarter earnings season, which will see banking behemoths Bank of America, Wells Fargo and JPMorgan Chase report results Friday.

Elsewhere, the U.S. Securities and Exchange Commission on Wednesday approved rule changes, opening the door for bitcoin exchange-traded funds. The long-awaited move would expand investors’ access to the flagship crypto. Bitcoin ticked down after the news Wednesday evening, while ether climbed.

In Japan, the Nikkei 225 soared 1.8%, to remain above 35,000 for the first time since February 1990, while in Hong Kong, the Hang Seng Index gathered 1.3%.

Oil prices gained $1.34 to $72.71 U.S. a barrel.

Gold prices zoomed $11.40 to $2,039.20 U.S. an ounce.