Stocks Scale Record Highs on Oil Prices Jump

Futures for Canada's main stock index scaled all-time highs on Thursday, as a jump in oil prices was set to boost heavyweight energy stocks.

The TSX Composite rumbled 106.64 points to close Wednesday 20,689.58.

The Canadian dollar added 0.12 cents to 79.34 cents U.S.

September futures gathered 0.2% Thursday.

TD Securities raised the price target on Alimentation Couche-Tard to 58.00 from $54.00

H.C. Wainwright initiated coverage on Banxa Holdings with buy rating

Credit Suisse raised the target price on Laurentian Bank to $44.00 from $42.00

Canadians will face a stark choice on how to tackle a child care crisis when they go to the polls on Sept. 20, with the ruling Liberals vowing to push ahead with a subsidized daycare system and the rival Conservatives offering tax credits to parents.

Canada will donate more than 1.3 million doses of AstraZeneca's COVID-19 vaccine to three African countries through the COVAX vaccine-sharing facility, GAVI said on Thursday.

On the economic beat, Statistics Canada reported the total value of building permits in Canada decreased 3.9% to $9.9 billion in July.

All provinces except British Columbia and Newfoundland and Labrador posted lower values, with the majority of the national decline reported in Alberta (-23.4%).

Meanwhile, Canada’s merchandise imports rose 4.2% and exports increased 0.6%. As a result, Canada's merchandise trade surplus narrowed from $2.6 billion in June to $778 million in July.

ON BAYSTREET

The TSX Venture Exchange improved 11 points, or 1.2%, to close Wednesday at 907.54

ON WALLSTREET

U.S. stock futures gained slightly on Thursday after the S&P 500 finished the first trading session of the month near the flatline.

Read: Top Reasons to Invest in the Accelerating Digital Motorsports Market

Futures for the Dow Jones Industrials gained 59 points, or 0.2%, to 35,349

Futures for the S&P 500 picked up 8.75 points, or 0.2%, to 4,530.

Futures for the NASDAQ Composite Index acquired 40 points, or 0.3%, to 15,649.25.

There were very few big movers in pre-market trading. Shares of Moderna were up 1%. Shares of ChargePoint, the maker of charge systems for electric vehicles, jumped 12% after reporting stellar quarterly earnings. Pet retailer Chewy and retailer Five Below saw shares tumble 9% and 8%, respectively, after reporting quarterly results.

Chipmaker Broadcom is scheduled to report quarterly results after the bell Thursday.

Key jobs data the next two days could dictate trading. On Thursday, weekly jobless claims are expected to fall to 345,000, down from 353,000 in the week prior, according to economists polled by Dow Jones.

Friday brings the big August jobs report, which investors are watching closely to decipher how fast the Federal Reserve will remove easy monetary policy. Economists predict 720,000 jobs were added in the month, down from 943,000 jobs added in July. On Wednesday, ADP data showed U.S. companies created fewer jobs in August than expected.

Overseas, in Japan, the Nikkei 225 index gained 0.3% Thursday, while in Hong Kong, the Hang Seng index picked up 0.2%.

Oil prices advanced 22 cents to $68.81 U.S. a barrel.

Gold prices gained $1.90 to $1,817.90 U.S. a pound.