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TSX Hopes for Big Finish

·2 min read

Markets in Toronto are hoping to end the last full week of June with a flourish

The TSX Composite index regained 50.73 points to end Thursday at 20,215.12.

The Canadian dollar inched ahead 0.13 cents to 81.29 cents U.S.

September futures were not available at press time.

ON BAYSTREET

The TSX Venture Exchange added 4.69 points Thursday to 950.59.

ON WALLSTREET

U.S. stock futures rose on Friday with the S&P 500 headed for its best week since April in a comeback from last week’s swoon induced by worries about a tighter Federal Reserve.

Futures for the Dow Jones Industrials gained 111 points, or 0.3 %, to 34,193.

Futures for the S&P 500 increased 4.25 points, or 0.1%, to 4,260.25.

The NASDAQ jumped 12.75 points, or 0.1%, to 14,367.

The S&P 500, which closed at a record Thursday, is up 2.4% for the week so far, which would be its best gain since early April. The Dow is up 2.7% this week and the NASDAQ is up 2.4% since last Friday.

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Nike’s stock surged 12% in pre-market trading, helping to boost sentiment for the Dow. The company reported earnings and revenue that blew past Wall Street estimates. Digital sales also jumped 41% since last year and 147% from two years ago.

Bank of America gained 1.4%, and Wells Fargo rose 2%, in the pre-market.

Shares of the major U.S. banks popped after the Federal Reserve announced the industry could easily withstand a severe recession.

The Fed, in releasing the results of its annual stress test, said the 23 institutions in the 2021 exam remained “well above” minimum required capital levels during a hypothetical economic downturn. The decision cleared the way for the banks to raise dividends and buy back more stock, which was suspended during the pandemic.

Shares of Caterpillar jumped 2.6% on optimism around an infrastructure deal on Thursday. The shares were higher by another 1% in pre-market trading Friday.

On the flipside Friday, FedEx dipped 4% in pre-market trading despite beating on the top and bottom lines of its earnings. FedEx also gave a strong yearly outlook.

Overseas, in Japan, the Nikkei 225 gained 0.7%, while in Hong Kong, the Hang Seng index gained 1.4%.

Oil prices fell 18 cents to $73.12 U.S. a barrel.

Gold prices dipped eight dollars to $1,784.70 U.S.

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