Stock futures pointed to a lower opening for equities in Canada’s largest market on Thursday as investors took to the sidelines ahead of one of the big global central banker gatherings of the year.
The S&P/TSX Composite dumped 138.53 points to end a dismal Wednesday at 14,626.24, with September futures capitulating 0.3% early Thursday.
The Canadian dollar docked 0.07 cents to 77.29 cents U.S. early Thursday.
Canadian Imperial Bank of Commerce reported a 47% rise in third-quarter profit, helped by growth in its retail and business banking as well as capital markets units.
Toronto-Dominion Bank reported third-quarter earnings that were ahead of market expectations, helped by growth in its U.S. retail and wholesale banking business.
CIBC raised the target price on Pretium Resources to $15.00 from $14.00
CIBC cut the target price on Prometic Life Sciences to $4.85 from $5.00
Barclays raised the price target on Royal Bank of Canada to $74.00 from $72.00 with underweight rating.
On the economic calendar, Statistics Canada reported that average weekly earnings of non-farm payroll employees were $958 in June, up 0.4% from the previous month. Compared with 12 months earlier, average weekly earnings increased 0.5%.
ON BAYSTREET
The TSX Venture Exchange sank 28.27 points, or 3.5%, Wednesday to 789.52
ON WALLSTREET
U.S. stock index futures indicated a lower open on Thursday as traders analyzed economic of data and anticipated Friday's speech from U.S. Federal Reserve Chair Janet Yellen.
Ahead of the opening bell, futures for the Dow Jones Industrials retreated 34 points, or 0.2%, to 18,438, while futures for the S&P 500 dipped 4.25 points, or 0.2%, at 2,170.75. NASDAQ futures fell 9.25 points, or 0.2%, to 4,777.
On the earnings front, Dollar General and Tiffany, among others,reported quarterly results before the open. Autodesk and Splunk are among companies set to report after the bell.
Yellen is set to speak in Jackson Hole, Wyoming on Friday, and traders will be watching as to whether she gives any indications on rate hikes.
Initial jobless claims fell for a third straight week to to 261,000. Durable goods orders for July rose 4.4%, above expectations. The Markit Services PMI is due at 9:45 a.m ET.
In Europe, markets were down, while in Asia, Japan's Nikkei closed 0.3% lower on Thursday, while in China the Shanghai Composite closed 0.6% lower.
Oil prices slipped nine cents to $46.68 U.S. a barrel
Gold prices dropped $7.20 to $1,322.50 U.S. an ounce.
