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Futures Tumble Thursday

Canadian Tire, Cargojet in Focus

Futures for Canada's main stock index slipped on Thursday, weighed by a near 3% fall in oil prices as the deepening COVID-19 crisis in India raised concerns about demand.

The TSX lost 166.27 points to end Wednesday at 19,110.77

The Canadian dollar dipped 0.51 cents Thursday to 82.45 cents U.S.

June futures sank 0.6% Thursday.

Canadian Tire surpassed analyst estimates for first-quarter revenue, helped by strong online demand for bikes, patio furniture and pool supplies from people stuck at home due to the COVID-19 crisis.

Cargojet has threatened to move work to the United States unless it wins exemption from rules aimed at preventing pilot fatigue because of their cost, according to a deal rejected by its pilots.

BMO raised the target price on Intact Financial to $190.00 from $185.00

Scotiabank cuts target price on Northland Power to $48.25 from $52.00


The TSX Venture Exchange dropped 19.53 points, or 2.1%, to 910.92.


Futures contracts tied to the major U.S. stock indexes were set to add to Wednesday’s steep losses, but have started to rebound.

Futures for the Dow Jones Industrials dropped 72 points, or 0.2%, to 33,436.

Futures for the S&P 500 gained 6.5 points, or 0.2%, to 4,065.25.

Futures for the NASDAQ Composite index jumped 76.25 points, or 0.6%, to 13,074.75, as investors stepped into buy some tech stocks under fire all week.

Key tech stocks rebounded in premarket trading following early morning losses. Facebook, Apple, Amazon, Netflix and Alphabet turned higher in pre-market trading and were each up about 1%. Even Tesla reversed course, trading higher by 1%.

Traders across the board cited a rise in interest rates, triggered by a hotter-than-expected inflation report, for the midweek slump.

The U.S. Labor Department reported that the prices American consumers pay for goods and services accelerated at their fastest pace since 2008 last month with the Consumer Price Index spiking 4.2% from a year ago.

More inflation data is set to be released at 8:30 am ET Thursday with the Producer Prices Index. Expectations are for a 0.3% increase in April over the previous month, according to economists polled by Dow Jones.

Stateside jobless claims, also set for 8:30 am ET release, are expected to total 500,000, about the same as last week, according to economists polled by Dow Jones.

Overseas, in Japan, the Nikkei 225 tumbled 2.5%, while in Hong Kong, the Hang Seng index let go of 1.8% Thursday.

Oil prices lost $1.46 to $64.62 U.S. a barrel.

Gold prices surrendered $7.20 to $1,815.60 U.S.