Canada's main stock index futures fell on Thursday, dragged by weaker oil prices, as record-high U.S. crude stock and an upsurge in global COVID-19 cases dented hopes of recovery in fuel demand.
The S&P/TSX Composite Index headed lower 270.37 points, or 1.7%, to end Wednesday at 15,294.38.
The Canadian dollar dipped 0.3 cents Thursday to 73.26 cents U.S.
June futures removed 0.1% Thursday.
BlackBerry reported quarterly revenue below Wall Street estimates on Wednesday, as demand for its QNX software used in cars was hit by the COVID-19 pandemic that severely bruised the auto industry.
Scotiabank cut the target price on Cineplex to $15.00 from $35.00
Canaccord Genuity resumes coverage on Diversified Royalty Corp. with a buy rating and a price target of $2.75
CIBC starts coverage on Endeavour Mining with outperform rating, and a target price of $40.00
On matters macroeconomic, Statistics Canada reported that, following a decline of almost one million payroll jobs in March, payroll employment fell by an additional 1,830,200 (or 11.4%) in April, bringing total losses since February to 2,769,500 (16.3%).
ON BAYSTREET
The TSX Venture Exchange trailed 2.05 points Wednesday to 584.79.
ON WALLSTREET
Stocks futures were slightly lower in early trading on Thursday, following a steep market selloff triggered by intensifying worries about the rising number of coronavirus cases.
Futures for Dow Jones Industrials slumbered 228 points, or 0.9%, early Thursday, to 25,165.
Futures for the S&P 500 lost 23.5 points, or 0.8%, to 3,025.50.
Futures for the NASDAQ Composite Index shed 30.5 points, or 0.3%, to 9,980.25.
More than 45,000 new coronavirus cases were confirmed in the United States on Wednesday, a record that surpassed the previous April 26 peak by over 9,000 cases. States such as Texas, Florida, California and Arizona have all seen major spikes. New York, New Jersey and Connecticut also ordered visitors from certain hotspot states to quarantine for 14 days.
This resurgence led Apple to re-close some stores in Houston, where intensive-care unit beds are near capacity. It also prompted Disney to delay the reopening of its California-based parks beyond July 17.
The Trump administration is considering new tariffs on $3.1 billion exports from France, Germany, Spain and the U.K., according to a notice from the U.S. Trade Representative released Tuesday evening. The new duties on olives, beer, gin and trucks can be up to 100%.
Investors will monitor the latest weekly jobless claims data on Thursday. Economists polled by Dow Jones expected a total of 1.35 million first-time claims for unemployment insurance for the week ending June 20, which would be a decline from 1.508 million for the week prior.
Weekly jobless claims have stayed above one million for 13 weeks as the pandemic roiled the labour market.
Overseas, in Tokyo, the Nikkei 225 let go of 1.2% Thursday, while in Hong Kong, markets were shuttered for holiday.
Oil prices sank 67 cents at $37.34 U.S. a barrel.
Gold prices slipped $6.20 to $1,768.90.
