Futures Lower Leading up to Thursday Open

Tesla, Apple in Focus

Futures for Canada's main stock index pointed to a lower open on Thursday as markets fretted over a fall in oil prices and as the country's biggest banks resumed cost-cutting moves, including job cuts, put on hold due to the COVID-19 pandemic.

The TSX rocketed 284.08 points, or 1.8%, to end Wednesday at 16,383.60.

The Canadian dollar edged up 0.01 cents Thursday to 76.03 cents U.S.

September futures sagged 0.2% Wednesday.

Canada's biggest banks are returning to a focus on managing expenses, with some resuming job cuts put on hold in response to the coronavirus pandemic and others deferring investments not deemed urgent.

ON BAYSTREET

The TSX Venture Exchange took flight 12.49 points, or 1.7%, Wednesday to 743.26.

ON WALLSTREET

U.S. stock futures decreased early Thursday following a rebound that stopped a three-day skid.

Futures for Dow Jones Industrials faded 90 points, or 0.3%, early Thursday, to 27,882.

Futures for the S&P 500 lost six points, or 0.2%, at 3,394.25.

Futures for the NASDAQ Composite poked ahead 37.5 points, or 0.3%, to 11,430.25.

The move in futures follows a broad rally for the market on Wednesday, with the S&P 500 rising 2% for its best day since June. The NASDAQ Composite rose 2.7% to pull itself out of correction territory after a selloff for major tech stocks drove a sharp selloff in three straight sessions.

Some of the stocks hardest hit during the recent slide saw more dramatic pops. Shares of Tesla, fresh off their worst day on record, rose nearly 11%. Tech giant Apple gained 4% to bring its market cap back to $2 trillion.

In pre-market trading Thursday, Tesla gained 1% and Apple was slightly higher.

Investors will be greeted with new economic data on Thursday morning, including the U.S. Labor Department’s weekly jobless claims report. Economists surveyed by Dow Jones expect 850,000 new claims, down from 881,000 last week.

Overseas, in Japan, the Nikkei 225 regained 0.9% Thursday, while in Hong Kong, the Hang Seng index fell back 0.9%.

Oil prices skidded 51 cents to $37.54 U.S. a barrel.

Gold prices took on a dollar to $1,955.90.