Futures for Canada's main stock index edged higher on Thursday, although oil prices fell in the wake of a surge in crude inventories of the United States.
The S&P/TSX Composite Index declined 77.98 points to finish Wednesday at 16,502.75
The Canadian dollar dipped 0.01 cents to 74.4 cents U.S. early Thursday
June futures nicked up 0.2% Thursday.
Bombardier said it would combine its corporate and regional jet units into a single aviation unit and shed more non-core assets by selling off its Belfast and Morocco aerostructures businesses.
Maple Leaf Foods reported a lower-than-expected quarterly profit, hit by higher costs as it invested more in new initiatives and capacity expansion.
Canaccord Genuity raised the price target on CGI Group to $106 from $95
TD Securities raised the price target on Gildan Activewear to $40 from $38
Raymond James raised the price target on Granite Oil to $2.00 from $1.40
ON BAYSTREET
The TSX Venture Exchange faded 1.41 points Wednesday to 609.91
ON WALLSTREET
U.S. stock index futures pointed to a slow start to Thursday’s session, as market participants digested comments from the Federal Reserve.
Futures for the Dow Jones Industrial Average settled 11 points to 26,379
Futures for the S&P 500 acquired 1.5 points, or 0.1%, at 2,924.50
NASDAQ futures gained 13.75 points, or 0.2%, to 7,770.25
The muted moves come after Fed Chairman Jerome Powell said Wednesday that recently low inflation pressures may just be “transitory,” hinting that a rate cut may not be on the horizon. Powell’s comments sent stocks tumbling, with the Dow closing more than 150 points lower.
Meanwhile, earnings season continued with companies like Square reporting better-than-expected results on Wednesday after the close. However, the stock fell more than 4% in the pre-market as Square issued weaker-than-expected guidance for the second quarter.
Under Armour and Dunkin’ Brands reported better-than-expected results on Thursday. Under Armour shares rose 5.4%, while Dunkin’ Brands hiked 4.7%. Tempur Sealy also rose 3.6% on stronger-than-forecast results.
On the data front, there will be jobless claims, productivity data, and unit labour costs at 8:30 a.m. ET, followed by factory orders at 10 a.m. ET.
Overseas, Hong Kong markets returned from holiday with a gain of 0.8%, while markets in Japan remained on holiday for the rest of the week.
Oil prices lost a dollar to $62.60 U.S. a barrel.
Gold prices gave up $12.50 to $1,271.70 U.S. an ounce.
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