Futures for equities in Canada’s largest centre fell on Thursday as crude prices slumped on worries of U.S. recession following the release of lackluster economic data overnight and hawkish commentary from Federal Reserve policymakers.
The TSX closed lower by 81.23 points Wednesday to 20,376.23.
March futures on the S&P/TSX index descended 0.3% Thursday morning.
The Canadian dollar was flat at 74.09 cents U.S.
Delta 9 Cannabis forecast its fourth-quarter revenue to be between $17.2 million and $17.7 million.
Truist Securities raised its price target on Shopify to $41.00 from $35.00
On the economic calendar, wholesale sales rose 0.5% to $83.8 billion in November. New motor vehicle sales in November were also due Thursday.
ON BAYSTREET
The TSX Venture Exchange inched forward 0.47 points Wednesday to 617.85.
ON WALLSTREET
Stock futures traded lower Thursday, building on the losses from the previous session, as rate and recession fears dented market sentiment.
Futures for the Dow Jones Industrials hurtled lower 253 points, or 0.8%, early Thursday to 33,133.
Futures for the S&P 500 dropped 30.75 points, or 0.8%, to 3,915.
Futures for the NASDAQ Composite tumbled 96 points, or 0.8%, to 11,379.75.
Disappointing retail sales and a weaker-than-expected producer price index reading ignited recession fears, sending stocks lower.
On Thursday, investors will weigh more economic data that could give further clues as how much the Fed may raise interest rates in its upcoming meeting. Initial jobless claims, housing starts and the Philadelphia Federal Reserve’s manufacturing survey will be released in the morning. Several central bank leaders including Fed Vice Chair Lael Brainard will also speak throughout the day on the path forward.
Investors have been parsing through the latest data and Fed remarks for clues on how high rates will go. But, while recent numbers point to easing inflation, JPMorgan Chase CEO Jamie Dimon thinks rates will top 5%.
Investors will also be watching key quarterly reports to see if there is an earnings recession brewing. Netflix and Truist Financial are among companies reporting earnings on Thursday.
In Japan, the Nikkei 225 slipped 1.4% Thursday, while in Hong Kong, the Hang Seng Index edged back 0.1%.
Oil prices retreated 43 cents to $79.05 U.S. a barrel.
Gold prices advanced $1.80 to $1,908.80 U.S. an ounce.
Related Stories
