Futures for Canada's main stock index retreated on Thursday, a day after the main stock index hit a record high, as crude prices extended losses on supply uncertainty.
TSX Composite index ended negative 9.43 points Wednesday at 20,290.60.
The Canadian dollar ducked 0.43 cents to 79.68 cents U.S.
September futures slumbered 1% Thursday.
Privately-owned Flair Airlines said on Thursday it will launch cross-border service to six sunny U.S. destinations starting Oct. 31, betting travel demand will return as Ottawa gradually eases restrictions designed to curb the spread of novel coronavirus.
ON BAYSTREET
The TSX Venture Exchange dumped 12.74 points, or 1.4%, Wednesday to 939.82.
ON WALLSTREET
Futures contracts tied to the major U.S. stock indexes fell on Thursday on concern about the global economic comeback from COVID-19. The losses came as Japan declared a state of emergency in Tokyo for the upcoming Olympics and as countries deal with a rebound in cases because of COVID variants.
Futures for the Dow Jones Industrials dumped 481 points, or 1.4%, to 34,087.
Futures for the S&P 500 weakened 59.5 points, or 1.4%, to 4,290.75.
Futures for the NASDAQ Composite Index gave back 201 points, or 1.4%, to 14,601.25.
Premarket losses were led by companies that would benefit from a rapid economic comeback from the virus. Shares of Carnival and Royal Caribbean each dropped more than 3%. American Airlines and Delta Air Lines each fell more than 2% in early trading. Boeing fell 2%. Ford and Nike were also lower. Retailers Lowe’s and Home Depot also dipped in pre-market trading.
Chip stocks also fell on concerns about the pace of the global recovery. Micron, NVIDIA, Qualcomm, Intel and Applied Materials also ticked lower in the pre-market.
Bank of America, Wells Fargo, Goldman Sachs and other financial shares declined in premarket trading as their profitability outlook dimmed with lower rates. JPMorgan Chase and PNC Financial were also lower.
Spectators could be banned from the Olympic Games, according to a report following the state of emergency declaration for Tokyo by Japan.
Meanwhile the global COVID death toll continued to advance, exceeding four million on late Wednesday, as countries including India battle more transmissible variants.
Looking ahead to Thursday’s session, investors will pore over the U.S. Labor Department’s latest jobless claims figures. The weekly update offers Wall Street regular insight into the pace of layoffs in the U.S. economy, which has been declining amid the COVID-19 vaccine rollout.
Economists expect to see 350,000 first-time applicants for unemployment benefits for the week ended July 3, according to Dow Jones.
Overseas, in Japan, the Nikkei 225 fell 0.9% Thursday, while in Hong Kong, the Hang Seng index tumbled 2.9%.
Oil prices dived 44 cents to $71.76 U.S. a barrel.
Gold prices moved higher $12.50 to $1,814.60 U.S. a pound.
