Stocks Set to Shoot Higher

Fortis, Linamar in Focus

Futures in Canada climbed on Thursday, riding on an improving global mood that was lifted by hopes that Washington could resolve its debt-ceiling standoff, but energy shares could lag due to a drop in oil prices.

The TSX Composite had forged out a gain of 8.23 points by the closing bell Wednesday to 20,191.66.

The Canadian dollar gained 0.09 cents to 79.54 cents U.S.

December futures hiked 0.7% Thursday,

JP Morgan cut the target price on Fortis Inc. to $59 from $60

Scotiabank cut the target price on Linamar to $95 from $100

RBC raises target price on MTY Food Group to $62.00 from $52.00.

Prime Minister Justin Trudeau said Wednesday Canada will place unvaccinated federal employees on unpaid leave and require COVID-19 shots for air, train and ship passengers. Trudeau was unveiling one of the world's strictest vaccine mandate policies.

ON BAYSTREET

The TSX Venture Exchange subsided 4.56 points Wednesday to 862.72

ON WALLSTREET

U.S. stock futures jumped on Thursday, continuing Wednesday’s midday comeback as Congress appeared to near a deal that would raise the debt limit in the short term and avoid a disastrous government default.

Futures for the Dow Jones Industrials popped 296 points, or 0.9%, to 34,586.

Futures for the S&P 500 gained 40.75 points, or 0.9%, to 4,394.75.

Futures for the NASDAQ Composite Index leaped 178.25 points, or 1.2%, to 14,937.25.

A broad range of stocks were higher in pre-market trading. Tech shares Twitter, Nvidia and AMD were more than 1% higher. GM and Southwest Airlines also rose. Costco shares added 1% after reporting better-than-expected September sales. Facebook gained after JPMorgan said it was time to buy the recent dip on the stock.

On Tuesday, Treasury Secretary Janet Yellen had warned that they U.S. should "fully expect" a recession if Congress couldn’t reach an agreement on the debt ceiling, leading to an unprecedented government default.

Then during the trading day Wednesday, Senate Minority Leader Mitch McConnell offered a short-term suspension proposal to Senate Democrats. They were likely to accept the deal that would raise the debt ceiling by a specific amount and allow the government to keep operating until some point in December.

First-time filings for unemployment claims data from last week will be release at 8:30 a.m. EDT on Thursday. Economists polled by Dow Jones estimate jobless claims totaled 345,000 for the week ended Oct. 2, down from the previous week’s 362,000.

Overseas, in Japan, the Nikkei 225 gained 0.5% Thursday, while in Hong Kong, the Hang Seng jumped 3.1%.

Oil prices docked $1.25 to $76.18 U.S. a barrel.

Gold prices peeped up 20 cents to $1,762 U.S. a pound.