Early Jump Foreseen for Stocks

Barrick, MTY in Spotlight

Futures for Canada's main stock index rose on Wednesday, tracking gains in gold prices, while investors' focus has turned towards third-quarter earnings starting this week.

The TSX Composite finished Tuesday higher 24.77 points to 20,441.08

The Canadian dollar grew 0.22 cents to 80.37 cents U.S.

December futures were up 0.1% Wednesday.

Barrick Gold’s CEO says the company has discovered geological extensions at its Kibali gold mining joint venture in Democratic Republic of Congo that will prolong the life of the mine to 2040.

CIBC raised the target price on MTY Food Group to $84.00 from $74.00

National Bank of Canada resumed coverage on Nuvei Corp. with an outperform rating

Canaccord Genuity raised the rating on Standard Lithium to speculative buy from hold.

The United States will lift restrictions at its land borders with Canada and Mexico for fully vaccinated foreign nationals in early November.

ON BAYSTREET

The TSX Venture Exchange gained 17.84 points, or 2%, to 895.32.

ON WALLSTREET

U.S. stock futures were slightly higher on Wednesday as investors anticipate the start of earnings season and a new inflation reading.

Futures for the Dow Jones Industrials gained 63 points, or 0.2%, to 34,324.

Futures for the S&P 500 picked up 11.25 points, or 0.3%, to 4,352.

Futures for the NASDAQ Composite Index advanced 68.25 points, or 0.5%, to 14,721.50.

Third-quarter earnings season kicked off on Wednesday with JPMorgan Chase, which said that quarterly profit topped expectations following a boost from better-than-expected loan losses. Revenue for the largest U.S. bank by assets also came in higher than expected.

JPMorgan shares ticked up in pre-market trading.

Delta Air Lines also reported financial results before the opening bell on Wednesday. The airline posted higher-than-expected revenue and its first quarterly profit without counting federal aid since the start of the pandemic.

Shares of Delta dipped slightly in the pre-market, however, as the company said higher costs of fuel and other expenses will pressure its fourth-quarter bottom line.

Apple shares were slightly lower in pre-market trading after a Bloomberg News report that said it is likely to cut iPhone 13 production because of chip shortages. Chipmakers including Skyworks and Broadcom were also lower in pre-market trading.

The Federal Open Market Committee will release the minutes from its September meeting at 2 p.m. on Wednesday. Investors will be looking for clues about timelines surrounding the central bank’s planned taper for its bond-buying program.

Investors will be watching for September’s consumer inflation report, which is expected to have continued to jump at the same rapid pace as August.

Economists expect to see a rise of 0.3%, or a 5.3% annualized rate, when the consumer price index is released Wednesday at 8:30 a.m. ET, according to Dow Jones estimates. Excluding energy and food, CPI is forecast to be up 0.3% month-over-month or 4% annualized.

Overseas, in Japan, the Nikkei 225 dipped 0.3% Wednesday, while in Hong Kong, markets were closed by a typhoon alert.

Oil prices fell 59 cents to $80.05 U.S. a barrel.

Gold prices shone brighter $16.40 to $1,775.70 U.S. an ounce.