Stock futures pointed to a higher opening for stocks in Canada’s largest centre on Thursday as investors parsed through a host of major company earnings.
The S&P/TSX Composite fell 59.49 points to end Wednesday at 16,406.56
The Canadian dollar dipped 0.2 cents to 75.62 cents U.S. early Wednesday
September futures poked up 0.1% Thursday.
Bombardier reported a larger quarterly loss than analysts had expected, and lowered its full-year earnings forecast, as the company wrestled with challenges in its key rail division.
Thomson Reuters raised its sales and core profit outlook for 2019 and 2020 after reporting 4% organic revenue growth in the second quarter, which it said was its best since 2008 and ahead of its expectations.
Canadian Natural Resources beat estimates for quarterly profit, as higher prices for Canadian crude helped offset lower production.
Jefferies raised the target price on Bausch Health Companies to $32.00 from $31.00
RBC raised the target price on Cargojet to $119.00 from $100.00
Canaccord Genuity cut the target price on Painted Pony Energy to $1.60 from $1.75
On the economic front, the Markit Purchasing Managers Index will be out Thursday for July.
ON BAYSTREET
The TSX Venture Exchange dropped 2.17 points Wednesday to 591.66
ON WALLSTREET
U.S. stock index futures rose on Thursday, pointing to a rebound on Wall Street after tanking a day earlier when the Federal Reserve dampened hopes of a lengthy easing cycle following a 25-basis-point rate cut.
Futures for the Dow Jones Industrials regained 23 points, or 0.1%, to 26,878
Futures for the S&P 500 nicked higher 0.75 points at 2,983
NASDAQ futures gained 6.25 points, or 0.1%, to 7,873
Yum Brands and U.S. Steel are among the companies reporting earnings Thursday.
The U.S. central bank cut interest rates for the first time in more than a decade on Wednesday, citing “global developments” along with “muted inflation” as reasons for easing monetary conditions.
However, Chairman Jerome Powell told reporters in a news conference following the Federal Open Market Committee’s rate decision that the central bank’s rate cut was a "mid-cycle adjustment," hinting that further rate cuts later this year were not a sure thing.
That comment led to a 333-point drop on the Dow, its biggest one-day drop since May 31. The S&P 500 slouched 1.1%, and the NASDAQ dropped 1.2%, respectively, to end July.
On the data front, the latest weekly jobless claims will be released this morning. The closely watched Institute for Supply Management manufacturing index for July, manufacturing Purchasing Managers’ Index (PMI) data for July, construction spending figures for June, and the latest reading of light vehicle sales will follow later in the session.
Overseas, in Japan, the Nikkei 225 index inched up 0.1% Thursday, while in the Hong Kong, the Hang Seng index slumped 0.8%,
Oil prices slipped 89 cents to $57.69 U.S. a barrel.
Gold prices slumped $21.30 to $1,416.50 U.S. an ounce.
