Futures for stocks in Canada’s biggest market inched up on Thursday as oil prices rose, while fears of a second wave of coronavirus cases in major economies held back a sharper rise.
The S&P/TSX Composite Index dropped 87.14 points to end Wednesday at 15,429.69.
The Canadian dollar was unchanged early Thursday at 73.73 cents U.S.
June futures edged up 0.05% Thursday.
Enbridge Inc., Canada's largest pipeline operator, said on Wednesday about 800 employees have opted for voluntary buyouts, as the company tries to reduce costs to tackle the COVID-19 crisis and the global oil price shock.
Canaccord Genuity raised the target price on Precision Drilling to $1.25 from $0.90.
National Bank of Canada raised the target price on Richelieu Hardware to $30.00 from $27.00
Canaccord Genuity raised the target price on Secure Energy Services to $2.00 from $1.50
On the economic beat, Statistics Canada reported that, as the effect of the COVID-19 pandemic continued to spread throughout the economy, wholesale sales plummeted 21.6% to $49.8 billion in April, the lowest level since July 2013.
The agency’s new housing price index edged up 0.1% at the national level in May following no change in April.
ON BAYSTREET
The TSX Venture Exchange fell 2.67 points Wednesday to 559.79.
ON WALLSTREET
Stock futures were lower on Thursday as investors weigh the rising number of coronavirus cases in the U.S. and around the world.
Futures for Dow Jones Industrials stumbled 242 points, or 0.9%, early Thursday, to 25,783.
Futures for the S&P 500 fell 20.75 points, or 0.7%, to 3,086.25.
Futures for the NASDAQ Composite Index let go of 24.5 points, or 0.3%, to 9,958.50.
Airlines, retailers and cruise lines led the early declines. United Airlines fell by 3.3%. Delta skidded 2.5% and American dropped 2.8%.
Nordstrom and Kohl’s both slid more than 1%. Carnival ducked 6.5%, Norwegian Cruise Line was off 5%, and Royal Caribbean traded lower 2.9%.
Several states in the U.S. are experiencing a resurgence of infections. Arizona reported a record-high number of new confirmed cases, while Texas saw an 11% daily spike in hospitalizations for patients with COVID-19 on Wednesday.
In China, the country’s capital city has reportedly closed schools and canceled flights to contain the latest wave of coronavirus cases.
However, a disease expert in China announced the latest outbreak of coronavirus cases in Beijing had been brought under control.
Overseas, in Tokyo, the Nikkei 225 slipped 0.5% Thursday, while in Hong Kong, the Hang Sang dipped 0.1%.
Oil prices eked up a penny at $38.05 U.S. a barrel.
Gold prices skidded $9.10 to $1,726.50.
