Futures Spring on Oil Prices

Spin Master, Nutrien in Focus

Futures for equities in Canada’s largest market gained ground on Wednesday, supported by oil prices that rose on a bigger-than-expected drop in U.S. crude inventories.

The S&P/TSX Composite Index descended 108.49 points to end the session Tuesday at 16,497.01

The Canadian dollar gained 0.09 cents Wednesday to 74.22 cents U.S.

September futures surged 0.9% Wednesday.

BMO raises price target on Spin Master to $25.00 from $18.00

Berenberg raised the target price on Nutrien to $41 from $37

RBC cut the target price on Canada Goose Holdings to $43.00 from $47.00

ON BAYSTREET

The TSX Venture Exchange docked 30.22 points, or 4%, to finish Tuesday at 717.45.

ON WALLSTREET

U.S. stock futures rose and pointed to a rebound at the open on Wednesday after the S&P 500 closed lower for the first time in eight days.

Futures for Dow Jones Industrials flew 249 points, or 0.9%, early Wednesday, to 27,863.

Futures for the S&P 500 increased 23 points, or 0.7%, at 3,353. The S&P 500 is 1.8% from its February record.

Futures for the NASDAQ jumped 85.5 points, or 0.8%, to 10,964.

After the bell on Tuesday, President Donald Trump said the U.S. government will purchase 100 million doses of Moderna’s experimental coronavirus vaccine, which is currently in late-stage human trials.

Vaccine hopes lifted shares of cruise lines and airlines in pre-market trading Wednesday. Carnival and United shares each rose 2% in pre-market trading.

Earnings seasons continues on Wednesday with Cisco Systems, Lyft and SmileDirectClub all reporting after the closing bell.

On Tuesday, former Vice President and presidential candidate Joe Biden announced Sen. Kamala Harris of California will join him on the Democratic ticket.

The Labor Department is set to release key inflation data on Wednesday at 8:30 a.m. ET. Economists polled by Dow Jones are expecting the consumer price index to increase 0.3% in July, after jumping 0.6% in June. Core CPI is expected to rise by 0.2%, or 1.2% on an annualized basis, according to Dow Jones.

Overseas, in Japan, the Nikkei 225 gained 0.4%, while in Hong Kong, the Hang Seng index moved ahead 0.4%.

Oil prices gained 68 cents to $42.29 U.S. a barrel.

Gold prices lost eight dollars to $1,938.30.