Futures for stocks in Canada’s largest market fell on Thursday as oil prices weakened after resurgence in cases of COVID-19 stoked concerns about a slowdown in recovery of fuel demand.
The TSX lost 48.68 points to close Wednesday at 16,577.38.
The Canadian dollar inched up 0.03 cents Thursday to 75.72 cents U.S.
September futures slumped 0.3% Thursday.
Bank of Nova Scotia has agreed to pay more than $127 million to resolve a series of U.S. regulatory charges, including over an alleged price manipulation scheme involving unlawful trading of precious metals futures contracts.
National Bank of Canada raised the target price on Ballard Power Systems to $20 from $18
ON BAYSTREET
The TSX Venture Exchange hesitated 11.08 points, or 1.5%, Wednesday to 739.92.
ON WALLSTREET
U.S. stock futures fell Thursday, a day after the S&P 500 touched briefly another record high.
Futures for Dow Jones Industrials settled 75 points, or 0.3%, early Thursday, to 27,557.
Futures for the S&P 500 slid 8.75 points, or 0.3%, at 3,364.
Futures for the NASDAQ dipped 16.25 points, or 0.1%, to 11,315.75.
Futures pared some of their losses after the announcement of imminent trade talks between the U.S. and China. China’s commerce ministry announced early on Thursday that Washington and Beijing will be back around the negotiating table in the coming days, thinning the earlier losses in pre-market trade.
Nvidia shares pulled back by 1% in pre-market trading even after reporting blowout results. A better-than-expected 50% jump in revenue last quarter still wasn’t enough to lift the stock, which has doubled this year. Investors are growing concerned about valuations for high flying tech shares.
Intel shares gained 4% after the company announced an accelerated buyback plan, calling its stock cheap.
Investors will receive an update on the U.S. jobless situation later in the morning, when the Labor Department is scheduled to release its weekly report on unemployment claims. Economists polled by Dow Jones estimate that some 920,000 first-time applicants filed for unemployment benefits during the week ended Aug. 15.
Overseas, in Japan, the Nikkei 225 fell 1%, while in Hong Kong, the Hang Seng index backtracked 1.5%.
Oil prices skidded 43 cents to $42.50 U.S. a barrel.
Gold prices paled $24.30 to $1,946.
