Futures Slide on Virus Spike, GDP Release

Disney, Regeneron in Focus

Futures for Canada's main stock index fell on Wednesday, dragged down by falling oil prices amid worries of mounting coronavirus cases, while investors digested the release of the country's economic growth data.

The TSX clunked home 31.29 points Tuesday to 16,211.52

The Canadian dollar deleted 0.02 cents early Wednesday to 74.69 cents U.S.

December futures lost 0.3% Wednesday.

Cowen & Co raised the rating on Canada Goose Holdings to outperform from market perform.

Scotiabank cut the target price on Lundin Mining to $8.75 from $9.00

On the economic slate, Statistics Canada says the economy climbed during July, with the Gross Domestic Product figure growing 3%, as all 20 industrial sectors increased in the month.


The TSX Venture Exchange gained 3.71 points Tuesday to 712.54.


U.S. stock futures declined early Wednesday as a contentious U.S. presidential debate raised more uncertainty around the election. The market headed for its first negative month since March.

Futures for the Dow Jones Industrials dropped 170 points, or 0.6%, to 27,238.

Futures for the S&P 500 fell 20.5 points, or 0.6%, to 3,313.25.

Futures for the NASDAQ Composite slumped 78.25 points, or 0.7%, to 11,259.50.

The S&P 500 is down 4.7% in September, on pace for its first monthly losses since March. The NASDAQ is down 5.9% in September, while the Dow is off by 3.4%.

Traders were hoping that the start of the debate process will lead to a clear winner on Election Day and not a drawn-out electoral process that could hit the market. The vicious first debate did little to ease those concerns.

Disney added to the negative sentiment after saying it would lay off 28,000 people in its theme parks division. The shares lost more than 2% in pre-market trading.

Still, positive data regarding a potential coronavirus treatment from Regeneron Pharmaceuticals kept some of the market’s losses in check.
Regeneron said after the close Tuesday its REGN-COV2 drug reduced viral levels and improved symptoms in non-hospitalized coronavirus patients.

Regeneron shares rose 4% in early trading.

President Donald Trump and Democratic nominee Joe Biden sparred on a number of issues, including their qualifications to manage the U.S. economy, the nomination of Amy Coney Barrett to the Supreme Court as well as the U.S.' handling of the coronavirus pandemic.

Biden came into the debate with an average lead of 6.1 percentage points in recent polls, according to RealClearPolitics. The former vice president was also the favorite to win the election in betting markets heading into the debate.

Overseas, in Japan, the Nikkei 225 plunged 1.5% Wednesday, while Hong Kong, the Hang Seng index gained 0.8%.

Oil prices let loose 10 cents to $39.19 U.S. a barrel.

Gold prices faded $15.70 to $1,887.50.