Futures Rocket to Begin October

Cenovus, Dye & Durham in Focus

UPDATES U.S. JOBLESS CLAIMS)

Futures for Canada's main stock index rose on Thursday on the back of higher gold prices, with signs of further U.S. stimulus measures supporting global sentiment.

The TSX dropped 90.14 points to end Wednesday, the month and the third quarter at 16,121.38.

The Canadian dollar added 0.11 cents early Thursday to 75.25 cents U.S.

December futures regained 0.4% Thursday.

JP Morgan cut the rating on Cenovus Energy to underweight from neutral.

Canaccord Genuity raised the price target on Dye & Durham to $28.00 from $18.00

ATB Capital Markets raised the price target on Parkland Corp to $44.00 from $42.00.

On the economic slate, Statistics Canada said the value of building permits for August rose 1.7% to $8.1 billion in August, driven by an increase in the residential sector in Ontario and Quebec.

Also, the Markit Manufacturing Purchasing Managers Index for September is due out at 9:30 a.m. EDT.

ON BAYSTREET

The TSX Venture Exchange dipped 6.03 points Wednesday to 706.51.

ON WALLSTREET

U.S. stock futures rose early Thursday to kick off a new month and quarter as investors hoped for more fiscal stimulus to combat the coronavirus recession.

Futures for the Dow Jones Industrials sprinted 224 points, or 0.8%, to 27,888.

Futures for the S&P 500 acquired 30.25 points, or 0.9%, to 3,382.25.

Futures for the NASDAQ Composite jumped 149.5 points, or 1.3%, to 11,556.75.

The Dow Jones Industrial Average lost 2.2% in September, a typically weak month for equities. The S&P 500 fell 3.9% for the month. The NASDAQ dropped 5.2%, dragged down by weakness is technology stocks.

However, all three of the major averages achieved strong gains for the third quarter. The S&P 500 rose 8.5% in the quarter and is up 4% for the year.

The House of Representatives delayed a vote on the Democrats $2.2-trillion rescue package on Wednesday evening to allow for more talks, which some saw as a sign progress could be made.

White House chief of staff Mark Meadows told reporters late Wednesday that President Donald Trump has extended an offer for more than $1.5 trillion in stimulus. No further details were given on the exact figure except that anything around $2 trillion and above would be a “real problem.”

Investors also digested the latest jobless claims report Thursday morning, which showed the number edged lower to 837,000. Economists polled by Dow Jones expected first-time filers for unemployment benefits to total 850,000 in the week ending Sept.26. The number jumped unexpectedly to 870,000 in the week prior.

Overseas, in Japan, the Nikkei 225 gained 0.19 points, but had to suspend trading Thursday, due to a technical glitch, while Hong Kong markets were closed for a holiday.

Oil prices dipped 72 cents to $39.50 U.S. a barrel.

Gold prices advanced $8.40 to $1,903.90.