Futures Hike with Commodity Prices

Shopify, Thomson in Focus

Futures tracking Canada's commodities-heavy main stock index extended gains on Thursday, a day after the benchmark index hit a four-week high, as strength in crude and gold prices aided sentiment.

The TSX Composite hurtled upward 181.35 points to close Wednesday at 20,618.47

The Canadian dollar leaped 0.41 cents to 80.80 cents U.S.

December futures were in the plus column 0.5% Thursday.

Shopify is teaming up with top cloud companies including Microsoft and Oracle to help merchants streamline their business operations.

Thomson Reuters is launching a $100-million venture capital fund to invest in early-stage companies that serve professional audiences in the legal, tax and accounting, and news media business.

Canaccord Genuity raised the target price on Aritzia to $50.00 from $43.00

CIBC raises target price on Granite REIT to $105.00 from $92.00

RBC raised the rating on Pipestone Energy to outperform from sector perform.

On the economic schedule, Statistics Canada reported manufacturing sales rose 0.5% to $60.3 billion in August on higher sales of petroleum and coal, chemicals and primary metals.

ON BAYSTREET

The TSX Venture Exchange popped 21.8 points, or 2.4%, Wednesday to 918.59.

ON WALLSTREET

U.S. stock futures rose Thursday after better-than-expected earnings reports from Bank of America and other major companies.

Futures for the Dow Jones Industrials hiked 296 points, or 0.9%, to 34,553.

Futures for the S&P 500 gained 43 points, or 1%, to 4,398.

Futures for the NASDAQ Composite Index popped 172 points, or 1.2%, to 14,936.25.

Third-quarter earnings season rolled on Wednesday with several big banks and Dow members reporting financial results before the bell.
Bank of America, Morgan Stanley, Citigroup and Wells Fargo all saw their shares rise in the premarket after beating earnings expectations.

Dow constituents UnitedHealth and Walgreens Boots Alliance also gained in early morning trading after the companies’ quarterly results topped estimates.

Stocks linked to the economic recovery rose in the premarket as well.

Shares of Carnival and MGM Resorts gained. Energy shares including Diamondback Energy and Occidental Petroleum moved higher as oil prices jumped on increased demand. UPS rose after an upgrade from Stifel, which cited upcoming holiday demand.

The moves came as COVID cases in the U.S. continued to trend lower. The seven-day moving average of cases fell to 86,181, down from an average above 161,000 cases at the peak of this latest wave in early September, according to the latest CDC figures.
September producer price index data and weekly jobless claims will be released Thursday.

Overseas, in Japan, the Nikkei 225 gained 1.5% Thursday. Markets in Hong Kong were closed for a holiday.

Oil prices gained 81 cents to $81.25 U.S. a barrel.

Gold prices increased $1.70 to $1,796.40 U.S. an ounce.