Futures for Canada's main stock index slipped for a second straight session on Thursday, tracking a slide in global equities, on persisting worries about a slowdown in the economic rebound and rising COVID-19 cases.
The TSX Composite let go of 72.12 points, to end Wednesday at 20,734.51.
The Canadian dollar tacked on 0.1 cents Thursday to 79.86 cents U.S.
September futures caved 0.4% Thursday.
Party leaders in Canada squared off last night in the French-language debate, with the English debate set for tonight, confrontations that could go a long way in deciding who wins a Sept. 20 election. Latest polls have Liberal Leader Justin Trudeau and Conservative hopeful Erin O’Toole in a virtual dead heat.
Cenovus Energy has entered into agreements with its partners in the Atlantic region to restructure the company's working interests in the Terra Nova and White Rose projects.
Scotiabank raised the target price on Pembina Pipeline to $42.00 from $39.00
National Bank of Canada raised the price target on TFI International to $158.00 from $144.00
RBC raised the rating on Trican Well Service to outperform from sector perform.
ON BAYSTREET
The TSX Venture Exchange dropped 7.92 points Wednesday to 905.57.
ON WALLSTREET
U.S. stock futures were flat on Thursday as investors remained cautious as they try to discern what’s next to happen with the delta variant, the economic reopening and the Federal Reserve.
Futures for the Dow Jones Industrials handed back 18 points, or 0.1%, to 34,993.
Futures for the S&P 500 lost 2.75 points, or 0.1%, to 4,510.
Futures for the NASDAQ Composite Index advanced 3.5 points to 15,623.50.
Futures cut their losses as the European Central Bank said it would slow down the pace of its bond purchases.
Despite recent losses, the major benchmarks are still up big for the year and within striking distances of their all-time highs. The S&P 500, up 20% in 2021, is less than 1% from its all-time high. The Dow, up 14% this year, is about 1.7% from a record.
Cisco shares fell in pre-market trading after Morgan Stanley downgraded the stock, saying the big gains this year were enough.
Meme-favorite GameStop dropped 7% even after the video-game retailer posted better-than-expected results. The retailer did not provide an outlook or grander turnaround plans.
Boston Beer tanked more than 9% after pulling its earnings guidance amid slowing growth in its hard seltzer brand.
Shares of athletic retailer Lululemon surged more than 13% and furniture retailer RH rose 1.32% in after-hours trading on the back of better-than-expected earnings. Lululemon also offered a stronger-than-forecast outlook for the third quarter and the year.
The Fed meets on Sep. 21-22 and investors are worried the central bank will indicate a move to slow down its own monthly $120 billion in bond purchases, which have kept rates low and boosted the recovery from the pandemic.
On Wednesday, the Federal Reserve said in its latest "Beige Book" that U.S. businesses are experiencing rising inflation that is being intensified by a shortage of goods and likely will be passed onto consumers in many areas.
The Fed also reported that growth overall had “downshifted slightly to a moderate pace” amid rising public health concerns during the July through August period that the report covers.
Overseas, in Japan, the Nikkei 225 index swooned 0.6% Thursday, while in Hong Kong, the Hang Seng index fell 2.3%.
Oil prices picked up 41 cents to $69.71 U.S. a barrel.
Gold prices moved upward $7.80 to $1,801.30 U.S. a pound.
