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Futures Boosted by Higher Oil Prices
The TSX Composite Index roared ahead 208.08 points to close Wednesday at 23,211.17.
September futures on the S&P/TSX index were up 0.6% Thursday.
The Canadian dollar faded 0.03 cents to 73.61 cents U.S.
The energy sector was in focus as oil prices extended their rebound amid concerns over Hurricane Francine's impact on U.S. output.
In corporate news, convenience store operator Alimentation Couche-Tard is discussing how much it could raise the offer price to buy Japan's Seven & i Holdings, Bloomberg News reported on Thursday.
On the economic docket, building permits in Canada surged 22.1% month over month to $12.4 billion in July.
ON BAYSTREET
The TSX Venture Exchange moved upwards 3.94 points to 552.90.
ON WALLSTREET
U.S. stock futures inched higher Thursday as investors brace for more inflation and labor data, following a volatile session spurred by the release of the August consumer price index.
Futures for the Dow Jones Industrials advanced 81 points, or 0.2% to 40,987.
Futures for the S&P 500 gained 13.75 points, or 0.3%, at 5,575.
Futures for the NASDAQ climbed 42.75 points, or 0.2%, to 19,313.75.
Nvidia shares climbed 0.3% higher in premarket trading, continuing the chipmaker’s rally that almost singlehandedly led Wednesday’s market turnaround after CEO Jensen Huang touted the company’s “great” demand.
Investors are coming off a choppy trading session that saw a late-day advance in tech shares help the major benchmarks rebound from their lows. The S&P 500 ended the day higher by 1.07%, even after falling more than 1% on an intraday basis — a first for the broader index since October 2022.
Wall Street is anticipating the release of the August producer price index on Thursday. Economists polled by Dow Jones anticipate a rise of 0.2% last month in the headline and core readings, up from 0.1% and 0.0% previously.
Initial jobless claims data for the week ending Sept. 7 is also on deck, and is expected to have slid to 225,000, down from 227,000 the previous week, according to Dow Jones.
On the earnings front, Kroger is slated to report results before the open on Thursday. Adobe will release its quarterly report after the close.
In Japan, the Nikkei 225 jumped 3.4% Thursday, while in Hong Kong, the Hang Seng gained 0.8%.
Oil prices hiked 93 cents to $68.24 U.S. a barrel.
Gold prices soared $8.50 to 2,551.
