Futures Nose up Wednesday

·3 min read

Futures for equities in Canada rose on Wednesday as gold prices jumped to one-week high, while investors awaited Bank of Canada's interest rate decision due later in the day.

The S&P/TSX Composite surged 301.55 points, or 1.5%, Tuesday to 21,162.65

Futures were up but 0.1% Wednesday.

The Canadian dollar hiked 0.39 cents to 79.12 cents U.S. Wednesday.

Cenovus Energy forecast slightly higher capital expenditures next year, betting on a sustained recovery in energy prices with crude climbing over $70.00 a barrel.

Eight Capital initiated coverage on Capstone Mining with a buy rating

CIBC raised the target price on Dye & Durham to $50.00 from $46.00

Acumen Capital raised the target price on Mainstreet Equity to $135.00 from $126.00

Government documents show that for three straight years, Alberta's government granted Canada's most emissions-intense oil sands facility reductions in payments that polluters are required to make for generating
higher emissions than most of the industry.

On the economic calendar, the Bank of Canada is scheduled (around 10 a.m. EST) to give out its last interest rate announcement of the calendar year, and the smart money has the central bank standing pat at 0.25%.

ON BAYSTREET

The TSX Venture Exchange jumped 22.85 points, or 2.6% Tuesday, to 920.55.

ON WALLSTREET

U.S. stock futures reversed higher and gained for a third day Wednesday after Pfizer and BioNTech said three doses of their vaccine are effective at neutralizing the omicron variant.

Futures for the Dow Jones Industrials jumped 72 points or 0.2%, to 35,783.

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Futures for the S&P 500 acquired 10 points, or 0.2%, to 4,695.

Futures for the NASDAQ gained 44 points, or 0.3%, to 16,362.

On Tuesday, the S&P 500 and NASDAQ posted their best days since March. Technology stocks have led the way this week, with the NASDAQ up 4% since Monday. The Dow and S&P 500 notched their largest two-day gain since November 2020.

While the majority of S&P 500 companies have reported third-quarter earnings, Campbell Soup, GameStop and Rent the Runway report on Wednesday.

Pfizer and BioNTech cited their own preliminary lab tests, saying the booster dose provides similar protection as two doses did against the older strain. The companies said two doses may still protect against severe disease.

In individual stock news, Apple shares climbed 0.8% despite a report that the iPhone maker is expected to fall 15 million units short of its 230 million-unit goal this year due to supply chain problems.

On Wednesday, the U.S. Bureau of Labor Statistics will release October’s Job Openings and Labor Turnover Survey. Economists polled by Dow Jones are expecting there were 10.6 million open positions in October, up from 10.4 million in September.

Overseas, markets in Japan climbed 1.4% Wednesday, while the Hang Seng in Hong Kong eked up 0.1%.

Oil prices gained 11 cents to $72.16 U.S. a barrel.

Gold prices fell 80 cents to $1,783.90 U.S. an ounce.


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