TSX Set to Keep Streak Alive

·2 min read

Equity markets in Toronto looked set to extend gains on Thursday, boosted by softer-than-expected U.S. inflation data and strong quarterly results from Canada Goose Holdings on resilient luxury demand.

The TSX kept moved skyward 307.64 points, or 1.5%, Wednesday to 19,885.94.

September futures for the TSX were up 0.3% on Thursday.

The Canadian dollar climbed 0.37 cents to 78.32 cents U.S.

Early on Thursday, Canada Goose was reported to have beaten Wall Street estimates for quarterly revenue as affluent consumers remained undeterred by decades-high inflation.

Manulife Financial slightly beat estimates for second-quarter core profit but saw earnings drop from a year earlier.

Suncor Energy is considering a spinoff of its Petro-Canada gas station business, which could reap more than $8 billion.

ON BAYSTREET

The TSX Venture Exchange gathered 5.67 points, or 1.2%, Wednesday to 669.50.

ON WALLSTREET

Stock futures rose on Thursday after all the major averages posted sharp gains in the prior session on the back of a better-than-expected July inflation report.

Futures for the Dow Jones Industrials leaped 220 points, or 0.7%, early Thursday to 33,480.

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Futures for the S&P 500 jumped 24.5 points, or 0.6%, to 4,234.50

Futures for the NASDAQ Composite hiked 80.5 points, or 0.6% at 13,472.25.

Disney shares jumped more than 8% in pre-market trading after the media giant posted stronger-than-anticipated subscriber numbers for the last quarter, along with earnings and revenue that topped expectations. Disney also said it would raise prices for Disney+.

Earnings season continues Thursday with reports from Rivian, Illumina, Poshmark and more. July producer price index data is also slated for Thursday.

Hopes that inflation is peaking drove the rally after the consumer price index for July came in at 8.5%, slightly cooler than the 8.7% expected by analysts surveyed by Dow Jones and a slowing pace from the prior month.

In Hong Kong, the Hang Seng gained 2.4%, while markets in Japan were shuttered for holiday.

Oil prices picked up $1.19 to $93.12 U.S. a barrel.

Gold prices waned $1.40 to $1,812.30 U.S. an ounce.