Futures Hindered by Oil Prices - InvestingChannel

Futures Hindered by Oil Prices

Futures for Canada’s main stock index fell on Thursday, dragged down by oil prices, as new COVID-19 restrictions raised concerns over the outlook for economic growth and a recovery in fuel demand.

The TSX dipped 55.43 points to conclude Wednesday at 16,455.40.

The Canadian dollar slumped 0.39 cents early Thursday to 75.65 cents U.S.

December futures dipped 0.9% Thursday.

Brookfield Asset Management reportedly plans to launch an initial public offering (IPO) for its $1.4-billion Australian coal export terminal next week.

TD Securities raises the rating on Denison Mines to speculative buy from hold

Goldman Sachs initiates coverage of Lundin Mining with a buy rating and price target of $11.00

CIBC cut the rating on Transalta Renewables to neutral from outperform.

On the economic slate, the Canadian Real Estate Association stood by Thursday with MLS home sales for September,

ON BAYSTREET

The TSX Venture Exchange gained 3.08 points Wednesday to 733.64.

ON WALLSTREET

Futures were lower on Thursday, pointing to a third straight day of losses for the U.S. stock market.

Futures for the Dow Jones Industrials fell 325 points, or 1.1%, to 28,083.

Futures for the S&P 500 dipped 42.5 points, or 1.2%, at 3,438.50.

Futures for the NASDAQ Composite retreated 197.5 points, or 1.7%, to 12,123.75.

Third-quarter earnings are continuing to roll out. Morgan Stanley reported third quarter profit of $1.66 per share, exceeding the $1.28 estimate of analysts.

It generated revenue of $11.7 billion on the back of strong trading, a billion dollars more than the estimate.

Walgreens also posted a better-than-expected fourth-quarter profit, helped by higher sales at U.S. pharmacies. The drugstore chain said it expects profit to grow in single digits in 2021.

Banking giants Goldman Sachs, Wells Fargo and Bank of America reported their latest quarterly results on Wednesday along with United Airlines. Goldman and Bank of America’s results topped analyst expectations. However, Wells Fargo and United fell short of estimates.

Investors are waiting for any sign a coronavirus aid deal is still possible. Treasury Secretary Steven Mnuchin said on Wednesday that reaching a coronavirus stimulus deal before the election would be difficult as Democrats and Republicans remain far apart on certain issues.

His comments came after House Speaker Nancy Pelosi said earlier this week that a recently proposed package by the administration “falls significantly short” of what is needed.

Figures from the U.S. Labor Department indicated 898,000 Americans filed this week for unemployment benefits, far higher than the 830,000 expected.

Overseas, in Japan, the Nikkei 225 faded 0.5% Thursday. In Hong Kong, the Hang Seng index stumbled 2.1%.

Oil prices lost $1.49 to $39.55 U.S. a barrel.

Gold prices dulled $9.20 to $1,898.10.