Futures for Canada’s main stock index edged lower on Thursday as Ukraine tensions drove oil prices higher, stoking concerns over global economic growth and inflation.
The S&P/TSX Composite flew 251.13 points, or 1.2% to end Wednesday’s session at 21,255.64.
The Canadian dollar crept up 0.09 cents at 79.16 cents U.S.
Futures fell 0.2% Thursday morning.
Canadian Natural Resources posted a surge in
fourth-quarter profit and increased its dividend as a rebound in fuel demand from pandemic lows propelled crude prices to multi-year highs.
Toronto-Dominion Bank reported higher quarterly profit, driven by revenues from its Canadian and U.S. retail banking units that offset rising expenses at home and in its wholesale banking business.
RBC cut the target price on Canfor Corp to $45.00 from $48.00
CIBC cut the target price on First National Financial to $45.00 from $46.00
CIBC raised the target price on George Weston to $177.00 from $171.00
ON BAYSTREET
The TSX Venture Exchange made its way up 1.67 points Wednesday to 854.96.
ON WALLSTREET
U.S. stock index futures were off just slightly in early trading Thursday, after the major averages finished the day higher despite escalating tensions between Russia and Ukraine.
The Dow Jones Industrials gained 80 points, or 0.2%, to 33,929.
The S&P 500 increased 8.75 points, or 0.2%. to 4,390.50.
The NASDAQ fell 0.5 points to 14,238.75
The moves come after a volatile start to the week, with markets seeing sharp reversals in some areas day to day. Stocks, and the tech sector in particular, have been in a downtrend in recent months.
On the earnings front Thursday, shares of Best Buy rose 8% after the retailer met earnings expectations and hiked its dividend, and Kroger climbed 5% after beating estimates on the top and bottom lines.
Software stock Snowflake dropped 20% after the company reported slowing revenue growth. BJ’s Wholesale, Burlington Stores and Big Lots were all down in premarket trading after their earnings reports.
Markets continued to watch the situation in Ukraine, where fighting entered its second week. Ukrainians maintained the capital city of Kyiv, while heavy shelling hit Maripol and Kharkiv.
Markets have been volatile in recent sessions as investors assess risks to the U.S. economy fueled by Russia’s war in Ukraine.
Investors were watching jobless claims, which were expected to total 225,000 last week. Productivity, weekly export sales and the Institute for Supply Management’s latest report on the services industry outlook also are on tap.
In Asia, the Nikkei 225 index in Japan took on 0.7%, while in Hong Kong, the Hang Seng index gained 0.6%.
Oil prices rocketed $3.33 to $113.93 U.S. a barrel.
Gold prices hiked $14.90 to $1,937.20 U.S. an ounce.