Futures Inch Higher Thursday

Futures for Canada’s resource-heavy main stock index edged higher on Thursday on boost from higher oil and bullion prices, while investors awaited a reading on monthly producer prices data due later in the day.

The TSX dropped 88.53 points to conclude Wednesday at 20,181.44.

September futures for the TSX eked higher 0.2% on Thursday.

The Canadian dollar nicked higher 0.19 cents to 77.60 cents U.S.

BMO cut the price target on Superior Gold to $1.25 from $2.00

TD Securities raised the rating on Atrium Mortgage Investment to buy from hold

JP Morgan initiated coverage on Ivanhoe Electric with a neutral rating and a $15 price target.

On the economic front, Statistics Canada said its Industrial Product Price Index declined 2.1% month over month in July and increased 11.9% year over year, while its raw materials price index fell 7.4% month over month in July and was 19.1% higher compared with July 2021.

ON BAYSTREET

The TSX Venture Exchange slumbered 9.49 points, or 1.4%, Wednesday to 660.08.

ON WALLSTREET

Stock market futures were slightly higher Thursday as investors tried to regain their footing a day after the Dow Jones Industrial Average snapped a five-day winning streak and a recent market rally appeared to fade.

Futures for the Dow Jones Industrials leaped 69 points, or 0.2%, early Thursday to 34,032.

Futures for the S&P 500 added 12.25 points, or 0.3%, to 4,289

Futures for the NASDAQ Composite hurtled 47 points, or 0.4%, higher at 13,540.25.

Investors continued to monitor retail earnings for insight into the health of the consumer, which continued Thursday with reports from Kohl’s, Bath & Body Works and BJ’s Wholesale. Kohl’s shares slid in the pre-market after the company cut its guidance.

Those moves came as traders parsed through the minutes from the Federal Reserve’s July meeting. The central bank remains committed to fighting inflation, but indicated it could adjust its pace of tightening based on market conditions.

Investors have been hoping that the Fed might slow the pace of its rate hikes after July’s consumer price index reading showed inflation cooling slightly. But not everyone is convinced.

Some key economic data will also be released Thursday, including weekly jobless claims and existing home sales.

In Japan, the Nikkei 225 index dipped 1%, while in Hong Kong, the Hang Seng index forfeited 0.8%,

Oil prices gained 97 cents to $89.08 U.S. a barrel.

Gold prices picked up $6.20 to $1,782.90 U.S. an ounce.

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