Futures Flat Ahead of PMI - InvestingChannel

Futures Flat Ahead of PMI

Canada’s stock index futures were little changed on Thursday as investors awaited data on monthly factory activity to gauge the economy’s health in a high interest-rate environment.

The TSX Composite gained 176.26 points to conclude trading Wednesday at 20,453.67.

December futures on the S&P/TSX index inched 0.1%.

The Canadian dollar dipped 0.1 cents to 74.44 cents U.S.

Canadian Imperial Bank of Commerce and Bank of Montreal reported a slump in fourth-quarter profit as the lenders set aside bigger provisions to cover

potential loan defaults against the backdrop of an uncertain macroeconomic environment.

However, TD Bank posted a surge in fourth-quarter profit as gains from higher interest rates offset weakness in underwriting and capital markets.

The federal government approved an expansion to TC Energy’s NOVA Gas Transmission Ltd (NGTL) pipeline system in

Alberta that would help improve market access for western Canadian natural gas.

The S&P Global Canada Manufacturing Purchasing Managers’ Index (PMI) data for November is due at 09:30 a.m. ET. October report showed a deepening slowdown in the manufacturing sector as production and new orders fell.

ON BAYSTREET

The TSX Venture Exchange popped 11.43 points, or 2%, Thursday to 590.35.

ON WALLSTREET

Stock futures slipped Thursday, a day after a sharp rally on Wall Street.

Futures for the Dow Jones Industrials fell 18 points, or 0.1%, to 34,581.

Futures for the S&P 500 poked up 2.25 points, or 0.1%, to 4,083.

Futures for the NASDAQ Composite dropped 3.75 points to 12,038.50.

Salesforce’s stock shed 7% in pre-market trading on news that co-CEO Bret Taylor is stepping down. Snowflake shares tumbled about 6% on light product revenue guidance.

Wednesday also marked the end of a winning month for the major averages. The NASDAQ rose 4.4% — its second positive month in a row for the first time since a three-month streak ending December 2021. The S&P 500 rose 5.4%, and Dow rose 5.7%, to finish their second month of gains for the first time since August 2021.

Investors’ focus Thursday turns to initial jobless claims ahead of the much-anticipated November jobs report due out Friday. The payrolls report is expected to provide more clarity on the labor market, and whether it continues to cool. Economists surveyed by Dow Jones estimate the economy added 200,000 jobs in November, down from 261,000 additions in October. They also anticipate that the unemployment rate held steady from the prior month at 3.7%.

Personal income and personal consumption expenditures data is also expected before the bell.

In Japan, the Nikkei 225 acquired 0.9% Thursday, while in Hong Kong, the Hang Seng Index hiked 0.8%.

Oil prices strengthened $1.04 to $81.59 U.S. a barrel.

Gold prices shot higher $37.60 to $1,797.50 U.S. an ounce.

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