Futures Flat Thursday as Gold Gains Cancelled out by Oil Weakness
May 06, 2021 at 09:24 AM EDT
Thursday, May 6, 2021 08:24 AM EST Futures Flat Thursday as Gold Gains Cancelled out by Oil Weakness Bombardier, Magna come to the Fore Futures for Canada's main stock index were little changed on Thursday, as gains in gold were countered by a drop in oil prices. The TSX vaulted 122.71 points to close Wednesday at 19,310.74 The Canadian dollar forged ahead 0.18 cents Thursday to 81.69 cents U.S. June futures listed lower 0.04% Thursday. Bombardier reported a 43% increase in quarterly adjusted profit, helped by a recovery in business aviation, as rising COVID-19 vaccinations encourage wealthy travelers to fly again. Magna International reported a 136% rise in quarterly profit and raised its full-year revenue outlook, as strong demand for vehicles encouraged its customers to order more body structures, chassis and powertrains. Canadian Natural Resources reported a better-than-expected quarterly profit, buoyed by higher oil prices as COVID-19 vaccine rollouts lifted demand. Citigroup cut the price target on Ballard Power Systems to $23 from $33 Scotiabank raised the target price on Russel Metals to $32 from $28.5 BMO raised the price target on Constellation Software to $2,000 from $1,850 ON BAYSTREET The TSX Venture Exchange eked ahead 1.2 points by the end of Wednesday to 945.69. ON WALLSTREET U.S. stock index futures gained slightly early Thursday after the Dow Jones Industrials closed at a record in the prior session. Futures for the Dow gained 42 points, or 0.1%, to 34,160. Futures for the S&P 500 took on 2.5 points, or 0.1%, to 4,162.50. Futures for the NASDAQ Composite index improved 12.75 points, or 0.1%, to 13,507.75. PayPal shares jumped 4% in pre-market trading to lead tech names after the company posted better-than-expected earnings and said revenue last quarter surged 31%. Apple and Tesla shares were also higher in early trading. However, Etsy tanked by 11% in early trading after warning that sales will slow as the pandemic boost wanes. Shares of Gap, which have been popping in the past month along with other specialty retail as investors bet on a return to more in-person shopping, was higher again, up about 2% in early trading. On the data front, initial jobless claims will be released on Thursday. Economists surveyed by Dow Jones are expecting a print of 527,000. The data comes one day before April’s jobs report is released on Friday. Anheuser-Busch InBev, Regeneron, ViacomCBS and Kellogg are among the names on deck prior to the opening bell. Dropbox, Expedia, Roku, Beyond Meat, Shake Shack and Square will report after the market closes. Overseas, in Japan, the Nikkei 225 returned from holiday to gain 1.8%, while in Hong Kong, the Hang Seng index added 0.8% Thursday. Oil prices declined 49 cents to $65.14 U.S. a barrel. Gold prices jumped $9.90 to $1,794.20 U.S.