Snowflake Stock – Slightly Downward Open Foreseen for TSX
Futures for Canada’s main stock index fell on Thursday, as oil prices fell on demand concerns due to the COVID-19 crisis in Asia and a potential increase in Iranian supplies.
The TSX leaped 181.35 points, to conclude Wednesday at 19,745.47.
The Canadian dollar moved up 0.027 cents Thursday to 82.71 cents U.S.
June futures dipped 0.1% Thursday.
Royal Bank of Canada beat analysts’ estimates for quarterly profit, driven by strength in its capital markets and wealth management units, and as it released some reserves set aside to cover loan losses.
The Bank of Canada is likely to cut its bond-buying program again this year, possibly as soon as July, as provinces ease curbs to contain the COVID-19 pandemic and inflation pressures build.
A consortium led by a unit of Bombardier won a bid for the rolling stock and rail systems for Mexico’s flagship “Mayan Train” infrastructure project, the government said.
Scotiabank raised the target price on Canadian Pacific Railway to $108.00 from $96.00
RBC raised the target price on Bank of Montreal to $141.00 from $125.00
On the economic beat, Statistics Canada reported that, compared with February 2020, payroll employment in Canada was down by 897,900 (-5.3%) in March 2021.
The TSX Venture Exchange slivered ahead 1.04 points Wednesday to 956.
S&P 500 futures were pretty much unchanged on Thursday as investors wait for new labour-market data to gauge the pace of the economic recovery.
Futures for the Dow Jones Industrials gained 71 points, or 0.2%, to 34,351.
Futures for the S&P 500 shed five points, or 0.1%, to 4,188.
Futures for the NASDAQ Composite slipped 65.25 points, or 0.5%, to 13,634.75.
Investors digested the latest data on U.S. weekly jobless claims, which came out Thursday at 8:30 a.m. ET. Economists surveyed by Dow Jones expected a total of 425,000 Americans to have filed unemployment benefits in the week ended May 22. In the week prior, jobless claims reached a fresh pandemic-era low of 444,000.
Snowflake shares tumbled 4% in pre-market trading trading after the data-analytics software company reported widening losses. Nvidia’s stock rose slightly in early trading even after the chip giant’s earnings and sales for the first quarter both beat Wall Street expectations. Its revenue grew 88% compared to last year.
Meme stocks, which have jumped this week amid a resurgence in speculative trading, were lower in pre-market trading. GameStop was down by about 4%. AMC Entertainment lost 6%.
Ford was higher again, with the stock up 1% following an upgrade by RBC. The stock jumped 8% on Wednesday after unveiling its electric vehicle strategy.
Trading is expected to be muted ahead of the Memorial Day weekend.
Overseas, in Japan, the Nikkei 225 settled 0.3% Thursday, while in Hong Kong, the Hang Seng index fell 0.2%
Oil prices lost 42 cents to $65.79 U.S. a barrel.
Gold prices dropped $8.10 to $1,893.10 U.S.