(MENAFN- Baystreet.ca) Futures for Canada's main stock index were little changed on Thursday as doubts about a fresh cycle of U.S. rate cuts offset a rise in crude oil prices.
The S&P/TSX Composite sprinted 95.92 points to end Wednesday at 16,309.23
The Canadian dollar eked up 0.01 at 75.27 cents U.S. early Thursday
September futures were up 0.02% Thursday.
Canadian Imperial Bank of Commerce beat analysts' estimates for quarterly profit, as gains in domestic retail and U.S. commercial banking overshadowed a weak capital markets business.
RBC raised the price target on Kinder Morgan Canada to $15.00 from $14.00
CIBC cut the target price on Royal Bank of Canada: to $109.00 from $110.00
On the economic beat, Statistics Canada said wholesale sales rose 0.6% to $64.1 billion in June, partly offsetting the 1.9% decline in May. The agency went on to say sales were up in four of seven sub-sectors, representing 54% of total wholesale sales.
Also, in June, 442,600 people received regular Employment Insurance benefits, a figure virtually unchanged from the previous month.
The number of EI beneficiaries in June increased in Quebec, while it decreased in Alberta, Saskatchewan, Nova Scotia, and New Brunswick.
ON BAYSTREET
The TSX Venture Exchange faded 0.78 points Wednesday to 575.90
ON WALLSTREET
U.S. stock index futures rose on Thursday as investors looked ahead to the start of a central banking summit in Jackson Hole, Wyoming.
Futures for the Dow Jones Industrials gained 41 points, or 0.2%, to 26,267.
Futures for the S&P 500 moved upward 3.25 points, or 0.1%, at 2,932.50
NASDAQ futures picked up five points, or 0.1%, to 7,755.25
In corporate news, Dick's Sporting Goods and Nordstrom each jumped more than 7% after reporting better-than-expected earnings for the previous quarter. BJ'S Wholesale Club rallied more than 8%.
The summit kicks off on Thursday, with two regional Fed governors slated to comment on the world's largest economy later in the day.
The Fed cut interest rates by 25 basis points in July. Market expectations for another rate cut in September are at 93.5%.
On the data front, the latest weekly jobless claims report will be released Thursday morning.
Leading index data for July and the Kansas City Fed survey, manufacturing Purchasing Managers' Index (PMI) and services PMI for August will all follow slightly later in the session.
Overseas, in Japan, the Nikkei 225 nicked higher 0.1% Thursday, while in the Hong Kong, the Hang Seng index fell 0.8%
Oil prices hiked 42 cents to $56.10 U.S. a barrel.
Gold prices subsided $11.50to $1,504.20 U.S. an ounce.
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