Stocks Set to Tank

Nov 29, 2018 (Baystreet.ca via COMTEX) —

Futures for Canada’s main stock index opened lower on Thursday due to drop in oil prices and are heading for the largest monthly loss since 2008.

The S&P/TSX Composite Index ballooned 227.16 points, or 1.5%, to end an exciting Wednesday at 15,171.25

The Canadian dollar eked up 0.01 cents at 75.32 U.S. early Thursday

December futures retreated 0.4% Thursday.

Canadian Imperial Bank of Commerce reported an 8% increase in fourth-quarter earnings, helped by growth at its retail banking and wealth management divisions.

Toronto-Dominion Bank reported a 20% rise in fourth-quarter earnings, marginally ahead of analysts’ expectations, helped by strong growth at its U.S. retail business.

Desjardins raised the price target on Alimentation Couche-Tard to $77.00 from $74.00

Morgan Stanley raised price target on BCE to $60.00 from $59.00

Barclays raised the price target on Royal Bank of Canada to $100.00 from $99.00

In the economic docket, Statistics Canada reported Thursday morning that average weekly earnings of non-farm payroll employees were $1,004 in September, little changed from the previous month.

Compared with 12 months earlier, says the agency, earnings increased 1.8%.

ON BAYSTREET

The TSX Venture Exchange gained 5.8 points, or 1%, Wednesday to 591.69

ON WALLSTREET

U.S. stock index futures fell ahead of Thursday’s open as investors took a breather following a massive rally in the previous session.

Futures for the Dow Jones Industrials sank 32 points, or 0.1%, to 25,312.

S&P futures dipped 6.75 points, or 0.3%, to 2,734.75, while the NASDAQ Composite dropped 32.75 points, or 0.5%, to 6,885.50.

Abercrombie and Fitch, HP and Palo Alto Networks are among the companies reporting earnings today.

On Wednesday, Federal Reserve Chair Jerome Powell said at an event in New York that he deems the Fed’s benchmark interest rate to be close to a

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