September 29, 2016 - 9:11 AM EDT
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OPEC Buzz Set to Wane on Wall St.

s for markets in Toronto were little changed on Thursday as investors awaited more clarity on a surprise output cut agreement by the Organization of Petroleum Exporting Countries to rebalance a glut.

The S&P/TSX Composite leapt 173.39 points, or 1.2%., to conclude Wednesday at 14,731.43. December futures eked up 0.04% Thursday.

The Canadian dollar gave back 0.05 cents at 76.4 cents U.S. early Thursday.

Macquarie raised the target price on Blackberry to $8.50 from $7.00

Desjardins raised the target price on Saputo to $46.00, with a hold rating

National Bank Financial raised the target price on Theratechnologies to $3.25 from $2.25

OPEC agreed on modest output cuts on Wednesday, in the first such move since 2008, with Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices.

On the economic slate, Statistics Canada reported Thursday that average weekly earnings stayed pretty still in July at $955.00, down 0.2% from June, and up 0.1% from July 2015.

ON BAYSTREET

The TSX Venture Exchange gained 6.98 points Wednesday at 801.47

ON WALL STREET

U.S. stock-index futures signaled a lower start to trade on Wall Street on Thursday, as European and some Asian shares rose after an accord was struck among OPEC members was struck.

Ahead of the opening bell, futures for the Dow Jones Industrials slipped 35 points, or 0.2%, to 18,203, while futures for the S&P 500 fell 4.5 points, or 0.2%, to 2,158.75. NASDAQ futures dipped 11.25 points, or 0.2%, at 4,857

On the earnings front, Costco is set to post results after Wall Street closes. PepsiCo shares rose more than 3% pre-market after reporting better-than-expected quarterly sales. ConAgra also posted results, and its stock rose 2%. Accenture shares also rose after the firm posted results.

Stocks to watch on Thursday include Wal-Mart, which is in talks to buy a stake in Indian online retailer Flipkart, according to media reports.

Meanwhile, Apple shares fell more than 0.5% in pre-market trading after Barclays removed its "Top Pick" designation from the tech giant's stock and lowered its price target to $114.00 from $115.00 U.S.

The 14-country oil cartel agreed to seek a cut in crude production when they meet formally in November — paving the way for the first cut in oil supply since 2008.

Economic data promises the third estimate of U.S. second-quarter gross domestic product, international goods trade figures for August and pending home sales for the month. There will also be U.S. weekly initial jobless claims.

Oil prices dipped 17 cents to $46.88 U.S. a barrel

Gold prices eked up 40 cents to $1,324.10 U.S. an ounce.


Source: Baystreet US Market Commentary (September 29, 2016 - 9:11 AM EDT)

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