TOP NEWS • Fed faces viral wave, mounting risks to recovery In a fast-changing global pandemic, this was not the turn U.S. Federal Reserve officials hoped for in early June, when their forecasts showed guarded optimism for a sharpish early economic rebound and steady slow growth to follow. • Big Tech to tangle with Washington lawmakers in antitrust showdown The CEOs of four of America's largest tech firms will testify before U.S. Congress in a hearing that promises a healthy dose of political theater, while also offering a window into the thinking of lawmakers trying to rein in Big Tech. • Shopify beats estimates as more merchants sign up for online boom Shopify beat analysts' estimates for quarterly revenue and profit, as more brick-and-mortar businesses listed on the Canadian e- commerce firm's platform to cash in on a surge in demand during COVID-19 lockdowns. • U.S. refiners to post worst second-quarter results in a decade U.S. oil refiners in coming days are expected to report the worst second-quarter results in a decade, with production outrunning demand while pandemic-related closings have sapped summer travel. • GE reins in cash outflow as losses mount General Electric reported smaller-than-expected cash outlflows in its industrial business, as the coronavirus crisis pummeled demand in its aviation business resulting in a $2.18 billion quarterly loss.

BEFORE THE BELL Futures for Canada's main stock index rose, supported by higher oil prices as a surprise drop in U.S. crude inventories buoyed hopes for a recovery in demand. U.S. stock index futures rose as investors awaited cues of support from the Federal Reserve while the country grappled with a spike in coronavirus cases and Washington was in disarray over a new spending package. European shares edged up after mixed earnings reports. Asian shares dipped due to a weak start to corporate earnings. The U.S. dollar fell to a two-year low. Gold eased as investors booked profits.

STOCKS TO WATCH Results • Shopify Inc (SHOP). The company beat analysts' estimates for quarterly revenue and profit, as more brick-and-mortar businesses listed on the Canadian e-commerce firm's platform to cash in on a surge in demand during COVID-19 lockdowns. New stores created on the platform jumped 71% in the second quarter from the first quarter. Shopify's gross merchandise volume (GMV) more than doubled to $30.1 billion in the quarter, shooting past analysts' estimates of $18.45 billion. Revenue rose about 97% to $714.3 million from a year earlier, beating the average analyst estimate of $513.83 million. Excluding items, it reported earnings of $1.05 per share, while analysts had expected a profit of 1 cent per share.

In Other News • Sun Life Financial Inc (SLF). The insurer expects Asia's contribution to its income to rise to about 25% in five to six years, from 18% now, driven by its push to sell insurance products via digital channels and higher demand after the coronavirus pandemic. The company has recently ramped up its digital capabilities in some Asian markets, helping it cushion the impact of a slowdown in physical sales by agents amid virus-related lockdowns, the president for Sun Life Asia said. It will further bolster its digital capabilities to tap into a growing awareness of life and health insurance products in a region where insurance density is quite low, Léo Grépin added.

PREVIEW Will investors look past Amazon's COVID-19 e-commerce costs? Investors' penchant for prioritizing growth over profit at Amazon.com will be put to the test on Thursday, when investors absorb the impact of second-quarter pandemic-related costs that could top $4 billion. The world's biggest e-retailer - a relatively rare high-growth investment thanks to its lucrative cloud computing business - is in a position to gobble up market share as virus-weary shoppers shift purchasing online and business shutdowns hammer store-based retailers.

ANALYSTS' RECOMMENDATION • Altagas Ltd (ALA). Credit Suisse raises target price to C$18 from C$17, forecasting the company to report second quarter results in -line with expectations. • Argonaut Gold Inc (AR). Canaccord Genuity raises target price to C$4.25 from C$3.25, after the company released an updated plan for Florida Canyon mine and guidance for 2020. • Element Fleet Management Corp (EFN). National Bank of Canada raises target price to C$14 from C$12, after the company's second-quarter results beat revenue estimate. • Gibson Energy Inc (GEI). Credit Suisse raises target price to C$22 from C$18, forecasting EBITDA of C$101 million versus a consensus of C$100 million for the second-quarter. • Marathon Gold Corp (MOZ). National Bank of Canada raises target price to C$3 from C$2.5, citing strong gold price and improved economic returns.

ECONOMIC EVENTS No economic indicators are scheduled for release.

COMPANIES REPORTING RESULTS July 29: Agnico Eagle Mines Ltd (AEM). Expected Q2 earnings of 19 cents per share Alamos Gold Inc (AGI). Expected Q2 earnings of 3 cents per share Aphria Inc (APHA). Expected Q4 loss of 4 Canadian cents per share Cameco Corp (CCO). Expected Q2 loss of 5 Canadian cents per share CGI Inc (GIBa). Expected Q3 earnings of C$1.14 per share Enbridge Inc (ENB). Expected Q2 earnings of 55 Canadian cents per share Kinross Gold Corp (K). Expected Q2 earnings of 13 cents per share Lundin Mining Corp (LUN). Expected Q2 earnings of 4 cents per share Methanex Corp (MX). Expected Q2 loss of 96 cents per share Seven Generations Energy Ltd (VII). Expected Q2 loss of 20 Canadian cents per share Tourmaline Oil Corp (TOU). Expected Q2 loss of 9 Canadian cents per share

July 30: AltaGas Ltd (ALA). Expected Q2 earnings of 1 Canadian cent per share ARC Resources Ltd (ARX). Expected Q2 loss of 15 Canadian cents per share Atco Ltd (ACOx). Expected Q2 earnings of 53 Canadian cents per share Canadian Utilities Ltd (CU). Expected Q2 earnings of 36 Canadian cents per share Capital Power Corp (CPX). Expected Q2 earnings of 34 Canadian cents per share Crescent Point Energy Corp (CPG). Expected Q2 loss of 22 Canadian cents per share Dundee Precious Metals Inc (DPM). Expected Q2 earnings of 18 cents per share Eldorado Gold Corp (ELD). Expected Q2 earnings of 24 cents per share Fairfax Financial Holdings Ltd (FFH). Expected Q2 earnings of $17.94 per share Fortis Inc (FTS). Expected Q2 earnings of 57 Canadian cents per share Gildan Activewear Inc (GIL). Expected Q2 loss of 41 cents per share Husky Energy Inc (HSE). Expected Q2 loss of 53 Canadian cents per share iA Financial Corporation Inc (IAG). Expected Q2 earnings of C$1.38 per share Kirkland Lake Gold Ltd (KL). Expected Q2 earnings of 70 cents per share Maple Leaf Foods Inc (MFI). Expected Q2 earnings of 26 Canadian cents per share New Gold Inc (NGD). Expected Q2 loss of 3 cents per share Real Matters Inc (REAL). Expected Q3 earnings of 13 cents per share Sandstorm Gold Ltd (SSL). Expected Q2 earnings of 3 cents per share TC Energy Corp (TRP). Expected Q2 earnings of 92 Canadian cents per share

CORPORATE EVENTS (All timings in U.S. Eastern Time) 0800 Cameco Corp (CCO). Q2 earnings conference call 0800 Celestica Inc (CLS). Q2 earnings conference call 0800 Toromont Industries Ltd (TIH). Q2 earnings conference call 0830 Equitable Group Inc (EQB). Q2 earnings conference call 0900 Aphria Inc (APHA). Q4 earnings conference call 0900 CGI Inc (GIBa). Q3 earnings conference call 0900 Enbridge Inc (ENB). Q2 earnings conference call 0900 First Quantum Minerals Ltd (FM). Q2 earnings conference call 1100 Intact Financial Corp (IFC). Q2 earnings conference call 1100 Seven Generations Energy Ltd (VII). Q2 earnings conference call

EXDIVIDENDS There are no major exdivs for the day.

(All analysts' estimates are according to I/B/E/S Refinitiv data.)

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An aerial view of tents prepared for Muslim pilgrims during the Haj pilgrimage, amid the coronavirus disease (COVID-19) outbreak, in the holy city of Mecca, Saudi Arabia, July 28. Saudi Press Agency/Handout via REUTERS

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