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Futures Flat Following Bank Rate Hike

GameStop in Focus

Futures for Canada's main resource-heavy stock index were muted on Thursday as the Bank of Canada's surprise interest rate hike continued to dent investor sentiment, while gains in oil and precious metal prices provided some relief.

The TSX faded 71.91 points to finish Wednesday at 19,983.69.

June futures on the S&P/TSX index were little changed Thursday morning.

The Canadian dollar nicked ahead 0.09 cents to 74.86 cents U.S.


The TSX Venture Exchange skidded 0.3 points Wednesday to 612.28.


Stock futures were flat on Thursday, as investors awaited the next market catalyst and digested the recent rally in stocks.

Futures for the Dow Jones Industrials slid 19 points, or 0.1%, to 33,690.

Futures for the S&P 500 dipped one point to 4,273.50.

Futures for the NASDAQ Composite fell 1.5 points, or 0.1%, to 14,330.

GameStop shares tumbled roughly 19% after the video game retailer announced CEO Matthew Furlong’s firing. It also appointed Ryan Cohen as its executive chairman.

Indeed, investors seem to be in a holding pattern while awaiting the Federal Reserve’s upcoming policy meeting on June 13 and 14. Economic signs suggest that inflation is inching down, even as it remains above the central bank’s 2% target. Wage growth, for instance, is slowing.

Wages rose 5.3% on an annual basis in May, down 0.4 percentage points from April, according to data from Indeed. Markets are pricing about a 66% chance that the Fed keeps rates steady at the next meeting, according to the CME FedWatch Tool.

More economic data will arrive on Thursday morning, with weekly jobless claims and wholesale inventories due.

In Japan, the Nikkei 225 dished off 0.9% Thursday, while in Hong Kong, the Hang Seng index gained 0.3%.

Oil prices picked up 58 cents to $73.11 U.S. a barrel.

Gold prices added $2.10 to $1,960.50. U.S. an ounce.