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Futures Rocket with Metal Prices

Teck, Loblaw in Focus

Futures for Canada's resource-heavy main stock index climbed on Thursday, tracking a rise in metal prices and mirroring gains on Wall Street after chip designer Nvidia's solid results.

The TSX Composite fell 45.15 points to conclude Wednesday at 21,172.38.

March futures were up 0.7% Thursday.

The Canadian dollar nicked ahead 0.11 cents to 74.21 cents U.S.

Corporate earnings in Canada continue to pick up pace, with Teck Resources beating fourth-quarter profit estimates, helped by an increase in steelmaking coal sales and record copper production.

Loblaw Companies topped analysts' expectations for fourth-quarter profit, bolstered by consistent demand for essentials such as groceries as well as easing input costs.

U.S. energy firm Chord Energy said on Wednesday it would acquire Enerplus, creating a Williston basin-focused entity with an enterprise value of $11 billion.

On the economic calendar Thursday, Statistics Canada reported retail sales increased 0.9% to $67.3 billion in December. Sales were up in five of nine subsectors and were led by increases at motor vehicle and parts dealers.


The TSX Venture Exchange slipped 1.6 points Wednesday to 550.02.


Stock futures rose Thursday, boosted by a jump in Nvidia shares as the chip giant posted record revenue and issued upbeat guidance.

Futures for the Dow Jones Industrials leaped 139 points, or 0.4%, to 38,816.

Futures for the S&P 500 jumped 61.25 points, or 1.2%, at 5,057.50.

Futures for the NASDAQ popped 352.25 points, or 2%, to 17,889. NASDAQ could see a rebound from its three-day losing streak on Thursday. So far this week, the tech-heavy index has lost more than 1%.

Nvidia shares popped about 13% in the premarket after the chip company said total revenue rose a whopping 265% from a year ago, driven by its booming artificial intelligence business. Nvidia, which has become the fifth-largest company in the U.S. by market capitalization, also forecast another stellar revenue gain for the current quarter, even against elevated expectations for massive growth.

AI enthusiasm has powered the jaw-dropping rally in Nvidia, along with other Big Tech names, over the past year. The chipmaker’s blowout quarter could further boost confidence in the space that has benefited the broader market.

On Thursday, investors will not only be watching for further corporate earnings, but also for weekly jobless claims data and existing home sales figures from January. Markets were mixed Wednesday as investors digested minutes from the January Federal Reserve meeting that indicated policymakers were concerned over lowering rates too quickly.

In Japan, the Nikkei 225 galloped 2.2% Thursday, while in Hong Kong, the Hang Seng index leaped 1.5%.

Oil prices slid 13 cents to $77.78 U.S. a barrel.

Gold prices brightened $3.50 to $2,037.80 U.S. an ounce.