Futures tied to Canada's main stock index rose on Wednesday, supported by higher gold prices, while investor attention centered on Nvidia's quarterly earnings due after market close.
The TSX lost 39.75 points Tuesday to 30,036.46.
December futures rose 0.3% Wednesday.
The Canadian dollar faded 0.11 cents to 71.39 cents U.S.
Meanwhile, Bank of Canada Deputy Governor Nicolas Vincent is set to speak later in the day, potentially offering clues on the country's policy path.
In corporate news, JPMorgan raised the price target on business jet maker Bombardier to $215 from $170.
Cenovus Energy announced a $1.6-billion offering of senior notes.
ON BAYSTREET
The TSX Venture Exchange advanced 8.01 points Tuesday to 867.66.
ON WALLSTREET
Stock futures rose on Wednesday after major U.S. indexes fell in the previous session, driven by pressure in tech. Investors are now readying for Nvidia’s earnings report to inform the strength of the AI trade.
Futures for the Dow Jones Industrials gained 49 points, or 0.1%, to 46,233.
Futures for the S&P 500 index advanced 20.25 points, or 0.3%, to 6,660.
Futures for the NASDAQ surged 93.5 points, or 0.4%, to 24,684.75
Tuesday’s session saw the Dow and S&P 500 notch their fourth consecutive losing days, with the S&P 500 notching its longest slide since August. The tech-heavy NASDAQ recorded its fifth negative day in six sessions. Bitcoin briefly dropped below $90,000 on Tuesday before recovering, while gold prices rose from a one-week low.
Most sectors in the broader market closed up higher on Tuesday but key tech names once again weighed on stocks, with hot AI stocks such as Nvidia, Palantir, Microsoft and Advanced Micro Devices closing in the red.
Weakness in tech comes ahead of Nvidia’s highly awaited third-quarter results due after Wednesday’s market close. Analysts largely expect that Nvidia — the largest company in the broad-market index — will meaningfully beat Wall Street’s expectations and forecast strong sales growth driven by demand for its AI chips and other infrastructure.
But Nvidia has a high bar to beat. Investors have taken profits from their tech holdings in recent days, reflecting heightened concerns that the AI boom has run up the valuations of Nvidia and other tech hyperscalers at an unsustainable pace.
In Japan, the Nikkei 225 retreated 0.3% Wednesday, while in Hong Kong, the Hang Seng fell 0.4%
Oil prices slipped $1.18 to $59.56 U.S. a barrel.
Gold prices brightened $53.30 to $4,119.80 U.S. per ounce.
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