Futures tracking Canada's blue-chip stocks slipped on Thursday, as rising oil prices fanned inflation concerns and reinforced expectations for higher-for-longer US interest rates, while fresh concerns over AI spending following Meta's results also soured sentiment.
The TSX popped 217.03 points to conclude Wednesday at 36,324.99, a four-week high on Wednesday, lifted by government's $9-billion support package for sectors hit hard by U.S. tariffs
The Canadian dollar strengthened 0.04 cents to 71.24 cents U.S.
December futures waned 0.7% Thursday morning.
On the economic scene, Statistics Canada revealed that its raw materials price index increased 4.8% in September. Its industrial product price
index was pending.
ON BAYSTREET
The TSX Venture Exchange gained 2.54 points Wednesday to 848.54.
ON WALLSTREET
U.S. equity futures slid on Thursday, bogged down by declines in mega-cap names Meta Platforms and Tesla along with a jump in oil prices as geopolitical tensions rise.
Futures for the Dow Jones Industrials fell 300 points, or 0.6%, early Thursday to 52,759.
Futures for the S&P 500 descended 76.75 points, or 1%, to 7,723.50
Futures for the NASDAQ Composite unloaded 486.25 points, or 1.6%, to 29,518.75.
Tesla shares dropped more than 3%, while Meta slipped nearly 2%. The declines came even after the former’s third-quarter results beat estimates — though its automotive revenue was lackluster — while the latter exceeded revenue expectations and offered upbeat guidance.
Technology more broadly was under pressure as well as ongoing concerns about artificial intelligence spending persisted. Advanced Micro Devices fell more than 4%, while Micron Technology fell 3% and Nvidia dropped 2%.
Looking ahead to Thursday, there are a host of companies on deck to report results including Procter & Gamble, Lockheed Martin, Valero Energy and Honeywell.
Investors will also be paying attention to the economic calendar with weekly initial jobless claims set to release Thursday morning.
In Japan, the Nikkei 225 cratered 2.7% Thursday, while in Hong Kong, the Hang Seng tumbled 3%.
Oil prices hiked $2.22 to $99.37 U.S. a barrel.
Gold prices dulled $74.00 to $4,076.00 U.S an ounce.
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