Futures tracking Canada's blue-chip stocks inched lower on Thursday as reports that Nvidia's board may oust longtime CEO Jensen Huang sparked a retreat in AI-related stocks globally, with lower oil and gold adding to losses.
The TSX gained 241.27 points to wind up Wednesday at 36,411.27.
The Canadian dollar skidded 0.1 cents to 70.18 cents U.S.
Futures lost 0.1% Thursday.
In company news, AtkinsRealis said it had signed an agreement with Turkish state-owned nuclear energy company TUNAS to conduct a feasibility study for a potential expansion of Turkey's nuclear power programme
Bird Construction reported third-quarter adjusted profit above estimates, as strong revenue growth across its business segments supported earnings
Ivanhoe Mines signed a memorandum of understanding with Pakistan's Mari Energies Chairman Robert Friedland said at the Pakistan Minerals Investment Forum.
On the economic calendar, building permits, the total value of building permits issued in Canada declined $552.8 million (-4.1%) to $12.9 billion in September.
ON BAYSTREET
The TSX Venture Exchange slid 5.07 points Wednesday to 817.02.
ON WALLSTREET
NASDAQ futures fell on Thursday as Nvidia shares slumped on the potential ousting of CEO Jensen Huang.
Futures for the Dow Jones Industrials gathered 55 points, or 0.1%, early Thursday, to 52,633.
Futures for the S&P 500 settled 31.5 points, or 0.4%, to 7,609.00.
Futures for the NASDAQ Composite faltered 251.75 points, or 0.9%, at 28,221.50.
Selling pressure on Nvidia resumed in extended U.S. trading after The New York Times reported that Huang had an extramarital relationship with an executive at the company.
The Wall Street Journal also reported that Nvidia’s board is gearing up to remove Huang from his post. This comes after Huang reportedly had an affair with an alleged Chinese spy.
Nvidia shares fell 7% in premarket trading on Thursday as investors weighed the potential for Huang’s departure.
Investors are weighing whether the artificial intelligence-driven rally has more room to run given the recent weakness in Nvidia.
CoreWeave’s better-than-expected results and raised revenue outlook reinforced the longer-term growth story, with the stock surging 25% on Wednesday.
However, shares moved 9% lower in premarket trading Thursday. Meanwhile, Advanced Micro Devices added 2% ahead of the market open, while Broadcom was seen rising nearly 1%.
Investors are also looking to upcoming economic data for further clues on inflation, the labor market and the broader outlook. On Thursday, the market will get initial jobless claims data at 8:30 a.m. ET, followed by existing home sales at 10 a.m.
In Japan, the Nikkei 225 docked 0.7% Thursday, while in Hong Kong, the Hang Seng lost 1.3%.
Oil prices gave back 62 cents to $85.91 U.S. a barrel.
Gold prices dulled $52.20 to $3,948.60 U.S an ounce.
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