Futures linked to Canada's main stock index fell on Thursday after Iran tightened its grip on the Strait of Hormuz, renewing shipping concerns with no signs of peace talks resuming.
The TSX Composite Index surged 146.81 points, to conclude Wednesday at 33,955.11
June futures stumbled 0.7% Thursday.
The Canadian dollar eased back 2.5 cents to 73.12 cents U.S.
Iran on Wednesday seized two ships trying to exit the Strait and demanded Washington lift its naval blockade, which remains in effect even after U.S. President Donald Trump extended the ceasefire indefinitely.
Oil prices extended gains on the renewed uncertainty, rising more than 1% as stalled peace talks showed no signs of restarting and traffic through the critical strait remained restricted.
Teck Resources beat analysts' estimates for first-quarter profit, aided by an increase in copper prices and record sales.
In the economic world, Statistics Canada reported its industrial product price index increased 2.4% month over month in March and gained 7.8% year over year, while its raw materials price index increased by 12.0% month over month and rose 23.6% year over year.
ON BAYSTREET
The TSX Venture Exchange pulled higher 28.25 points, or 2.8%, Wednesday to 1,050.86.
ON WALLSTREET
Stock futures declined early Thursday, with investors set to give back some of the gains that took the S&P 500 and NASDAQ Composite to fresh record highs in the previous session.
Futures for the Dow Jones Industrials ditched 294 points, or 0.6%, to 49,374.
Futures for the S&P 500 lost 30 points, or 0.4%, to 7,141.25
Futures for the NASDAQ dumped 104.50 points, or 0.4%, to 26,978.50.
Some of the biggest movers on Thursday included IBM and ServiceNow, which were respectively trading 7% and 13% lower after reporting their latest results.
Shares of Tesla initially rose on better-than-expected earnings. However, the stock later shed about 3% when CEO Elon Musk warned capital expenses would rise “substantially” as the electric vehicle maker moves into AI-powered self-driving cars and humanoid robots.
Both the broad market index and tech-heavy NASDAQ finished at record levels on Wednesday after President Donald Trump extended the U.S. ceasefire with Iran. The S&P 500 and Nasdaq rose 1.05% and 1.64%, respectively.
The Dow gained 340.65 points, or 0.69%.
Investor sentiment has also been strengthened by a strong earnings season so far. Of the 87 S&P companies that have reported so far, 81% have reported an earnings beat, while 76% have reported revenue that surprised to the upside.
Traders will also watch out for April’s S&P Global PMI manufacturing and services preliminary readings.
In Japan, the Nikkei 225 waned 0.8% Thursday, while in Hong Kong, the Hang Seng dipped 1%
Oil prices gained $1.01 to $93.97 U.S. a barrel.
Gold prices subtracted $39.20 to $4,713.800 U.S an ounce.
