Futures tracking Canada's main stock index receded on Thursday, after commodity prices slipped as rating agency Fitch's downgrade of the United States' top credit rating weighed on risk appetite for a second day.
The TSX cratered 314.72 points, or 1.5%, to end a dismal Wednesday at 20,218.21
September futures blundered 0.7% on Thursday.
The Canadian dollar docked 0.08 cents to 74.84 cents U.S.
Among company earnings, Canada's largest oil and gas producer Canadian Natural Resources Ltd posted a second-quarter profit that more than halved.
On Wednesday, Shopify, forecast strong revenue growth and delivered better-than-expected results, while world's biggest fertilizer Nutrien decided to indefinitely pause its ramp-up plans for potash production and halt work on its clean ammonia project at Geismar, Louisiana.
ON BAYSTREET
The TSX Venture Exchange slid 10.76 points, or 1%, Wednesday to 611.92.
ON WALLSTREET
Stock futures slipped Wednesday as traders continued to assess the fallout from Fitch’s recent downgrade of the United States’ long-term rating. Wall Street also assessed the latest batch of quarterly results.
Futures for the Dow Jones Industrials doffed 62 points, or 0.2% to 35,341.
Futures for the S&P 500 fell 12.5 points, or 0.3%, to 4,524.75.
Futures for the NASDAQ slumbered 67.25 points, or 0.4%, to 15,405.75.
Shares of chipmaker Qualcomm slipped 8% after the company missed analysts’ expectations on fiscal third-quarter revenue and guidance for the current period. DoorDash added 3.6% after beating expectations on revenue.
Tech bellwether Apple and e-commerce giant Amazon are slated to report after the close. Thus far, nearly 67% of the constituents in the S&P 500 have issued their latest quarterly reports, with about 81% of those companies beating expectations.
Stocks on Wednesday sold off, led by a more than 2% drop in the tech-heavy Nasdaq Composite. It marked the worst day since February for the index, as tech stocks tumbled amid a spike in bond yields. Both the S&P 500 and Dow also closed lower.
In other news, the Bank of England on Thursday hiked interest rates by 25 basis points, in the latest move by a global central bank to tame inflation.
Traders are also gearing up for more economic data, including weekly initial jobless claims and durable goods orders ahead of Friday’s July payrolls report.
In Japan, the Nikkei 225 toppled 1.7% Thursday, while in Hong Kong, the Hang Seng slid 0.5%.
Oil prices retreated 14 cents to $79.35 U.S. a barrel.
Gold prices stepped back $3.80 to $1,971.20 U.S. an ounce.
Futures Subside as Downgrade Spurs Selloff
