Futures tracking Canada's blue-chip stocks rose on Thursday, extending the previous session's gains after Democrats won control of Congress in the U.S. midterms. This, while investors awaited Canada's employment report due on Friday.
The TSX concluded trading Wednesday ahead 809.12 points, or 2.3%, to 36,341.40, the index’s largest rally in seven months.
The Canadian dollar edged ahead 0.04 cents to 71.60 cents U.S.
Futures picked up 0.2% Thursday.
Democrats' ?election win gives them a bigger platform to challenge Trump's trade policies, but experts say they still ?lack enough votes to override his veto on efforts to overturn tariffs or rescind trade authorities.
Among company news, Canadian Natural Resources beat analysts' estimate for third-quarter profit, helped by higher crude prices and stronger production
Fertilizer producer Nutrien missed third-quarter profit estimates due to surging sulfur input costs in its phosphate segment and lower nitrogen sales volumes
ON BAYSTREET
The TSX Venture Exchange spiked 19.68 points, or 2.5% Wednesday, to 814.37.
ON WALLSTREET
The Dow Jones Industrial Average was set for another strong day on Thursday, following a rally on the heels of a sharp decline in the price of oil amid the Democrats’ midterm wins.
Futures for the 30-stock index surged 252 points, or 0.5%, early Thursday, to 53,755.
Futures for the S&P 500 tacked on four points, or 0.1%, to 7,724.50.
Futures for the NASDAQ Composite backtracked 224.5 points, or 0.8%, at 28,342.25.
Goldman Sachs, JPMorgan Chase and American Express were up more than 1% each to lead the Dow higher. Shares in certain tech names moved lower in premarket trade, keeping S&P futures gain muted and pressuring Nasdaq futures. Tesla fell 2%, as did SpaceX.
Shares of neocloud companies retreated, with CoreWeave losing almost 4% and Nebius as well as Iren shedding more than 3%, amid worries about a backlash to the industry in light of election results in various states.
Chipmaker Qualcomm reported earnings that beat estimates, but the stock dropped 9% on a weaker-than-expected earnings outlook.
AppLovin, the artificial intelligence-powered advertising company, surged 19% after delivering better-than-expected results and issuing guidance that beat estimates.
Trading on Wednesday showed investors adjusting to midterm results, which showed Democrats flipping control of the House of Representatives and Senate — securing comfortable majorities in both chambers — and a slew of governorships, too.
In Japan, the Nikkei 225 capsized 1.8% Thursday, while in Hong Kong, the Hang Seng gained 3.7% to 24,796.98
Oil prices climbed $1.40 to $89.52 U.S. a barrel.
Gold prices brightened $56.20 to $4,129.20 U.S an ounce.
