Futures for Canada’s main stock index rose on Thursday, supported by gains in metal prices, while investors digested earnings from some of the big tech megacaps on Wall Street.
March futures on the S&P/TSX index were up 0.64% at 6.19 a.m. ET (1119 GMT).
U.S. stock index futures also advanced on Thursday.
In commodities, gold prices edged higher on Thursday due to a softer dollar, while copper and aluminum prices also increased.
But oil prices , slipped for a second consecutive day after U.S. crude stockpiles rose more than anticipated.
Earnings reports from some of the so-called “Magnificent Seven” megacap tech stocks were released after the bell on Wednesday.
Microsoft (MSFT.O) beat quarterly revenue estimates, while Tesla’s (TSLA.O) fourth-quarter profit margin missed expectations. Meta (META.O) forecast first-quarter revenue below market estimates.
The Toronto Stock Exchange’s S&P/TSX composite index reached a seven-week high on Wednesday, buoyed by the U.S. Federal Reserve’s indication of robust economic activity and the Bank of Canada’s interest rate cut to support the domestic economy amidst expected U.S. trade tariffs.
U.S. President Donald Trump’s nominee for Commerce Secretary, Howard Lutnick, stated on Wednesday that Canada and Mexico could avoid upcoming U.S. tariffs by swiftly closing their borders to fentanyl.
Canada’s Foreign Minister Melanie Joly, who is visiting Washington to help ease tensions, said Lutnick’s “comments regarding the fact that we were addressing the border issue and fentanyl were positive.”
On Tuesday, the White House reaffirmed Trump’s plan to impose tariffs on Mexico and Canada on Saturday.
In domestic corporate news, methanol supplier Methanex (MX.TO) beat fourth-quarter profit estimates on Wednesday.
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report
Canadian dollar and bonds report CA/
Reuters global stocks poll for Canada ,
Canadian markets directory
Source: Reuters.com