Futures for Canada's main stock index ticked lower on Thursday, as renewed fears about lofty technology stock valuations following Oracle's disappointing results outweighed a widely expected rate cut from the U.S. Federal Reserve.
The TSX climbed 246.48 points to close Wednesday at 31,490.85.
The Canadian dollar discarded 0.04 cents to 72.48 cents U.S.
December futures were down 0.2% Thursday.
In company news, Transcontinental's fourth-quarter revenue came in below analyst expectations.
Economically speaking, Statistics Canada reported Canada's monthly international trade in services surplus was essentially unchanged from the previous month at $0.2 billion in September.
The agency added that, overall, imports of services were up 0.8% to $19.8 billion, and exports of services increased 0.7% to $20.0 billion.
ON BAYSTREET
The TSX Venture Exchanged recovered 5.59 points Thursday to 945.87.
ON WALLSTREET
Stock futures fell Thursday as Oracle’s results reignited fears about high-flying tech stocks even after the Federal Reserve’s latest interest rate cut gave a boost to U.S. equity markets in the prior session.
Futures for the Dow Jones Industrials gave back 31 points, or 0.1%, to 48,076.
Futures for the S&P 500 skidded 28 points, or 0.4%, to 6,863.75.
Futures for the NASDAQ dropped 163.75 points, or 0.7%, to 25,634.25.
Oracle shares tumbled 11% after the cloud computing company posted disappointing quarterly revenue and raised its spending forecast. The report added more fuel to the debate about how quickly tech companies will be able to see returns on their AI investments.
Other AI plays were also trading lower in extended trading, including Nvidia, which was down 1%, and CoreWeave, which fell more than 2%.
Stocks rose in Wednesday’s session and got a lift after a divided Fed announced an interest rate cut for the third time this year and ruled out a rate hike. The central bank’s Federal Open Market Committee cut its key overnight borrowing rate by a quarter percentage point to a 3.5%-3.75% range and signaled a slower pace of rate cuts ahead.
Overseas, the Nikkei 225 in Japan plummeted 0.9% Thursday, while in Hong Kong, the Hang Seng Index dropped more than 10 points.
Oil prices faded 69 cents to $57.77
Gold prices built up $14.00 to $4,224.90.
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