Futures linked to Canadian stocks rose on Thursday due to higher commodity prices, after seasonal selling pressures sent the benchmark index to near four-month lows in the previous session.
The TSX Composite Index declined 94.4 points to conclude Wednesday at 21,516.90.
The Canadian dollar was unchanged at 72.95 cents U.S.
Futures gained 0.3% Thursday.
In corporate news, Canadian carrier WestJet Airlines, backed by Onex Corp, said it was working to resume normal operations after the union representing its maintenance engineers rescinded its strike notice. Both parties have agreed to return to the bargaining table.
ON BAYSTREET
The TSX Venture Exchange shed 3.75 points to finish Wednesday at 571.88.
ON WALLSTREET
S&P 500 futures climbed on Thursday morning as investors look for the benchmark to add to its latest record high.
Futures for the Dow Jones Industrials gained 32 points, or 0.1%, to 39,319.
Futures for the S&P 500 hiked 22.25 points, or 0.4%, at 5,582.
Futures for the NASDAQ Composite jumped 122.5 points, or 0.6%, to 20,3218.75.
Nvidia led the charge higher as the artificial intelligence darling and chipmaker surpassed Microsoft to become the most valuable company in the world. Nvidia stock has climbed 174% in 2024, as the AI boom continues to boost equities. On Thursday, the stock was up another 2.9%.
Nvidia already surpassed Apple by market cap earlier in June, and has cemented its place as the de facto market leader at the helm of the roaring AI theme on Wall Street. Investors continue to pile into AI heavyweights even as consumers show slowing signs of spending and signaling potential economic weakness. The rise of Nvidia has spilled over to peer chipmaker Broadcom, which has surged more than 61% in 2024.
Darden Restaurants ticked nearly 2% higher in Thursday premarket trading as investors parsed a mixed earnings report.
Investors will also parse fresh economic data in the second half of the week, including initial jobless claims figures and housing starts data on Thursday morning.
In Japan, the Nikkei 225 poked 0.2% Thursday, while the Hang Seng in Hong Kong lost 0.5%.
Oil prices eked higher 13 cents to $81.70 U.S. a barrel.
Gold prices rose $6.40 to $2,353.30 U.S. an ounce.
