Futures tracking Canada's blue-chip stocks edged lower on Friday, tracking broader tech weakness on Wall Street that has overshadowed upbeat AI demand signals from Micron and Qualcomm while falling oil prices added further pressure.
The TSX Composite Index galloped 114.12 points to close Thursday at 34,850.21.
September futures docked 0.2% Friday.
The Canadian dollar acquired 0.09 cents at 70.51 cents U.S.
Canada and Japan are working on a range of mining projects, including potential joint stockpiling. Federal Trade Minister Maninder Sidhu told Reuters, as Japan moves to diversify supplies of critical minerals and reduce dependence on China.
ON BAYSTREET
The TSX Venture Exchange declined 2.57 points Thursday to 895.38
ON WALLSTREET
Stock futures were lower early Friday as a selloff in tech gathered pace amid mounting concerns over the rising cost of artificial intelligence infrastructure.
Futures for the Dow Jones Industrials slid 44 points, or 0.1%, to 52,298.
Futures for the S&P 500 index weakened 33 points, or 0.5%, to 7,390.25.
Futures for the NASDAQ Composite shed 332.75 points. or 1.1%, to 29,392.50.
Stocks fell off, led by a 13% slide in On Semiconductor after the chipmaker agreed to acquire Synaptics for $7 billion. Sandisk and Micron Technology, meanwhile, slid more than 5% each.
Micron Technology’s shares tumbled on Friday, paring gains from earlier in the week after reporting blowout earnings.
The memory chipmaker declined nearly 5% in premarket trading as other U.S. semiconductor firms also struggled. Intel was last down just over 3%, Sandisk fell 5%, Arm shed 4%, and Marvell declined 3.7%.
Investors remain wary of the rising costs of artificial intelligence infrastructure, with the selloff reverberating across global markets.
In Japan, the Nikkei 225 dropped 4.2% Friday, while in Hong Kong, the Hang Seng shed 1.8%.
Oil prices faltered $2.21 to 69.71 cents U.S. a barrel.
Gold prices gained $21.20 to $4,068.50 U.S an ounce.
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