Futures tracking Canada's blue-chip stocks edged higher on Wednesday as investors assessed fresh corporate earnings and developments in the Middle East, while bracing for crucial U.S. inflation data due later in the day.
The TSX revived 77.1 points to conclude Tuesday at 36,458.33, another record level.
September futures eked up 0.2% Wednesday.
The Canadian dollar retreated 0.04 cents to 71.77 cents U.S.
In earnings reported late on Tuesday, Constellation Software posted a rise in second-quarter net income, while gold royalty firm Franco-Nevada missed quarterly earnings estimates.
Air Canada restored its annual core profit target, but at a lower level from its previously suspended outlook.
Markets also digested quarterly results from Metro and Hydro One, among others.
On the economic slate, Statistics Canada reported building permits rebounded by $2.3 billion (+18.5%) to reach $14.9 billion, more than offsetting the monthly declines recorded in April (-$536.7 million) and May (-$383.3 million).
Separately, Federal Trade Minister Dominic LeBlanc, met with U.S. trade officials on Tuesday, marking his third meeting in as many weeks to try to avert looming tariffs on August 19.
ON BAYSTREET
The TSX Venture Exchange eased back 7.23 points Tuesday to 966.58.
ON WALLSTREET
U.S. stock futures rose on Wednesday as traders looked ahead to an important inflation report that will likely determine the near-term direction for interest rates.
Futures for the Dow Jones Industrials jumped 121 points, or 0.2%, to 54,001.
Futures for the S&P 500 picked up 23.75 points, or 0.3%, to 7,771.25
Futures for the NASDAQ Composite hiked 211.75 points, or 0.3%, to 29,850.75.
The latest quarterly results and guidance from CoreWeave and Super Micro Computer reassured investors that demand in the artificial intelligence buildout is stable.
CoreWeave shares jumped 18% in premarket trade after the cloud infrastructure mainstay’s second-quarter adjusted operating income margin of 5% exceeded expectations.
Super Micro Computer added 9% following a strong earnings and revenue forecast for the first quarter.
Other stocks related to AI also gained. Dell Technologies and Micron Technology each advanced more than 2%, while Cisco Systems rose more than 1%. Additionally, U.S.-listed shares of Dutch neocloud specialist Nebius were also up more than 8%.
The moves come as investors await key inflation data. July’s consumer price index, due at 8:30 a.m. E.T., was expected to show only a slight increase in monthly inflation, of 0.1% in the headline number and 0.2% for the core reading, according to economists polled by Dow Jones.
However, the estimated 12-month rates of 3.4% and 2.5%, respectively, remain above the Fed’s 2% target. The consumer print is followed by July’s producer price index, due Thursday.
In Japan, the Nikkei 225 index dipped 0.1%, while in Hong Kong, the Hang Seng gathered 0.5%.
Oil prices inched up 50 cents to $83.70 U.S. a barrel.
Gold prices shone brighter $26.30 to $4,467.40 U.S an ounce.
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