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Futures Inch up with Crude Prices

Baystreet.ca
·2 min read

Futures linked to Canadian stocks edged higher on Wednesday, supported by higher crude prices, and were set to regain previous session's lost ground after an unexpected rise in domestic inflation diminished hopes of a July rate cut by the Bank of Canada

The TSX Composite Index dropped 60.11 points to conclude Tuesday at 21,788.48.

The Canadian dollar lost 0.12 cents to 73.08 cents U.S.

September futures eked up 0.08% Tuesday.

In corporate news, Onex Corp-backed WestJet Airlines said a union representing its maintenance engineers rejected its new offer and served a second strike notice, just days after the union called off a strike by agreeing to return to the bargaining table.

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ON BAYSTREET

The TSX Venture Exchange added 0.76 points Tuesday to 564.57.

ON WALLSTREET

Stock futures were mixed Wednesday morning after the S&P 500 rebounded from a rough start to the week.

Futures for the Dow Jones Industrials slumped 73 points, or 0.2%, to 39,453.

Futures for the S&P 500 dipped 2.25 points at 5,534.75.

Read:

Futures for the NASDAQ Composite gained 15.75 points, or 0.1% to 17,988.

FedEx popped 14% after issuing adjusted earnings that surpassed estimates in the fiscal fourth quarter. Rivian Automotive soared 40% after Volkswagen Group said it would invest up to $5 billion in the electric vehicle company.

Nvidia rose more than 2% in premarket trading Wednesday after climbing 7% on Tuesday, its first positive day in four. The artificial intelligence chipmaker’s $3.1 trillion market value has come to dominate the cap-weighted S&P 500, and its 154% surge in 2024 has raised concerns that most other stocks are failing to participate in this year’s rally.

Citi hiked its price target on Nvidia on Wednesday, forecasting 19% potential upside over the next year. The investment bank cited increased earnings expectations and more demand as AI adoption rises.

In Japan, the Nikkei 225 gained 1.3% Wednesday, while the Hang Seng in Hong Kong nicked up 0.1%.

Oil prices picked up 50 cents to $81.33 U.S. a barrel.

Gold prices flopped $4.50 to $2,326.30 U.S. an ounce.