Canada’s main stock exchange futures edged higher Wednesday, with investors awaiting the release of earnings from tech giant Nvidia, which could direct sentiment over the near term.
Toronto Stock Exchange’s S&P/TSX composite index closed Tuesday 0.6%, or 170 points, higher at 28,339.88, and the S&P/TSX 60 index standard futures contract rose slightly Wednesday.
Nvidia (NASDAQ:NVDA), a key barometer of the artificial intelligence (AI) boom, is set to report its fiscal second quarter results after the market close.
After driving markets higher for much of the year, technology stocks have cooled this month as investor enthusiasm cooled. Nvidia’s results are likely to set the tone for near-term risk appetite as they will offer evidence as to whether the sky-high valuation for AI darlings is justified.
Elsewhere, the Bank of Canada will not review its inflation target when its monetary policy framework comes up for renewal next year, Governor Tiff Macklem said, saying the current target has helped anchor inflation expectations.
The central bank and the finance ministry jointly review the target every five years and formally announce a decision, with the next review set for 2026.
The BoC, as per its mandate, aims to keep inflation at 2%, the mid-point of its 1%-3% target range, and Macklem said while the bank was asking a number of questions before the review next year, the 2% target will not be considered.
Canada Goose’s controlling shareholder Bain Capital has received bids to take the luxury goods maker private at a valuation of about $1.4 billion, according to a report by CNBC.
Private equity firm Bain, which acquired a majority stake in Canada Goose (NYSE:GOOS) in 2013, is looking to offload its holding and Goldman Sachs is advising on the sale, though the final decision is on hold till more offers roll in, the report said.
Canada Goose is valued at $1.18 billion, according to LSEG data.
Crude steadies; gold falls
Oil prices steadied after hefty losses in the prior session as traders weighed hefty new U.S. tariffs on India, the world’s third-biggest crude consumer.
At 06:55 ET, Brent futures dropped 0.2% to $66.54 a barrel, and U.S. West Texas Intermediate crude futures fell 0.2% to $63.14 a barrel.
Both contracts fell over 2% on Tuesday after beginning the week on a two-week high.
Gold prices fell after rising to an over two-week high as Trump’s attempts to fire a Federal Reserve Governor sparked renewed concerns over the central bank’s independence.
The dollar tumbled after Trump’s move, but the greenback has recouped its losses, while Treasury yields also stabilized, as Cook and the Fed argued that Trump had no authority for the firing.
Spot gold fell 0.5% to $3,375.83 an ounce, while gold futures for October fell 0.3% to $3,424.65/oz.
Source :
https://www.investing.com/news/stock-market-news/tsx-seen-higher-nvidia-results-to-drive-sentimentr-4212427
