Futures tied to Canada’s main stock index edged lower on Thursday as leading chipmaker Nvidia’s fourth-quarter revenue growth forecast left investors unimpressed, though gains in crude prices kept overall losses in check.
The TSX grabbed 25.69 points to close Wednesday at 25,036.46.
December futures eased 0.1% Thursday.
The Canadian dollar slipped 0.02 cents to 71.57 cents U.S.
Canada’s energy sector could extend its incline on Thursday, with oil prices climbing on the back of geopolitical concerns over the escalating tensions between Russia and Ukraine that could potentially disrupt supply from the region.
In corporate news, Manulife Financial said it will reinsure C$5.4 billion of its reserves as it looks to transfer some risk from its portfolio and free up capital for stock buybacks.
On the economic sheet, Statistics Canada’s industrial product price index rose 1.2% in October month over month and increased 1.1% year over year. At the same time, the Raw Materials Price Index increased 3.8% month over month and fell 2.8% year over year.
ON BAYSTREET
The TSX Venture Exchange sank 2.98 points Wednesday to 596.25.
ON WALLSTREET
Stock futures edged higher Thursday as investors parsed the all-important earnings release from artificial intelligence darling Nvidia
Futures for the Dow Jones Industrials vaulted 183 points, or 0.4%, to 43,699.
Futures for the S&P 500 leaped 25 points, or 0.4%, to 5,962.75
Futures for the NASDAQ Composite Index took on 85.75 points to 20,834.75.
Nvidia reported better-than-expected third-quarter results and issued strong guidance, driving shares about 2% higher in premarket trading.
The stock initially fell as the chipmaker’s revenue growth slowed from previous quarters. Investors may have also anticipated a stronger quarter given the enthusiasm around the stock this year. That said, shares erased their premarket losses and were last up 0.2%.
Nvidia shares are up 194% for the year through Wednesday’s close.
On the other hand, Snowflake jumped more than 21% after the data analytics software company beat expectations for the third quarter.
Sentiment also got a boost from the crypto market. Bitcoin crossed the $98,000 level for the first time on Thursday as investors maintained their hopes that a second Donald Trump presidency will bring in supportive regulation for the industry.
On the corporate earnings front, investors will parse reports from Gap and Intuit expected after the market closes.
In Japan, the Nikkei 225 dipped 0.9% Thursday, while in Hong Kong, the Hang Seng lost 0.5%.
Oil prices gathered $1.30 to $70.05 U.S. a barrel.
Gold prices shone brighter $13.50 to $2,665,20 U.S. an ounce.