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Futures Flat Ahead of Big Bank Earnings

Published 2024-12-05, 03:38 a/m
Futures Flat Ahead of Big Bank Earnings
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Baystreet.ca - Futures tied to Canada's main stock index were subdued on Thursday, with investors avoiding big bets as they assessed the final set of earnings from Toronto's biggest lenders.

The TSX fought its forward 5.45 points to close Wednesday at 25,641.18

December futures poked 0.01% Thursday.

The Canadian dollar inched ahead 0.12 cents to 71.17 cents U.S.

Bank of Montreal (TSX:BMO) reported a drop in fourth-quarter profit on Thursday due to increased provisions for potential loan losses, while Canadian Imperial Bank of Commerce (NYSE:CM) reported a rise as it set aside smaller funds for the same purpose.

Meanwhile, Toronto-Dominion Bank (TSX:TD) is also expected to report quarterly results before the bell.

In the economic docket, Statistics Canada our merchandise exports increased 1.1% and imports rose 0.5% in October. As a result, Canada's merchandise trade deficit with the world narrowed from $1.3 billion in September to $924 million in October.

At 10 a.m., the IVEY School of Business puts out its Purchasing Managers Index for November.

Moreover, it appears traders have fully priced in a rate cut by the Bank of Canada next week but remain conflicted on the magnitude.

ON BAYSTREET

The TSX Venture Exchange slid 3.22 points Wednesday to 617.50.

ON WALLSTREET

U.S. stock futures were relatively unchanged on Thursday following a record day for stocks, while bitcoin also reached all-time highs.

Futures for the Dow Jones Industrial average subsided 36 points or 0.1%, to 45,070.

Futures for the S&P 500 sagged three points, or 0.1%, to 6,095.50

Futures for the NASDAQ Composite Index dropped 13.25 points, or 0.1%, to 21,523.25.

Bitcoin traded more than 3% higher, breaking above $100,000 for the first time in late Wednesday trading. The move led crypto-related stocks such as MicroStrategy, gaining 8% and Robinhood (NASDAQ:HOOD), higher by 6%.

Investors are now awaiting key economic data that’s set to be released this week. Initial jobless claims data for the week ending Nov. 30 was scheduled to be released on Thursday at 8:30 a.m. ET. Additionally, nonfarm payrolls data for November is due out on Friday morning.

In Japan, the Nikkei 225 acquired 0.3% Thursday, while in Hong Kong, the Hang Seng dipped 0.9%

Oil prices let go of eight cents to $68.46 U.S. a barrel.

Gold prices slid $1.60 to $2,674.60 U.S. an ounce.

This content was originally published on Baystreet.ca

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