Baystreet.ca - Futures for stocks in Toronto jumped on Wednesday as oil and gold prices advanced, while investors expected the U.S. Federal Reserve to provide a dovish stance for a September rate cut later in the day.
The TSX Composite Index gained 45.1 points to greet the closing bell Tuesday at 22,824.67.
The Canadian dollar squeezed higher 0.01 cents to 72.33 cents U.S.
September futures climbed 0.85% Wednesday.
In the economic field, Statistics Canada reported GDP grew for the fourth time in five months, increasing 0.2% in May, as both goods-producing and services-producing industries expanded in the month.
ON BAYSTREET
The TSX Venture Exchange dropped 1.44 points to close Tuesday at 572.93.
ON WALLSTREET
Stock futures rose Wednesday as investors parsed the latest earnings reports and readied for the Federal Reserve monetary policy decision.
Futures for the Dow Jones Industrials leaped 80 points, or 0.2%, to 41,039.
Futures for the S&P 500 index picked up 60.75 points, or 1.1%, at 5,533.25
Futures for the NASDAQ popped 355.5 points, or 1.9%, to 19,291.75.
Advanced Micro Devices (NASDAQ:AMD) climbed more than 8.5% as second-quarter results topped consensus forecasts. Artificial intelligence darling Nvidia (NASDAQ:NVDA) climbed about 6% on the back of AMD’s report. Microsoft (NASDAQ:MSFT) shares, meanwhile, dropped 3% as its cloud business disappointed Wall Street.
Boeing (NYSE:BA) is set to report before the bell Wednesday, while Carvana and Qualcomm (NASDAQ:QCOM) are among the names set to report after the close.
The Fed is slated to wrap its two-day policy meeting Wednesday.
The central bank is expected to keep rates steady, but the focus will be on chair Jerome Powell and whether he offers any signs that cuts may be on the near horizon.
In Japan, the Nikkei 225 regained 1.5% Wednesday, while in Hong Kong, the Hang Seng index jumped 2%.
Oil prices jetted higher $2.54 to $77.27 U.S. a barrel.
Gold prices shone brighter $13.20 to $2,465.10