Baystreet.ca - Futures linked to Canada's main stock index rose on Thursday due to gains in metal prices, with investors assessing quarterly results from Nvidia (NASDAQ:NVDA) ahead of upcoming U.S. economic data points.
The TSX Composite Index retreated 198.79 points to finish trading Wednesday at 23,135,35.
The Canadian dollar poked ahead 0.01 cents to 74.32 cents U.S.
September futures gained 0.5% Thursday.
After robust results from Canada's top lenders on Wednesday, investors sifted through the Canadian Imperial Bank of Commerce's quarterly earnings report, which showed a rise in third-quarter profit.
On the economic slate, Statistics Canada reported the number of employees receiving pay and benefits from their employer—measured as "payroll employment" in the Survey of Employment, Payrolls and Hours—decreased by 47,300 (-0.3%) in June.
ON BAYSTREET
The TSX Venture Exchange fell 7.67 points, or 1.3%, Wednesday to 565.36.
ON WALLSTREET
Stock futures rose Thursday, as investors looked to recover from declines seen in the previous session. Wall Street also appeared to shake off a post-earnings decline in Nvidia.
Futures for the Dow Jones Industrials popped 246 points, or 0.6% to 41,424.
Futures for the S&P 500 soared 12.25 points, or 0.2%, at 5,622.50.
Futures for the NASDAQ hiked 38.5 points, or 0.2%, to 19,454.25.
Nvidia shares were down 4% after posting its latest earnings Wednesday afternoon. In its fiscal second quarter, the AI chipmaker exceeded expectations on the top and bottom lines, and issued a rosy current-quarter sales outlook.
Those moves highlight the growing significance of Nvidia to the broader market. The semiconductor company, which passed the $3-trillion market cap this year to briefly become the world’s most valuable public company, now accounts for roughly 7% of the S&P 500.
Nvidia shares were down as much as 8% in after-hours trading before recovering most of that decline. They were last down about 2%.
That decline was offset by a pop in Salesforce. Shares traded 5% higher after the business software giant beat fiscal second-quarter estimates and raised its full-year profit outlook.
In Japan, the Nikkei 225 doffed nine points Thursday, while in Hong Kong, the Hang Seng index gained 0.5%.
Oil prices jumped 24 cents to $74.76 U.S. a barrel.
Gold prices were better by $17.70 to $2,555.30.