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Investors Take in Fed Decision, Futures Slide

Published 2024-06-13, 09:01 a/m
© Reuters Investors Take in Fed Decision, Futures Slide
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Baystreet.ca - Futures tied to Canada's main stock index slipped on Thursday on weak commodity prices after the U.S. Federal Reserve projected only one interest-rate cut this year.

The S&P/TSX Composite Index finished in the green 74.21 points to close Wednesday at 21,961.55.

The Canadian dollar declined 0.13 cents to 72.74 cents U.S. Futures dipped 0.3% Thursday. BoC Governor Tiff Macklem said in a Montreal conference on Wednesday there is a limit to how far the central bank can diverge on rate cuts from the Fed, but it was not close to that limit. Macklem is expected to speak at BIS Toronto Innovation Hub Centre at 1:00 p.m. ET.

Riot Platforms (NASDAQ:RIOT) said Bitfarms' move to adopt a poison pill to thwart its acquisition attempt was "shareholder unfriendly" and highlighted lack of solid corporate governance standards.

ON BAYSTREET

The TSX Venture Exchange recovered 6.09 points, or 1.1%, Wednesday to 583.25.

ON WALLSTREET

S&P 500 futures rose Thursday after the broad market index closed above 5,400 for the first time, following the Federal Reserve’s latest interest rate decision and a May consumer inflation print that came in cooler than expected.Futures for the Dow Jones Industrials gave way 76 points, or 0.2%, to 38,676. Futures for the S&P 500 moved higher 12.5 points, or 0.2%, at 5,391.75.

Futures for the NASDAQ Composite sprang up 143.25 points, or 0.7%, to 19,639.75. Broadcom (NASDAQ:AVGO) shares surged 14% in the premarket after the chipmaker topped fiscal second-quarter expectations and announced a 10-for-1 stock split. On the other hand, Dave & Buster’s Entertainment shares dropped 10% after the company’s first-quarter revenue missed estimates.

In Japan, the Nikkei 225 lost 0.4% Thursday, while the Hang Seng in Hong Kong gained 1%. Oil prices dropped 64 cents to $77.86 U.S. a barrel. Gold prices declined $32.90 to $2,321.96 U.S. an ounce.

This content was originally published on Baystreet.ca

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