Baystreet.ca - Futures linked to Canada's main stock index were muted on Thursday as losses in gold prices countered investor optimism around U.S. rate-cut hopes in September.
The TSX Composite Index gained 84.29 points, to finish trading Wednesday at 23,121.73.
The Canadian dollar dipped 0.2 cents to 73.60 cents U.S.
September futures were unchanged Thursday.
Investors geared up for bank earnings, started by Toronto-Dominion Bank (TSX:TD) that reported a quarterly loss.
Canadian National Railway (TSX:CNR) and Canadian Pacific Kansas City (TSX:CP) shut down their rail networks in the country and locked out about 10,000 workers after labor talks with the Teamsters union failed.
ON BAYSTREET
The TSX Venture Exchange sprang up 6.49 points, or 1.1%, Wednesday to 577.83.
ON WALLSTREET
Stock futures ticked higher Thursday as investors look ahead to commentary from Federal Reserve Chair Jerome Powell expected later this week.
Futures for the Dow Jones Industrials gained 34 points, or 0.1%, to 41,040.
Futures for the S&P 500 index captured 12.75 points, or 0.2%, at 5,654.25.
Futures for the NASDAQ vaulted 74.75 points, or 0.4% to 19,884.25.
Software company Snowflake (NYSE:SNOW) dropped more than 9% even after it beat quarterly expectations and slightly raised its full-year product revenue guidance. Urban Outfitters (NASDAQ:URBN) slid more than 10% after the retailer’s same-store sales in the second quarter disappointed analysts.
Traders are turning their attention to Powell’s expected speech at the Jackson Hole Economic Symposium on Friday, hoping for further insight into rate policy. Traders are currently pricing in a 100% chance of a rate cut next month, but they are divided when it comes to how large the reduction will be.
Investors seemed pleased with the meeting summary, propelling the S&P 500 and the NASDAQ Composite posting their ninth winning session of the last 10. The S&P 500's advance brought it less than 1% away from its closing record.
In Japan, the Nikkei 225 gained 0.7% Thursday, while in Hong Kong, the Hang Seng index triumphed 1.4%.
Oil prices jumped 39 cents to $72.32 U.S. a barrel.
Gold prices slumped $6.60 to $2,540.90.