Baystreet.ca - Futures tracking Canada's main stock index rose on the first trading day of the year on Thursday, as higher oil and gold prices propped up energy and mining sectors.
The TSX gained 107.35 points to close Tuesday, the last afternoon of the year at 24,727.94. Over the last 12 months, the index exploded more than 3,750 points, or 17.98%.
The Canadian dollar sank 0.2 cents to 69.37 cents U.S.
March futures climbed 0.4% Thursday.
However, the prospects of fewer rate cuts by the U.S. Federal Reserve and potential policy shifts under U.S. President-elect Donald Trump's upcoming administration look set to dominate the market narrative in 2025.
Trump, who will be sworn in on Jan. 20, is expected to cut taxes and pursue deregulation, supporting growth.
But his threat of a 25% tariff on Canadian imports casts a shadow, given the volume of trade.
On the economic beat, S&P will be presenting its Global Manufacturing PMI for December (about 9:30 a.m. EST)
ON BAYSTREET
The TSX Venture Exchange regained 4.44 points to finish the year at 597.84, for a surge of 45.83 points, or 8.3% for 2024.
ON WALLSTREET
Stock futures were higher on Monday as trading got underway for 2025, with hopes that the market can regain the momentum that propelled the S&P 500 to log two-straight years of annual gains above 20%.
Futures for the Dow Jones Industrials hurtled higher 344 points, or 0.8%, to 43,217.
Futures for the S&P 500 Index soared 56 points, or 0.9%, to 5,991.75.
Futures for the NASDAQ Composite index leaped 245.50 points or 1.2%, to 21,472.
Members of the so-called Magnificent Seven were behind much of the market’s action in 2024. AI chip darling Nvidia (NASDAQ:NVDA) notched a 171% gain for the year, while iPhone maker Apple (NASDAQ:AAPL) rose 30%. But these big gains led to some profit-taking at the year’s end. The S&P 500 recorded four-straight down days to cap the year — a first since 1966.
The tech-heavy nature of 2024's rally has raised some concern that the move is unsustainable, but more optimistic investors point to continued economic strength and earnings growth as reasons that the market still has room to run.
The holiday-shortened week has been light on economic data, but Thursday will bring a look at weekly jobless claims that will offer a read on how the labor market is faring.
In Japan, markets remained closed for the New Year holiday, while in Hong Kong, the Hang Seng dropped 2.2%.
Oil prices took on 99 cents to $72.71 U.S. a barrel.
Gold prices jumped $17.50 to $2,658.50 U.S. an ounce.