Futures for Canada's main stock index edged lower on Wednesday, pulling back from the previous session's record high, as investors awaited trade-related developments and chip giant Nvidia's quarterly results later in the day.
The TSX Composite Index added 195.87 points to Monday’s all-time high, to finish Tuesday’s session at 26,269.
June futures skidded 0.4% Wednesday.
The TSX is set for a robust monthly gain, as easing global trade concerns boosted risk appetite.
For its part, Nvidia is expected to report a 66.2% surge in first-quarter revenue, according to data compiled by LSEG; investors will be scrutinizing the AI bellwether's spending levels.
The Canadian dollar shed 0.1 cents to 72.30 cents U.S.
In corporate news, Definity Financial Corporation has agreed to acquire most of Travelers Canada for $3.3 billion, making it the fourth largest property and casualty insurer in Canada.
ON BAYSTREET
The TSX Venture Exchange strengthened 5.14 points to close Tuesday at 702.91.
ON WALLSTREET
U.S. stock futures sat near flat on Wednesday, a day after the Dow Jones Industrial Average snapped a four-day losing streak. Investors also awaited the release of Nvidia’s latest quarterly figures.
Futures for the 30-stock index sank 14 points to 42,221
Futures for the S&P 500 index inched up three points, or 0.1%, to 5,937.25.
Futures for the NASDAQ gained 33.25 points, or 0.2%, to 21,493.75.
Investors are coming off a strong session. The Dow rallied more than 700 points, or about 1.8%, while the S&P 500 rose 2%, each ending a four-day losing streak. The NASDAQ Composite advanced roughly 2.5%.
Those moves come after President Donald Trump on Sunday said that he would delay a 50% tariff on the European Union to July 9, after initially saying Friday that he was “not looking for a deal.” This added to investors’ hopes the stock market can leave the worst of the tariff chaos behind.
Investors are awaiting Nvidia’s earnings results, set to release Wednesday after the close. They’ll be paying close attention to what China restrictions will mean for the AI chipmaker, which sees no slowing in demand for its graphics processors.
Okta shares plunged more than 12% after the identity management software company kept its guidance due to macroeconomic uncertainty.
Otherwise, Okta beat fiscal first-quarter expectations on the top and bottom lines.
Traders will be reviewing the minutes from the Federal Reserve May meeting, due out Wednesday afternoon, for insight into how central bank policymakers are thinking through monetary policy at a time of greater macroeconomic uncertainty.
In Japan, the Nikkei 225 index slid 1.7 points Wednesday, while in Hong Kong, the Hang Seng dipped 0.5%.
Oil prices improved 51 cents to $61.40 U.S. a barrel.
Gold prices perked $12.60 to $3,313 U.S. an ounce.
Related Stories
