Futures tied to Canada's main stock index stabilized on Wednesday after the previous session's selloff, as higher commodity prices helped blunt a broader risk-averse mood.
The TSX gave up 497.24 points, or 1.6%, to end Tuesday at 29.777.82, a near six-week low.
December futures progressed 0.1% Wednesday.
The Canadian dollar dipped 0.17 cents to 70.74 cents U.S.
In corporate news, Air Canada on Tuesday reported lower third quarter profit, as strike-related cancellations and soft U.S. travel demand weighed on results.
The IVEY Business School takes over the macroeconomic corner this morning, reporting its PMI for October (about 10 a.m.)
In a bid to combat tariffs and diversify trade, Prime Minister Mark Carney unveiled his first budget on Tuesday, including billions in spending that could increase the deficit by 116% this year.
ON BAYSTREET
The TSX Venture Exchange stumbled 44.3 points, or 4.8%, Tuesday, to 888.87.
ON WALLSTREET
S&P 500 and NASDAQ futures fell on Wednesday, as valuation concerns around the artificial intelligence trade persisted after chipmaker Advanced Micro Devices posted its latest quarterly results.
Futures for the Dow Jones Industrials shed 28 points, or 0.1%, to 47,186.
Futures for the S&P 500 index fell 19.25 points, or 0.3%, to 6,782.50.
Futures for the NASDAQ dumped 108 points, or 0.4%, to 25,467.25.
AMD fell more than 4% after it issued margin guidance that only met analyst expectations, leaving investors wanting more. The company did post third-quarter earnings and revenue that beat analyst expectations.
That move comes after Palantir dropped about 8% on Tuesday, as investors worried that valuations for the software company — and the broader AI theme — have gotten untenable. After all, Palantir is trading at more than 200 times forward earnings.
AMD trades at a less-lofty 41 times forward earnings. However, that’s still well above the S&P 500's 23 multiple.
Super Micro Devices, another AI-related stock, fell more than 8% on disappointing fiscal first-quarter results.
On the economic front, investors will continue to seek clarity using alternative data in lieu of government reports. On Wednesday, the ADP private payrolls report is set to be released. Weekly mortgage applications and ISM services data are also on deck.
In Japan, the Nikkei 225 slumped 2.5% Wednesday, while in Hong Kong, the Hang Seng eased 0.1%.
Oil prices sank 25 cents to $60.31 U.S. a barrel.
Gold prices zoomed $10.50 to $3,971 U.S. per ounce.
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