TSX Futures Edge Higher on AI Optimism

The S&P/TSX Composite Index gained 0.5% to trade near the 35,000 mark on Thursday, supported by gains in the financial and mining sectors. Oil prices fell to levels last seen before the start of the Iran conflict on signs of rising Middle East supply. Lower energy costs pushed bond yields down by easing inflation concerns, lifting financial stocks and the broader index. TD Bank, BMO, and Brookfield added around 1%. Gold prices edged higher, supporting mining shares. Agnico Eagle, Barrick, and Franco-Nevada gained nearly 2%, while WPM rose more than 1%. Meanwhile, technology stocks traded mixed after upbeat forecasts from Micron and Qualcomm pointed to resilient AI demand. Celestica added over 1% and Constellation Software rose more than 0.5%, while Shopify fell about 1%. Investors also assessed the latest minutes from the Bank of Canada, which showed policymakers agreed to keep monetary policy flexible in response to potential new US trade restrictions and shifts in energy prices.

Futures tracking the S&P/TSX Composite Index edged higher on Thursday, mirroring gains on Wall Street after upbeat forecasts from Micron and Qualcomm. US chipmakers advanced in premarket trading as strong guidance from both companies pointed to resilient AI demand, supporting North America technology companies. Meanwhile, oil prices fell to levels last seen before the start of the Iran conflict on signs of higher Middle East supply. Lower energy costs pushed bond yields lower by easing inflation concerns, supporting banking stocks and the broader index. Gold prices also edged higher, lending support to mining shares. Investors also assessed the latest minutes from the Bank of Canada, which showed policymakers agreed to keep monetary policy flexible in response to potential new US trade restrictions and shifts in energy prices.

The S&P/TSX Composite Index fell 0.5% to close at 34,736, pressured by weakness in commodity-linked sectors. Gold prices declined as the dollar strengthened on rising bets for further US rate hikes, weighing on mining shares. Agnico Eagle lost 4.1%, Barrick shed 4.3%, and WPM retreated 2.9%. Oil prices also extended this week’s losses on signs that more tankers are set to leave the Strait of Hormuz, pressuring energy stocks. Canadian Natural dropped 3.7%, Suncor fell 3.4%, and Cenovus lost 4.1%. In contrast, Canadian technology stocks rebounded from the previous session’s global selloff, with Shopify rising 6.1%, Constellation Software up 2.8%, and Celestica gaining 3.3% ahead of Micron’s earnings report. Micron reported third-quarter results above expectations after the bell.