TSX Futures Climb as Earnings Take Focus

The S&P/TSX Composite Index rose more than 1.5% to trade above 36,000 on Wednesday, reaching a fresh record as investors digested another round of corporate earnings. Shopify surged about 20% after reporting second-quarter revenue of $3.58 billion, up 34% from a year earlier, beating forecasts and guiding for stronger third-quarter growth than Wall Street expected. Thomson Reuters gained nearly 1% after posting a 9% increase in second-quarter revenue, topping estimates, and raising its full-year organic revenue growth forecast to around 8%. Manulife Financial (-1%) and Nutrien (-0.2%) are set to report earnings later today. Lower oil prices continued to weigh on energy stocks, with Suncor down 1% despite beating adjusted profit estimates. Meanwhile, higher gold prices lifted miners, with Agnico Eagle up nearly 7%, Barrick adding 5%, and WPM gaining 6%.

Futures tracking the S&P/TSX Composite Index rose on Wednesday as investors focused on a fresh batch of corporate earnings. Shopify reported second-quarter revenue of $3.58 billion, up 34% from a year earlier, beating forecasts and guiding for third-quarter growth above Wall Street expectations. The company's US-listed shares surged in premarket trading. Thomson Reuters also reported a 9% increase in second-quarter revenue, topping estimates, and raised its full-year organic revenue growth forecast to around 8%. Manulife Financial and Nutrien are set to report earnings later today. On Tuesday, Suncor beat estimates for adjusted second-quarter profit. Meanwhile, gold prices climbed, supporting mining stocks, as investors assessed reports of an imminent deal to reopen the Strait of Hormuz, which could ease inflation concerns and reduce the likelihood of near-term Federal Reserve rate hikes.

The S&P/TSX Composite Index rose 1.6% to a record close of 35,802 on Tuesday, lifted by optimism for an US-Iran peace deal. Oil prices fell after Qatar said mediators were making progress toward an agreement to normalize shipping through the Strait of Hormuz. The decline eased inflation concerns and reduced pressure for higher interest rates, sending bond yields lower. Financial stocks advanced, with Brookfield jumping 7.9% after completing its acquisition of Oaktree. Higher gold, silver, and copper prices fueled a rally in mining shares. Tech stocks gained on the back of strength in AI-related names on Wall Street. Agnico Eagle added 4.1%, Barrick gained 4.4%, and WPM jumped 6.5%. Teck Resources, First Quantum, Lundin Mining and other peers climbed up to 16%. Shopify rose 5.6% ahead of its earnings release, while Constellation Software gained 7.4% and Celestica surged 12.9%. In contrast, energy stocks declined as oil prices fell, with Suncor down 3.6% ahead of its earnings.