TSX Futures Edge Higher on Metals and Bonds Rebound

The S&P/TSX Composite Index edged lower toward 35,500 on Thursday, weighed down by losses in the banking and tech sectors. Major banks declined amid volatile oil prices, as persistent concerns about energy-driven inflation continued to pressure credit-sensitive stocks. TD Bank, National Bank and BMO each fell 0.5%. In the technology sector, Celestica extended its losses, plunging more than 7% as the selloff in Wall Street chipmakers continued, while Shopify fell nearly 1.5%. Energy producers also retreated as oil prices fluctuated, with Cenovus shedding 1% and other major energy stocks edging lower. Energy infrastructure stocks weakened as well, with Enbridge falling more than 1%In contrast, rising gold and silver prices supported mining shares, with Agnico Eagle gaining more than 1% and Barrick rising nearly 1%. On the data front, Canadian manufacturing sales rose 1.5% month-over-month in August, beating forecasts for a 1.1% increase, led by gains in the primary metals and chemicals.

Futures tied to Canada’s stock market edged higher on Thursday, supported by a rebound in precious metals prices and easing global bond yields. Gold and silver prices climbed, lending support to mining shares. Global yields retreated from multi-year highs as a deepening selloff in technology and artificial intelligence stocks drove investors toward safe-haven government bonds. On the data front, Canadian manufacturing sales rose 1.5% month-over-month in August, beating forecasts for a 1.1% increase, led by gains in the primary metals and chemicals subsectors.

The S&P/TSX Composite Index fell 1.1% to close at 35,584 on Wednesday, weighed down by losses in the banking and mining sectors. Oil prices extended their gains, stoking concerns over energy-driven inflation, while hotter-than-expected US CPI data pressured lenders amid increasing bets of a the Federal Reserve’s rate hike. Major banks declined, with BMO and National Bank both shedding 0.9%. Miners extended their losses as gold and silver prices continued to fall, with Agnico Eagle down 4.6%, Barrick losing 4% and WPM shedding 4.8%. In technology, Celestica plunged 9.2% as US chipmakers posted sharp losses, while Shopify fell 2.2%. In contrast, energy producers mostly advanced as oil prices resumed their climb, with Suncor up 1% and Imperial Oil adding 0.6%. Retailers also gained, with ATD rising 2.9% and Loblaw advancing 2.8%.