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Futures Back Off Thursday
(MENAFN- Baystreet)
Futures tied to Canada's main stock index fell on Thursday, taking cues from Wall Street, as investors gauged the U.S. federal Reserve's growth projections amid uncertainties due to a global trade war.
The TSX Composite Index gave up 363.14 points, or 1.5%, to close Wednesday at 25,069.21.
Futures dropped 0.2% Thursday.
The Canadian dollar declined 0.27 cents to 69.55 cents U.S. early Thursday.
Political developments in Canada also took center stage on Thursday after the Globe and Mail reported that new Prime Minister Mark Carney, is expected to call a snap election for Monday, April 28.
Toronto's benchmark index logged its biggest jump in over seven months on Wednesday after the Fed provided a less hawkish outlook than some investors had feared.
The U.S. central bank kept its interest rates on hold and projected two more quarter-point cuts by the end of this year.
In corporate news, potential buyers of Japan's Seven & i and Canada's Alimentation Couche-Tard's U.S. stores have until the end of March to express interest and address antitrust concerns.
On the economic calendar, Statistics Canada's Raw Materials Price Index increased 0.3% month over month and rose 9.3% year over year., while its industrial products price index grew 0.4% month over month and increased 4.9% year over year.
ON BAYSTREET
The TSX Venture Exchange gained 7.09 points, or 1.2%, Wednesday to 638.43.
ON WALLSTREET
Stock futures fell Thursday. The action comes after the major averages rallied after the Federal Reserve stuck with its outlook for two interest rate cuts in 2025.
Futures for the Dow Jones Industrials plunged 123 points, or 0.3%, to 42,203
Futures for the S&P 500 index dipped 18.25 points, or 0.3%, to 5,711.50
Futures for the tech-heavy NASDAQ plummeted 101 points, or 0.5%, to 19,850
Tesla, a name that has come under pressure during the recent market selloff, was a standout in premarket losses on Thursday, falling more than 1%. Other tech names also came under pressure, with stocks like Microsoft and Alphabet each falling 0.4%.
While the Fed kept the federal funds rate at a range of 4.25% to 4.5% in a widely anticipated move on Wednesday and maintained a forecast for two rate cuts this year, the central bank also raised its inflation outlook and lowered its economic growth outlook. Traders largely expect the Fed to not make any moves, however, before officials see the impact of tariffs.
Stocks climbed following the decision, regaining some of their footing from a market sell-off that has been going on since February. The Dow jumped 0.9% and the S&P 500 surged just over 1%. The NASDAQ Composite gained 1.4%, but remains in correction - that is, the index is still more than 10% off its high.
In Japan, markets were closed Thursday, while in Hong Kong, the Hang Seng shed 2.2%.
Oil prices lost 28 cents to $67.44 U.S. a barrel.
Gold prices inched up 20 cents to $3,041.40 U.S. an ounce.
Futures tied to Canada's main stock index fell on Thursday, taking cues from Wall Street, as investors gauged the U.S. federal Reserve's growth projections amid uncertainties due to a global trade war.
The TSX Composite Index gave up 363.14 points, or 1.5%, to close Wednesday at 25,069.21.
Futures dropped 0.2% Thursday.
The Canadian dollar declined 0.27 cents to 69.55 cents U.S. early Thursday.
Political developments in Canada also took center stage on Thursday after the Globe and Mail reported that new Prime Minister Mark Carney, is expected to call a snap election for Monday, April 28.
Toronto's benchmark index logged its biggest jump in over seven months on Wednesday after the Fed provided a less hawkish outlook than some investors had feared.
The U.S. central bank kept its interest rates on hold and projected two more quarter-point cuts by the end of this year.
In corporate news, potential buyers of Japan's Seven & i and Canada's Alimentation Couche-Tard's U.S. stores have until the end of March to express interest and address antitrust concerns.
On the economic calendar, Statistics Canada's Raw Materials Price Index increased 0.3% month over month and rose 9.3% year over year., while its industrial products price index grew 0.4% month over month and increased 4.9% year over year.
ON BAYSTREET
The TSX Venture Exchange gained 7.09 points, or 1.2%, Wednesday to 638.43.
ON WALLSTREET
Stock futures fell Thursday. The action comes after the major averages rallied after the Federal Reserve stuck with its outlook for two interest rate cuts in 2025.
Futures for the Dow Jones Industrials plunged 123 points, or 0.3%, to 42,203
Futures for the S&P 500 index dipped 18.25 points, or 0.3%, to 5,711.50
Futures for the tech-heavy NASDAQ plummeted 101 points, or 0.5%, to 19,850
Tesla, a name that has come under pressure during the recent market selloff, was a standout in premarket losses on Thursday, falling more than 1%. Other tech names also came under pressure, with stocks like Microsoft and Alphabet each falling 0.4%.
While the Fed kept the federal funds rate at a range of 4.25% to 4.5% in a widely anticipated move on Wednesday and maintained a forecast for two rate cuts this year, the central bank also raised its inflation outlook and lowered its economic growth outlook. Traders largely expect the Fed to not make any moves, however, before officials see the impact of tariffs.
Stocks climbed following the decision, regaining some of their footing from a market sell-off that has been going on since February. The Dow jumped 0.9% and the S&P 500 surged just over 1%. The NASDAQ Composite gained 1.4%, but remains in correction - that is, the index is still more than 10% off its high.
In Japan, markets were closed Thursday, while in Hong Kong, the Hang Seng shed 2.2%.
Oil prices lost 28 cents to $67.44 U.S. a barrel.
Gold prices inched up 20 cents to $3,041.40 U.S. an ounce.
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