(MENAFN- Baystreet)
Futures tracking Canada's main stock index edged higher on Wednesday as investors assessed strong earnings from top domestic lenders, including Royal Bank of Canada.
The TSX Composite Index popped 169.94 points to close Tuesday at 28,339.88.
Futures were boosted 0.2% Wednesday
The Canadian dollar gave up 0.09 cents to 72.19 cents U.S.
Canada's largest bank reported a rise in third-quarter profit on Wednesday, helped by strength in its wealth management business.
National Bank of Canada also posted an increase in third-quarter profit.
Meanwhile, Canada Goose's controlling shareholder Bain Capital has received bids to take the luxury goods maker private at a valuation of about $1.4 billion.
Quarterly earnings from Dollarama will also be in focus later in the day.
Oil prices inched lower on Wednesday after falling in the previous session, with investors monitoring developments in the Ukraine war.
ON BAYSTREET
The TSX Venture Exchange climbed 9.37 points, or 1.2%, Tuesday to 812.44
ON WALLSTREET
Stock futures were flat Wednesday as investors turn their eyes to Nvidia earnings, which could be a make-or-break moment for the bull market.
Futures for the Dow Jones Industrials picked up only 13 points to 45,502.
Futures for the S&P 500 forged ahead three points to 6,485.50
Futures for the NASDAQ edged up 14.5 points, or 0.1%, to 23,606.
In premarket trading, MongoDB popped 30% after the developer data platform topped Wall Street's expectations. Okta jumped 5% after its quarterly results and full-year forecast beat consensus estimates.
Both companies cited the demand coming from companies developing artificial intelligence platforms for the strong results. That bodes well for Nvidia, which releases its financial results after the closing bell on Wednesday.
Wall Street has high hopes for Nvidia, which has the biggest weight in the S&P 500 and is considered a bellwether in the broader market and a major indicator of AI development. Its earnings could either dampen or propel this year's rally, particularly as the“Magnificent Seven” looks to recover from last week's selloff.
The chipmaker has beaten earnings expectations in 11 of past 12 quarterly reports, but the stock has had a downbeat post-earnings reaction four of those times
This week marks the last of August trading, which is historically a rough month for stocks. The three major U.S. indexes, however, are tracking for gains this month with optimism pouring into the market in anticipation of a potential rate cut ahead.
The S&P 500 is up 2% this month, while the 30-stock Dow has climbed 2.9%. The NASDAQ has gained 2%.
In Japan, the Nikkei 225 added 0.3% Wednesday, while in Hong Kong, the Hang Seng dropped 1.3%.
Oil prices dropped 12 cents to $63.12 U.S. a barrel.
Gold prices deleted $6.90 at $3,426.10 U.S. per ounce.

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