Futures Track Wall St. Losses

(MENAFN- Baystreet)
Futures tied to Canada's main stock index were subdued on Wednesday, mirroring losses in Wall Street peers as a partial U.S. government shutdown threatened to delay key jobs data and potentially cloud the interest-rates outlook.
The TSX gathered 50.9 points to close Tuesday at 30,022.81.
The index hit a record high on Tuesday and ended the third quarter stronger, as holiday-affected markets digested U.S. tariff news and updates from Imperial Oil and TD Bank.
Futures settled 0.1% early Wednesday morning.
The Canadian dollar slid 0.02 cents to 71.79 cents.
In corporate news, Vancouver-based Lithium Americas said the U.S. Department of Energy has taken a 5% stake in the company, along with a separate 5% stake in its Thacker Pass lithium project joint venture with General Motors.
The S&P Global Manufacturing Index was due at 9:30 a.m. EDT this morning.
ON BAYSTREET
The TSX Venture Exchange moved forward five points Tuesday to 947.84.
ON WALLSTREET
Stock futures dropped on Wednesday after the U.S. government shut down at midnight, raising fears of a longer-than-normal stoppage that weighs on an already fragile economy.
Futures for the Dow Jones Industrials took a head of 200 points, or 0.4%, to 46,489.
Futures for the S&P 500 dipped 32 points, or 0.5%, at 6,706.75
Futures for the NASDAQ slid 127.25 points, or 0.5%, to 24,775.50
The U.S. government shut down after attempts made by the Republican-controlled Senate failed to secure a temporary spending bill on Tuesday. Democrats are hoping to use the measure to codify an extension of health care tax credits for millions of Americans.
The stock market has typically glided through previous government shutdowns - but this one could be riskier given the slew of economic factors at play. Investors remain concerned about a slowing labour market and inflation risks as well as historically elevated stock valuations and market concentration levels.
The nonpartisan Congressional Budget Office estimated Tuesday that the shutdown will result in the furlough of about 750,000 federal employees. Trump has threatened permanent mass firings of federal workers under a shutdown, adding a new economic risk to this stoppage.
This time around, the market is likely to focus on the length of the shutdown since a prolonged closure could delay key economic data ahead of the Federal Reserve's meeting in late October. The Labor Department said Friday it will shut down virtually all activity, meaning the September nonfarm payrolls report would not be released at the end of the week
Bank stocks fell broadly in the premarket follow the stoppage on concern about a slowing economy. JPMorgan Chase and Wells Fargo shed 0.5% each. Citigroup lost nearly 0.9%. Goldman Sachs and Morgan Stanley were also lower. Tech shares that have led the bull market, including Palantir and Oracle, declined as part of a risk-off move.
In Japan, the Nikkei 225 faded 0.9% Wednesday, while markets in Hong Kong were shuttered for holiday.
Oil prices surrendered 23 cents to $62.14 U.S. a barrel.
Gold prices surged $37.70 to $3,910.90 U.S. per ounce.

MENAFN01102025000212011056ID1110135936