Futures Tank Amid U.S. Economic Woes

Futures for Canada's commodity-heavy main stock index fell on Thursday, reflecting a decline in oil and gold prices as a contraction in the U.S. economy heightened fears of weakening demand.

The TSX Composite Index finished negative 32.8 points to close Wednesday at 24,841.68.

June futures were off 0.2% Thursday.

The Canadian dollar lost 0.1 cents to 72.41 cents U.S.

In corporate news, Alimentation Couche-Tard and Japan's Seven & i said they have signed a non-disclosure agreement that will give the Canadian company access to the Japanese retailer's financial data as it seeks a $47-billion acquisition.

On this first day of May, Markit Canada is set to report its Purchasing Managers Index for April (around 9:30 a.m. EDT)

ON BAYSTREET

The TSX Venture Exchange was off 1.19 points Wednesday to 653.62

ON WALLSTREET

Stock market futures rose early Thursday after strong quarterly results from two Big Tech players eased concerns that artificial intelligence spending would slow amid economic turmoil.

Futures for the Dow Jones Industrials triumphed 315 points, or 0.8% to 41,089.

Futures for the broader index climbed 69 points, or 1.2%, to 5,656

Futures for the NASDAQ Composite skyrocketed 357.50 points, or 1.8%, to 20,016.

In premarket trading, Meta Platforms advanced 6% on stronger-than-expected revenue in the first quarter. Microsoft jumped more than 8%,

powered by top- and bottom-line beats in the fiscal third quarter, as well as strong results from its Azure cloud business and upbeat guidance.

Also before the opening bell, General Motors cut its 2025 forecast amid worries over President Donald Trump’s tariffs, seeing a tariff-related impact of at least $4 billion. Shares were up nearly 3% in the premarket.

Meanwhile, shares of Tesla traded 0.6% higher after company officials denied reports that its board has opened a search for a chief executive to succeed Elon Musk.

On Thursday, investors await quarterly results from CVS Health, Eli Lilly and McDonald’s in the morning, followed by Apple and Amazon in the afternoon.

On the economic data front, traders await weekly jobless claims data and a reading on the U.S. manufacturing sector. The key non-farm payrolls report is due on Friday.

In Japan, the Nikkei 225 gaining 0.6% Thursday, while in Hong Kong, markets were closed for May Day.

Oil prices slid $1.14 to $57.07 U.S. a barrel.

Gold prices retreated $103.70 to $3,215.40 U.S. an ounce.