Futures tracking Canadian equities were steady on Thursday, reflecting the subdued tone in traditional economic sectors seen in U.S. markets following key corporate earnings. The technology sector faced headwinds after a sharp selloff in Nvidia shares, amid reports that the company’s board was meeting to consider dismissing CEO and co‑founder Jensen Huang over his alleged ties to a suspected Chinese spy.
Resource-linked Canadian stocks were also expected to come under pressure as both oil and gold prices declined. Crude oil futures moved lower on fresh signs of increased supply from the Middle East. In addition, Franco‑Nevada was set to open weaker after indicating that its full‑year earnings would likely come in around the midpoint of its previous guidance, rather than in the upper half as earlier expected. Meanwhile, persistent expectations for multiple interest rate hikes by the U.S. Federal Reserve next year weighed on gold prices. In contrast, Canadian bank stocks were poised for a potential rebound.
