Futures Stumble Thursday

Futures tracking Canada's commodity-heavy stock index edged lower on Thursday, as gold prices slipped and investors weighed whether U.S. Treasury support would be enough to calm global bond-market concerns.

The TSX held onto gains of 33.86 points to conclude Wednesday at 36,401.79.

September futures sank 0.4% Thursday,

The Canadian dollar acquired 0.23 cents to 72.64 cents U.S.

On the economic calendar, Statistics Canada says its raw materials price index decreased 2.2% month over month in June and increased 18.1% year over year, while its industrial products price index increased 0.6% month over month and gained 12.4% year over year.

Elsewhere, the new housing price index decreased 0.1%, identical to a 0.1% drop in June.

On the trade front, the U.S. and Canada are closing in on a trade deal in which Washington could cut some contentious tariff rates on Canadian-built cars and trucks and key metals.

ON BAYSTREET

The TSX Venture Exchange hurtled higher 26.91 points, or 2.9%, Wednesday to 971.78.

ON WALLSTREET

Stock futures fell slightly on Thursday as oil prices rose again as tensions between Iran and the U.S. increased once again.

Futures for the Dow Jones Industrials doffed 129 points, or 0.2%, to 53,401.

Futures for the S&P 500 dropped 7.75 points, or 0.1%, to 7,721.75.

Futures for the NASDAQ Composite stepped back 52.15 points, or 0.2%, to 29,461.50.

U.S. crude futures rose 3% to above $88 per barrel after President Donald Trump said the U.S. would begin “most crushing economic operation ever taken against any country” against Iran. “This will be Economic Warfare and Isolation on an unprecedented scale,” he said in a Truth Social post.

Also weighing on equities Thursday was a pullback in Walmart shares. The retail giant dropped more than 6% even after it reported better-than-expected quarterly results and hiked its full fiscal-year outlook.

In Japan, the Nikkei 225 index regained 1.4% Thursday, while in Hong Kong, the Hang Seng recovered 0.8%.

Oil prices hiked $2.74 to $88.57 U.S. a barrel.

Gold prices slumped $4.50 to $4,425.80 U.S an ounce.