Canada's main stock index futures edged higher on Thursday as investors digested the central bank's interest rate decision, a slew of corporate earnings reports and the latest trade developments.
As of 06:43 Eastern Time (18:43 Beijing Time), the S&P/TSX 60 index standard futures contract rose 2 points, or 0.1%.
The Toronto Stock Exchange's S&P/TSX composite index fell 169.92 points, or 0.7%, to close at 27,369.96 on Wednesday, retreating from its all-time high set on Tuesday. It was the index's biggest drop since May, mainly due to falling metals prices, which dragged down the materials sector.
The Federal Reserve held interest rates steady after a two-day meeting that ended on Wednesday, giving no clear signal that a rate cut might be in sight at its next meeting in September.
Meanwhile, the Bank of Canada also held steady, noting that the risk of severe global trade frictions had eased.
US stock futures rose
U.S. stock futures rose on Thursday, boosted by strong quarterly results from tech giants such as Microsoft (NASDAQ: MSFT ) and Meta Platforms (NASDAQ: META ) and the announcement of a new trade deal.
At 06:53 ET, Dow futures rose 135 points, or 0.3%, S&P 500 futures rose 63 points, or 1%, and Nasdaq 100 futures jumped 314 points, or 1.3%.
Wall Street's main indexes ended mixed on Thursday as investors assessed the Federal Reserve's decision to keep interest rates unchanged after its latest meeting and better-than-expected U.S. second-quarter economic activity data, which was mainly driven by a decline in imports.
Meta and Microsoft surge after strong earnings reports
The first companies from the so-called "Big Seven" group released earnings reports on Wednesday, with tech giants Microsoft and Meta Platforms impressing the market with strong second-quarter results and guidance.
Meta Platforms shares surged in premarket trading after a strong performance in the Facebook parent company's key advertising business drove better-than-expected sales in the April-June period and boosted expectations that its investments in artificial intelligence are starting to bear fruit.
Artificial intelligence also played a major role in Microsoft's performance, with the emerging technology providing strong momentum for the software giant's cloud computing division.
Apple (NASDAQ: AAPL ) and Amazon (NASDAQ: AMZN ) are set to report earnings after the market close on Thursday.
Trump announces 15% tariffs on South Korea and 25% tariffs on India
U.S. President Donald Trump said late Wednesday that the United States will impose a 15% tariff on South Korean imports, while South Korea will invest $350 billion in the United States and purchase $100 billion worth of energy products.
In addition, Trump signed a proclamation imposing a 50% tariff on semi-finished products and copper-intensive products starting August 1, citing national security concerns.
He also announced a 25% tariff plus fine on India from August 1 for the country's purchase of Russian military equipment and energy.
Agreements with several countries remain unresolved, and Trump's increased "reciprocal" tariffs are set to take effect on August 1.
Gold prices remained largely flat
Gold prices were mixed as traders assessed trade tensions stemming from the Federal Reserve's decision and Trump's upcoming tariff deadline.
At 06:54 ET, spot gold rose 0.7% to $3,296.65 per ounce, while gold futures fell 0.1% to $3,348.67 per ounce.
Crude oil falls
Oil prices edged lower on Thursday as traders weighed the impact of a surprise build in U.S. crude inventories and weak Chinese economic data, while also considering potential supply cuts from sanctions on Russia.
At 05:45 ET, Brent crude futures fell 0.7% to $71.99 a barrel, and U.S. WTI crude futures fell 0.6% to $69.62 a barrel.
Both oil benchmarks rose 1% on Wednesday, spurred by Trump's threat to impose steep tariffs on major buyers of Russian crude in a move aimed at pressuring Moscow to end its war in Ukraine.
The U.S. Energy Information Administration said on Wednesday that U.S. crude oil inventories rose by 7.7 million barrels last week, while analysts had expected a decrease of 1.3 million barrels.
In addition, weak economic activity data from China heightened market concerns about future demand in the world's largest oil importer.