Futures on the TSX fall before domestic GDP data

The futures linked to Canada's main index of stocks fell on Thursday, as disappointing earnings from U.S. technology giants dampened the market sentiment ahead of important domestic GDP and U.S. Economic data that will be released later in the day.

At 6:00 a.m., December futures for the S&P/TSX Index were down by 0.3%. ET (10:00 GMT).

Wall Street futures dropped on Thursday as Meta Platforms' and Microsoft's warnings about artificial intelligence-related costs dampened optimism.

Investors could get clues about future U.S. rate cuts from the Federal Reserve's preferred index of inflation, the Personal Consumption Expenditures Index.

At 8:30 am, the Canadians will be watching closely for the gross domestic product figures of August. ET to gauge Canada's economic health.

Since June, the Bank of Canada has reduced interest rates by one-and-a-quarter percentage points to help support the economy.

The Canadian energy sector may benefit from higher prices of oil, due to optimism about U.S. fuel consumption following an unexpected decline in crude and gasoline stocks, as well reports that OPEC+ could delay its planned production increase.

Materials could also be in the spotlight as gold prices are on the decline but set to have their best month since seven months following the highly contested U.S. Presidential election.

The composite index fell on Wednesday, as investors took profit in metal mining stocks that were flying high. However, it was still close to a gain for the month.

Canadian earnings also came into focus, as energy giant Canadian Natural Resources reported a decrease in the third-quarter profits due to a reduction in production and lower oil prices.

COMMODITIES

Gold: $2,776.8; -0.3%

US crude: $68,98; +0.5%

Brent crude: $72.88 (-0.5%)

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Canadian Markets Directory ($1 = 1,3918 Canadian Dollars) (Reporting and Editing by Vijay Kishore; Vijail Sharma).

(source: Reuters)