Futures linked to Canada’s main stock market moved higher on Thursday as investors and analysts assessed quarterly technology results alongside central bank policy signals.
By 07:36 ET (12:36 GMT), the S&P/TSX 60 index standard futures contract was up 12 points, or 0.6%.
Recent TSX session and drivers
In the previous session, the S&P/TSX composite index advanced 0.2% to close at 33,176.07. That gain was driven mainly by strength in materials and energy stocks, which helped offset the lingering uncertainty after the Bank of Canada elected to keep interest rates unchanged. The central bank’s decision left questions about the timing and direction of future policy moves.
Gold’s strong ascent to fresh highs has provided additional support to the resource-heavy Canadian benchmark, bolstering metal-mining shares that are sensitive to bullion prices.
U.S. futures and the macro backdrop
U.S. stock futures also nudged higher on Thursday as market participants parsed a mixed set of results from leading technology companies alongside the Federal Reserve’s recent policy move. As of 05:25 ET (10:25 GMT), Dow Jones futures were trading about 60 points, or 0.1%, higher; S&P 500 futures were up roughly 16 points, or 0.2%; and Nasdaq 100 futures had risen about 85 points, or 0.3%.
The benchmark S&P 500 index briefly pierced the 7,000 level on Wednesday but finished the day essentially unchanged after the Fed held its target policy rate at a 3.50% to 3.75% range.
Federal Reserve holds rates steady
The Federal Reserve kept interest rates at 3.50%–3.75% on Wednesday, marking the first pause after three consecutive cuts. In its policy statement, the Fed pointed to still-elevated inflation, ongoing solid economic growth, and a stabilizing labor market. The statement offered limited clarity on when future cuts might occur.
Commenting on the Fed’s move, Gabriel Shahin, Founder & Principal at Falcon Wealth, said: "The Fed pretty much did what everyone expected, and honestly, that’s a good thing. When Powell doesn’t surprise the market, it takes some of the anxiety off the table, even if rates are staying higher for longer. The key takeaway is that the Fed is still watching the data, not the headlines, and that means we should expect some bumps along the way."
He added: "For investors, this isn’t a moment to overreact. Trying to time the Fed rarely ends well. The focus should be on having a portfolio that can handle higher rates and staying disciplined instead of getting caught up in every press conference soundbite."
Big tech earnings steer sentiment
Corporate earnings from major technology companies arrived after the market close on Wednesday, and their results shaped investor expectations heading into Thursday trading.
Meta Platforms reported a first-quarter revenue outlook that exceeded market expectations, signaling resilient advertising demand and stronger returns tied to investments in artificial intelligence. Meta’s shares jumped more than 7% in premarket trading. The company also disclosed that capital expenditures could increase to as much as $135 billion this year, a figure well above Wall Street forecasts and nearly double its projected 2025 spending, underscoring heavy AI-related investment.
Microsoft, by contrast, saw its shares slide sharply. The company said it had increased spending on its AI initiatives more than many anticipated, and investors focused on slightly slower growth at its Azure cloud unit compared with the prior quarter.
Tesla’s shares gained in premarket trading after the electric-vehicle maker reported fourth-quarter results that beat expectations, while also indicating a stronger focus on artificial intelligence amid ongoing pressure on its core automotive business. Looking ahead, traders were preparing for Apple’s earnings release after the close, with market participants watching for signs of input cost pressures in the iPhone maker’s results.
Precious metals sprint to records
Gold continued its rapid ascent, climbing to a record high near $5,600 an ounce, extending recent momentum amid reports that former President Trump was considering a new strike on Iran. Silver likewise reached an all-time peak above $119 per ounce, benefiting from heightened demand for traditional safe-haven assets. A rally in metals showed few signs of easing as geopolitical tensions pushed investors toward physical assets, while a softer dollar and uncertainty over U.S. policy further supported the move. Copper also hit a record high on Thursday.
Oil prices jump on Iran-related concerns
Crude oil prices rose sharply on concerns that supplies could be disrupted if Iran were targeted by U.S. military action. Brent futures increased 1.8% to $68.57 a barrel, while U.S. West Texas Intermediate crude gained 2% to $64.44 a barrel. Both front-month contracts have climbed roughly 5% since Monday and reached their highest levels since September 29.
What this means for markets
The combination of central bank caution, elevated metal and oil prices, and mixed technology earnings has left markets with a cautious tone. Resource and energy stocks have benefited from rising commodity prices, while technology names remain sensitive to capital spending on AI and cloud growth trajectories. Investors appear to be positioning for continued volatility driven by geopolitical headlines, monetary policy uncertainty, and the next round of corporate earnings.
Summary
Futures for the S&P/TSX 60 rose modestly Thursday as the market weighed tech sector earnings and central bank decisions. The prior session’s gains in the broader TSX were supported by materials and energy sectors, aided by surging gold and other metals. U.S. futures lifted slightly after the Fed held rates steady, and major tech results produced divergent moves in individual stocks. Geopolitical reports tied to Iran lifted metals and crude prices, contributing to sector-specific strength and a guarded investor stance.