Futures tied to Canada’s main stock index fell on Thursday, mirroring Wall Street peers, a day after U.S. President Donald Trump announced a 90-day pause on some tariffs for most trading partners.
The TSX Composite Index faltered 352.56 points, or 1.5%, to close Tuesday at 22,506.90.
June futures slid 1.3% Thursday.
The Canadian dollar strengthened 0.24 cents to 71.13 cents U.S.
Trump’s U-turn had led to Canada’s main stock index seeing its biggest gain since 2020 on Wednesday.
Shares of Canadian gold miners could get support as bullion prices extended gains amid fears of a deepening U.S.-China trade war, overshadowing the earlier relief by temporary pause on U.S. tariffs.
Meanwhile, copper and other base metals prices rebounded sharply. Capstone Copper and Ero Copper will be watched closely.
ON BAYSTREET
The TSX Venture Exchange gained 36.9 points, or 6.6%, to end Wednesday at 598.66.
ON WALLSTREET
Stock futures fell on Thursday after a massive rally on Wall Street spurred by President Donald Trump announcing a 90-day reprieve on some of his “reciprocal” tariffs.
Futures for the Dow Jones Industrials fell 492 points, or 1.2%, to 40,344.
Futures for the S&P 500 index ditched 87 points, or 1.6%, to 5,404.
Futures for the tech-heavy NASDAQ were off 366 points, or 1.9%, to 18,925.50.
Leading the declines were Apple and Tesla, which pulled back more than 3% each in the premarket.
The moves come after a historic surge on the Street, where the S&P 500 soared more than 9% for its third-largest gain in a single day since World War II.
The Dow also saw its biggest percentage advance since March 2020, while the NASDAQ scored its biggest one-day gain since January 2001 and second-best day on record.
During Wednesday’s session, there was an unusual trading volume of around 30 billion shares, the highest level in history, as per records dating back 18 years.
The rally took off after Trump announced a temporary drop in tariff rates for most countries to 10% for 90 days. Canada and Mexico won’t be subjected to an additional 10% duty, however. The European Union announced Thursday a similar 90-day pause on U.S. goods.
On the economic front, traders are looking ahead to March’s consumer price index reading and weekly jobless claims, due out Thursday before the opening bell. Producer price index data for March will be out on Friday morning.
In Japan, the Nikkei 225 index vaulted 9.1% Thursday, while in Hong Kong, the Hang Seng gained 2.1%.
Oil prices gave back $1.75 to $60.60 U.S. a barrel.
Gold prices gained $58.00 to $3,137.40 U.S. an ounce.