TSX futures slipped before Friday’s market open, despite WTI surpassing the US$100 per barrel market, with investors digesting the fallout of the Bank of Canada’s 25-basis-point interest rate hike earlier this week.
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US futures also took a dip, reflecting worries about Amazon missing consensus Q3 estimates, as well as Alphabet posting tepid summer growth, falling short of analysts’ expectations, leading to a more than 12% drop for its Class A shares on Thursday – their worst loss in more than 20 years – as the uncertainty about AI’s long-term commercial validity looms large.
Market numbers
TSX: Down (-0.04%), 36,249.03.
TSXV: Down (-1.47%), 826.64.
DOW: Up (0.04%), 52,362.
NASDAQ: Down (-1.10%), 28,642.3.
FTSE: Down (-0.06%), 10,729.22.
In the headlines
Amazon stock (NASDAQ:AMZN) fell by nearly 5 per cent in after-hours trading on Thursday after its top and bottom lines for Q3 failed to meet Wall Street’s estimates. Despite posting its largest year-over-year revenue growth in 5 years, the AI leader’s growing negative free cash flow has investors concerned about ongoing data and computing power buildouts.
In other AI news, Prime Minister Mark Carney revealed in Montreal on Thursday that Canada will invest C$1.6 billion in Cohere, a Toronto-based company focused on building AI systems for businesses and governments. Cohere will use the funds to create at least 1,000 new high-paying Canadian tech jobs by 2030.
Currencies
USD: Up (0.21%), US$0.7158.
GBP: Down (-0.17%), £0.5330.
EUR: Up (0.06%), €0.63982.
JPY: Down (-0.23%), ¥112.498.
AUD: Up (0.23%), A$1.0189.
Bitcoin: Down (-0.85%), C$107,841.9.
(Conversion to C$1)
Commodities
Copper: Down (-1.56%), US$6.5605.
Gold: Down (-1.35%), US$3,967.05.
WTI: Flat (0.00%), US$102.40.
Natural Gas: Down (-0.90%), US$2.871.
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