CANADA STOCKS-TSX futures slip on tech weakness, softer oil

QUALCOMM Incorporated

QUALCOMM Incorporated

QCOM

0.00

TSX futures down 0.2%

Oil slips, gold climbs

- Futures tracking Canada's blue-chip stocks edged lower on Friday, tracking broader tech weakness on Wall Street that has overshadowed upbeat AI demand signals from Micron MU.O and Qualcomm QCOM.O, while falling oil prices added further pressure.

September futures on the S&P/TSX index SXFcv1 were down 0.2% at 7:02 a.m. ET (1102 GMT), with the benchmark on track for a weekly loss.

  • On Wall Street, technology stocks reversed early gains as worries about hyperscaler AI spending outweighed upbeat demand signals from Micron and Qualcomm.

  • The U.N. International Maritime Organization paused its operation to escort ships through the Strait of Hormuz on Thursday after a vessel reported an attack, reigniting concerns about whether a preliminary deal to end the Iran war would hold.

  • Oil prices fell more than 3% on easing supply concerns as more stranded oil tankers exited the Strait of Hormuz. O/R

  • Spot gold XAU= rose 0.9% as recent U.S. inflation data weighed on the dollar, prompting markets to slightly trim rate-hike bets. GOL/

  • Canada's S&P/TSX Composite Index .GSPTSE ended higher on Thursday as metals and mining and industrial stocks boosted the index.

  • Separately, Canada and Japan are working on a range of mining projects, including potential joint stockpiling, Canada's trade minister told Reuters, as Japan moves to diversify supplies of critical minerals and reduce dependence on China.

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