TSX Futures Edge Higher Ahead of GDP Data, Tracking Global Equity Rally

Futures linked to Canada’s benchmark stock index edged higher Friday morning as investors navigated a busy week of corporate earnings and looked ahead to the release of key domestic economic growth data.

By 07:24 ET, S&P/TSX 60 index futures were up approximately 0.1%, according to Investing.com. The move follows a positive session on Thursday, when the S&P/TSX Composite index advanced by 0.5% to close at 35,505.84, largely driven by strength in metal mining shares as gold prices climbed.

Global Markets Provide Tailwinds

The positive sentiment in Canada mirrored a strong rally on Wall Street, where U.S. stock futures extended gains from Thursday. The S&P 500 had its best day in seven weeks, propelled by a sharp rebound in technology shares that appeared to ease immediate concerns about the sustainability of the artificial intelligence boom.

• S&P 500 futures were up 0.3%.
• Nasdaq 100 futures gained 1.1%.

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Analysts at Vital Knowledge noted that recent weakness in AI-related stocks may have been linked more to "technicals and forced selling rather than a dramatic deterioration in fundamentals," as reported by Investing.com. The Philadelphia Semiconductor Index surged 8.19% on Thursday, marking its largest single-day advance since April 2025.

Commodities and Monetary Policy in Focus

In the commodity markets, oil prices remained volatile but were on pace for a monthly gain of roughly 20%, despite stalled negotiations between the U.S. and Iran. Increased crude flows through the Strait of Hormuz helped to ease some supply disruption concerns.

Gold prices fell on Friday as traders assessed the future path of U.S. monetary policy. Following the Federal Reserve's decision to hold interest rates steady this week, markets are weighing mixed signals from the central bank. According to the CME FedWatch tool, traders are now pricing in a 63% probability of a rate hike in September, down from over 80% a week ago. A strengthening U.S. dollar also exerted pressure on the precious metal, making it more expensive for international buyers.