CANADA STOCKS-TSX futures rise on commodity boost as investors await Nvidia results
Nov 19 (Reuters) - Futures tied to Canada's main stock index rose on Wednesday, supported by higher gold prices, while investor attention centered on Nvidia's quarterly earnings due after market close.
Futures on the S&P/TSX composite index SXFcv1 rose 0.3% as of 6:00 a.m. ET, signaling a higher open.
The benchmark index .GSPTSE fell for the second straight session on Tuesday amid mounting doubts about the stretched valuations in tech and artificial intelligence stocks as well as ambitious spending on the sector.
All eyes were on Nvidia's NVDA.O third-quarter results, which could either extend or stall the tone for AI-driven market rally that has been responsible for most gains on Wall Street this year.
Investors are also watching a delayed U.S. labor report, now scheduled for Thursday, which could confirm weakness in the job market and reignite hopes of a Federal Reserve rate cut.
Gold prices rose by 1%, helped by higher demand for safe-haven assets as investors awaited the release of delayed U.S. jobs report, alongside Wednesday's Fed minutes from its most recent meeting.
Copper prices snapped a three-day streak of declines.
Meanwhile, Bank of Canada Deputy Governor Nicolas Vincent is set to speak later in the day, potentially offering clues on the country's policy path.
In corporate news, JPMorgan raised the price target on business jet maker Bombardier BBDb.TO to C$215 from C$170.
Cenovus Energy CVE.TO announced a $1.6 billion offering of senior notes.
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