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Highlights
TSX 60 futures remained steady following a new record close for Canada’s benchmark equity index
Market focus shifted to U.S. labor figures and cross-border trade announcements
U.S. equities edged up in shortened session ahead of national holiday
Futures tied to the TSX 60 index traded mostly flat during early Thursday activity, maintaining momentum from the prior session when Canada’s key stock index registered a new record close. The broader composite index ended the previous day slightly higher, setting another high watermark for domestic equities.
The muted movement in futures followed gains driven by strength in various sectors, as well as growing anticipation surrounding international trade relations. Commodity-linked equities remained sensitive to moves in global oil and gold benchmarks, both of which showed mild fluctuations.
Trade developments draw attention
Positive sentiment in North American markets was supported by news of a trade agreement between the U.S. and Vietnam. The development sparked optimism about further international trade progress, particularly regarding discussions between Washington and Ottawa.
Market watchers noted that this diplomatic shift occurred in a context of ongoing global supply chain recalibrations, which continue to influence sectors such as industrials and materials listed on the TSX.
Labor market focus as economic indicators emerge
A key feature of the session was increased scrutiny of employment data from the U.S., ahead of an official government report expected to offer more detail on labor market conditions. An earlier employment measure from a private payroll services firm showed slower hiring, fueling speculation over the direction of future monetary policy.
Despite the discrepancy between this figure and federal data in past periods, market participants remained attentive, especially in interest-sensitive areas of the TSX 60. Financials and utilities were among those closely aligned with expectations around central bank action.
U.S. equities edge higher in light trading
On Wall Street, futures linked to major U.S. indices posted modest advances in the lead-up to the July holiday break. The DJI, US500, and NQU25 all saw slight gains, with tech-heavy benchmarks continuing their recent run of strength.
The IXIC closed at a fresh record in the previous session, mirroring trends seen in Canadian equities. Broader gains in U.S. futures were constrained by caution ahead of the monthly employment report, which remains a pivotal marker for market sentiment.
Commodities trade mixed amid macro shifts
Prices for key commodities moved marginally, with LCO and CL drifting lower and GC also seeing a slight decline. These shifts came as investors continued to digest broader macroeconomic signals, including currency movements and inflation expectations.
The GSPTSE, representing Canadian stocks, held relatively flat during the session, reflecting the mixed tone across sectors. Energy and mining shares remained responsive to global demand signals and broader geopolitical developments.
As trading hours were shortened due to a national holiday in the U.S., volumes were lighter than usual, with many equity markets expected to resume normal activity in the next session.
