Futures linked to Canada’s main stock exchange edged up on Thursday, as investors assessed a string of corporate earnings and awaited more cues on the U.S. economy later in the week.

By 07:43 ET (12:43 GMT), the S&P/TSX 60 index standard futures contract had risen by 3 points, or 0.2%.

The S&P/TSX composite index inched down marginally to 33,254.19 on Wednesday, retreating from an intra-day record high notched earlier in the session. An all-time closing peak was previously logged on Tuesday.

A slump in shares of Shopify, which projected underwhelming free cash flow margins, weighed on the wider technology sector in Canada during the session. Real estate and financial stocks also declined.

But the commodities-heavy index was bolstered by gains in materials and energy stocks, reflecting higher oil and precious metals prices.

U.S. futures tick higher

Meanwhile, U.S. stock futures rose. At 07:55 ET, Dow Jones Futures traded 128 points, or 0.3%, higher, S&P 500 Futures gained 21 points, or 0.3%, and Nasdaq 100 Futures added 73 points, or 0.3%.

The main averages on Wall Street edged lower on Wednesday, ending a three-day winning streak, following a blockbuster jobs report which well outpaced economists’ expectations but pushed back traders’ expected timeline for the next Federal Reserve interest rate cut.

At the close of trading, the blue-chip Dow Jones Industrial Average fell 0.1%, but remained above the key 50,000 level it breached earlier this week. The benchmark S&P 500 slipped marginally lower, while the tech-heavy Nasdaq Composite slid by 0.2%.

Strong jobs report reduces Fed easing bets

Data on Wednesday showed that U.S. nonfarm payrolls increased by 130,000 last month, well above economists’ expectations, while the unemployment rate ticked down to 4.3%.

The stronger labor data reinforced the view that the U.S. economy remains resilient but also reduced the odds that the Fed will cut interest rates soon, pushing traders to scale back bets on imminent policy easing.

The report also included notable revisions to past data that highlighted underlying weakness in the labor market over the past year.

"The U.S. added more jobs than expected in January, but sizeable downward revisions reveal that – outside of leisure & hospitality, private healthcare, and government – the economy has actually been consistently losing jobs," ING analysts said in a note.

"This suggests the risks remain tilted toward the Fed cutting rates more than the two reductions currently in our forecast," they added.

There are more jobs numbers to digest later Thursday, in the form of the weekly initial jobless claims. ahead of Friday’s consumer price index (CPI) report, as traders seek further clues about the inflation trend and the timing of future rate moves.

Earnings season marches on

The fourth-quarter 2025 earnings season is now clearly past the midpoint, and the news has been generally positive: companies are delivering, revisions are moving higher, and earnings growth remains in double digits.

Arista Networks and semiconductor player Applied Materials are due to headline results after the close.

Networking equipment maker Cisco Systems unveiled quarterly gross margin that was short of analysts’ estimates late Wednesday, sending its shares sharply lower in premarket trading.

A rush of spending on the data centers needed to underpin AI models has depleted much of the global supply of memory chips, driving up the prices of these processors. This has, in turn, hit Cisco, whose routers and switches are often powered by memory chips.

McDonald’s topped Wall Street estimates for fourth-quarter global comparable sales and profit, as meal deals and strong marketing promotions pulled in budget-strapped U.S. diners and demand held firm in Australia and Britain.

Gold edges lower

Gold and silver prices were lower, as the stronger-than-expected U.S. payrolls data hit wagers for an impending Fed rate cut, although losses were limited by lingering haven demand.

Markets are now pricing in a 92.5% chance the Fed will leave rates unchanged in March, and a 79.1% probability of a similar outcome in April, CME FedWatch showed.

The jobs report also spurred an overnight bounce in the dollar, which weighed on metal markets.

Still, precious metal prices retained a bulk of their advances made this week, with tensions between Iran and the U.S. helping keep safe-haven demand in play.

Crude reverses earlier gains

Oil prices dropped below the flatline, reversing earlier gains, after a report from the International Energy Agency forecast that world oil demand is seen rising at a slower pace than initially anticipated in 2026

The outlook for annual oil demand growth was revised moderately lower to 850,000 bpd, with the IEA pointing to the impact of higher crude prices and broader economic uncertainties. China, the world’s largest oil importer, is anticipated to remain the largest contributor to this increase, albeit well below its average growth over the past decade, IEA said.

Crude rose earlier on Thursday, as relations between Washington and Tehran remained tense, raising concerns of supply disruptions from this key crude-producing region.

Brent futures were last down 0.3% to $69.17 a barrel, and U.S. West Texas Intermediate crude futures fell 0.2% to $64.51 a barrel.

The benchmarks rose around 1% on Wednesday, as traders were seen pricing in a greater risk premium following reports that suggested Washington was considering sending a second aircraft carrier to the region. While Iran and the U.S. had touted some progress in talks held over the weekend, there still appeared to be no conclusive deal on Tehran’s nuclear activities, leaving markets on edge.