TSX Futures Climb as Bond Selloff Eases and Oil Prices Dip

TSX futures showed a slight upward movement on Tuesday, buoyed by a reduction in the global bond selloff and a dip in oil prices. By 05:58 ET, the futures had risen by 10 points, or 0.5%. The TSX index had closed Monday with a marginal gain of 0.04%, ending at 35,518.55. Technology stocks led the gains, climbing 1.4% with Shopify shares contributing to the advance, while energy shares fell 0.4% due to declining crude prices.

U.S. stock futures also edged higher, with the S&P 500 futures up 0.4%, Nasdaq 100 futures gaining 0.2%, and Dow Jones futures rising 0.4%. Wall Street's main averages had risen on Monday, driven by enthusiasm around artificial intelligence and a softer-than-expected U.S. jobs report, which reduced expectations of a Federal Reserve rate hike in October.

Oil prices slipped as shipping data indicated that Gulf oil exporters had surpassed pre-war levels for part of September, improving supply prospects. Benchmark Brent crude was last trading down 1.9% at $98.45 a barrel, while U.S. West Texas Intermediate crude futures declined 1.9% to $87.74 a barrel. Despite this, concerns about inflation persisted as services sector data showed prices paid by companies hit a post-2022 high.

Gold prices firmed on Tuesday, rising 0.3% to $4,153.61 an ounce, and gold futures gaining 0.6% to $4,181.42 an ounce. The retreat in oil prices eased fears of immediate policy tightening to combat inflation, benefiting gold as the non-yielding asset. The U.S. Dollar Index weakened slightly, enhancing gold's appeal to overseas buyers.