TSX futures subdued after index inches back from record high
Investing.com - Futures tied to Canada’s main stock exchange ticked slightly higher on Thursday, after the index edged away from a recent record high in the prior session.
By 06:43 ET (10:43 GMT), the S&P/TSX 60 index standard futures had risen by 2 points, or 0.1%.
Toronto Stock Exchange’s S&P/TSX composite index fell by 214.46 points, or 0.8%, on Wednesday, retreating from an all-time closing high and ending a 10-day winning streak.
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A jump in Canadian 10-year yields to their highest level since January weighed on equities. Investors have been cutting bets that the Bank of Canada will pursue interest rate reductions since recent data showed hot underlying inflation in April.
U.S. stock futures muted
U.S. stock index futures traded in a muted fashion Thursday, steadying after the previous session’s sharp selloff on concerns over high U.S. debt levels.
At 06:56 ET, Dow Jones Futures slipped 33 points, or 0.1%, while S&P 500 Futures rose 7 points, or 0.1%, and Nasdaq 100 Futures gained 44 points, or 0.2%.
The main averages slumped on Wednesday, with the blue chip Dow Jones Industrial Average falling over 800 points.
House passes tax and spending bill
U.S. President Donald Trump’s tax and spending bill narrowly passed the House of Representatives on Thursday morning, overcoming days of political wrangling between Republicans in control of the lower chamber of Congress.
The measure passed by a narrow 215-214 margin, with one member voting present, as all Democrats opposed the bill.
The bill now moves to the Senate, where some lawmakers are pushing for revisions, with a vote on approval expected by August.
The U.S. House Rules Committee on late Wednesday approved President Donald Trump’s expansive tax and spending bill after a nearly 22-hour session, media reports showed.
Along with the extension of 2017 tax cuts, the legislation would slash taxes charged on tips and car loans, while boosting spending on defense and border security. Reductions to key food and health programs for low-income Americans are also included in the bill.
Nonpartisan analysts have said the changes would add between $3 trillion to $5 trillion to the U.S.’s $36.2 trillion debt load.
Earlier, it was uncertain if House Speaker Mike Johnson would secure enough Republican support to pass the bill. Some GOP lawmakers demanded deeper spending cuts to offset Trump’s desired tax breaks, although Johnson said he was confident he could secure their backing to overcome united Democratic opposition.
Crude falls on OPEC+ output talk
Oil prices fell further Thursday on renewed oversupply concerns, following a report suggesting that a group of top producers was considering raising output levels once more.