Futures connected to Canada’s main stock gauge rose slightly on Wednesday as investors prepared for quarterly results from chipmaker Nvidia, a company viewed as central to the artificial intelligence investment theme.
By 06:46 ET (11:46 GMT), the S&P/TSX 60 index standard futures contract had advanced 8 points, equal to a 0.5% gain. That followed a 0.6% increase for the broader S&P/TSX composite index on Tuesday, which closed at 33,970.38 and surpassed a prior all-time high recorded on Friday.
The materials sector provided notable upside on the TSX, climbing 1.8% as gold and copper prices recovered. Resource companies make up more than one-third of the Canadian exchange’s market capitalization, giving commodity movements outsized influence over the index.
Among major Canadian names, Bank of Nova Scotia fell despite reporting quarterly results that beat expectations. The bank was the first among Canada’s large banks to release its latest earnings, but its shares moved lower in reaction to the report.
U.S. futures and recent equity performance
Across the border, U.S. index futures were also positive. At 06:58 ET, Dow Jones futures were up 127 points, or 0.3%, S&P 500 futures had added 20 points, or 0.3%, and Nasdaq 100 futures rose 96 points, or 0.4%.
Major U.S. averages had advanced in the previous session as investor anxiety about AI-related disruption in software and data stocks eased. The S&P 500 gained 0.8%, the Nasdaq Composite rose nearly 1.1% to 22,863.68 points, and the Dow Jones Industrial Average increased 0.8%.
Nvidia report to be a market touchstone
Market sentiment received a lift on Tuesday after Meta Platforms announced a multi-year agreement with Advanced Micro Devices and amid an array of new partnerships disclosed by Anthropic. Those developments helped calm some investor concerns that the AI startup ecosystem could upend software and data companies.
However, that improving tone will be tested when Nvidia reports results after the U.S. market close. The company is widely seen as a measuring stick for AI demand and semiconductor needs, and its results are expected to provide a directional signal for markets entwined with the emerging technology.
"It’s not only Nvidia investors who will be nervous ahead of the company’s results; the entire global equity market may be on edge, given the importance of the AI trade," said Laurence Booth, Global Head of Markets at CMC Markets.
Investors will be watching whether Nvidia can again exceed projections. The firm has beaten sales forecasts in 13 consecutive quarters, and analysts are focused on the magnitude of any outperformance. LSEG data show forecasts for profits to grow 62% in the quarter to end January, while revenue is expected to increase 68%.
Other corporate reports and aftermarket movers
Additional big tech earnings are lined up for release after the close, with Salesforce and Snowflake among those scheduled to report. Corporate results have already produced significant moves for some companies in extended trading.
HP stock fell about 5% after the PC maker issued a muted outlook for 2026, citing pressures from U.S. trade rules and sharply higher memory chip costs. Workday dropped more than 8% after warning of weaker revenue as companies pull back on spending amid wider macroeconomic uncertainty.
Policy uncertainty and the State of the Union
Political developments also featured in investor calculus, notably the status of newly imposed tariffs. President Donald Trump put temporary 10% global duties in place following a Supreme Court decision that invalidated his so-called "reciprocal" levies. In his State of the Union address on Tuesday, the president said "everything was working well" with his tariff agenda and called the court ruling "unfortunate."
Trump covered several topics in the speech, from efforts to rein in inflation to ongoing diplomatic efforts with Iran. Public sentiment on his performance was reflected in a Washington Post-ABC News-Ipsos poll cited in reporting over the weekend, which found 39% of respondents approved of his job as president so far, while 58% disapproved of his handling of immigration.
Energy and precious metals
Oil futures stayed near seven-month highs ahead of planned nuclear talks involving the U.S. and Iran in Switzerland later this week. Brent crude futures rose 0.7% to $71.05 a barrel, while U.S. West Texas Intermediate increased 0.6% to $66.00 a barrel. Both contracts remain close to their strongest levels since early August as U.S. forces have been positioned in the Middle East to press Iran toward a resolution on its nuclear program.
U.S. envoys, including special representative Steve Witkoff and presidential adviser Jared Kushner, were due to meet Iranian counterparts on Thursday.
Gold prices recovered after a pullback in the previous session as investors weighed the effects of the newly imposed U.S. tariffs and awaited the U.S.-Iran discussions. At 07:10 ET, spot gold was up 0.8% at $5,182.71 an ounce, while U.S. gold futures were 0.5% stronger at $5,200.60 per ounce. The yellow metal had declined 1.6% on Tuesday after four straight sessions of gains.
Investor takeaway
Markets entered midweek with a mix of optimism tied to fresh AI-related partnerships and caution ahead of earnings from companies that are central to that theme. Commodity price moves and policy signals around tariffs and Middle East diplomacy added layers of uncertainty that could sway sectors differently - from resource-heavy Canadian indices to U.S. technology and enterprise software names.
As the trading day progresses, attention will concentrate on Nvidia’s figures and a slate of U.S. reports that could either reinforce or temper the recent risk-on sentiment tied to AI investment narratives.
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