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CANADA STOCKS-TSX set for muted open after three-day record run; gold and oil stocks to limit declines
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CANADA STOCKS-TSX set for muted open after three-day record run; gold and oil stocks to limit declines
Apr 2, 2024 5:04 AM

April 2 (Reuters) - Futures for Canada's main stock

index were muted on Tuesday as investors took a breather after

the index notched record closing highs in the past three

sessions while an upward trend in commodity prices kept declines

in check.

June futures on the S&P/TSX index were flat at 7:01

a.m. ET (11:01 GMT).

Across the border, U.S. stock futures dipped, hurt by sharp

losses in shares of health insurers, while investors awaited

economic data and comments from Federal Reserve officials for

hints on the timing of interest rate cuts.

Monthly readings of factory orders and job openings in the

U.S. are due at 10:00 a.m. ET and could provide some insight

into the health of the American economy and guide expectations

for interest rate cuts later in the year.

Investors will also monitor comments from Fed speakers later

in the day.

In commodities news, Spot gold prices hit a fresh

record high on demand from momentum-following funds while copper

ticked higher, lifted by concerns of tighter raw material

supply, a production cut and an upbeat demand outlook in China.

Global oil benchmark Brent rose above $88 a barrel for the

first time since October as oil supplies faced fresh threats

with escalating geopolitical tensions globally.

Materials-linked shares and the energy sector are poised to

extend their rallies to a fourth session.

The Toronto Stock Exchange's S&P/TSX composite index

ended 0.1% higher on Monday, at 22,185.25, eclipsing

Friday's record high close, pushed by resource shares.

In corporate news, cannabis firms are on the radar after the

Florida Supreme Court allowed voters to decide on the fate of

recreational use of marijuana in the U.S. state through a

referendum in November.

U.S.-listed shares of Canopy Growth Corp ( CGC )

and Aurora Cannabis ( ACB ) gained about 6% in

premarket trading.

COMMODITIES AT 7:01 a.m. ET

Gold futures: $2,272.1; +1.2%

US crude: $85.29; +1.9%

Brent crude: $88.92; +1.7%

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