Futures for Canada’s main stock index rose on Thursday boosted by a surge in prices of precious and base metals after the U.S. Federal Reserve stuck to its guidance on rate cuts this year.
March futures on the S&P/TSX index (SXFcv1) were up 0.4% at 6:57 a.m. ET (10:57 GMT).
The U.S. Fed still anticipates cutting interest rates three times this year, according to the median of new economic projections published on Wednesday.
Gold prices climbed to a record high on Thursday with the U.S. dollar and bond yields ticking lower, and prices of most base metals rose on enhanced risk appetite after the Fed rate cut view.
Energy shares could see an impact as Brent futures edged lower.
Bank of Canada (BoC) deputy governor Toni Gravelle will be speaking later in the day on the normalization of the central bank’s balance sheet at the CFA Society of Toronto.
The Toronto Stock Exchange’s S&P/TSX composite index 
TSX ended around 1% higher on Wednesday, stopping just short of the record closing high it posted in March 2022 at 22,087.22.
U.S. stock index futures rose as chipmakers tracked sharp gains in Micron Technology and investors took comfort as the Fed stuck to its script for 2024.
Back home, investors will monitor the new housing price index data at 8:30 a.m. ET for more clues on the health of the Canadian economy.
In company news, Jefferies raised the price target on Boyd Group Services 
BYD to C$340 from C$290 earlier, while CIBC increased the price target on Power Corporation of Canada 
POW to C$43 from C$40.
COMMODITIES AT 6:55 a.m. ET
Gold futures (GCc2): $2,209.9; +2.3%
US crude 
CL1!: $81.09; -0.2%
Brent crude BRN1!: $85.78; -0.2%
($1= C$1.3492)
