TSX Futures Rise on Wall Street Optimism and Strong Commodity Prices

Canadian stock index futures climbed on Monday, extending last week’s gains as upbeat sentiment on Wall Street and stronger commodity prices boosted investor confidence.

S&P/TSX December futures were up 0.3% at 6:07 a.m. EST (10:07 GMT).

U.S. stock index futures also advanced, supported by a wave of artificial intelligence–driven dealmaking and softer labor market data, which strengthened expectations of potential interest rate cuts by the Federal Reserve.

Metals and energy shares were set to attract investor attention as gold prices surged to record highs amid growing demand for safe-haven assets.

Oil prices also rose more than 1% after OPEC+ announced a smaller-than-expected increase in production for November.

Toronto’s benchmark index closed at another record high on Friday, led by e-commerce giant Shopify (SHOP.TO), whose shares hit an all-time closing peak.

The rally continued despite weaker domestic services PMI data, as tech stocks benefited from sustained AI enthusiasm, which kept markets buoyant throughout the week.

Looking ahead, investors are focused on Canada’s upcoming employment report, expected to offer key insights into the health of the economy and potentially influence the Bank of Canada’s next policy decision.

Meanwhile, the upcoming U.S. third-quarter earnings season will test whether the recent market rally is justified, as investors look for confirmation that corporate performance aligns with current valuations.