Verizon to cut 15,000 jobs amid growing competition pressures - WSJ
Investing.com - Canada’s main stock index is lower on Thursday, a day after the index jumped to a fresh record high.
By (11:47 ET) 16:47 GMT, the S&P/TSX 60 index had dropped by 1.1%. The S&P/TSX composite index is down 1.2%.
The S&P/TSX composite index ended higher by 1.4% at 30,827.58 on Wednesday, surpassing a prior all-time peak logged on October 15.
Since sliding to a seven-week intraday low late last week, the average has recovered by 4.4%, underpinned in part by upbeat sentiment around corporate earnings.
U.S. futures hover below flatline
U.S. stock futures wavered, with the ending of the longest ever U.S. government shutdown set to prompt a deluge of key economic data ahead of next month’s Federal Reserve policy meeting.
At 07:17 ET, Dow Jones Futures had fallen 45 points, or 0.1%, S&P 500 Futures dropped 13 points, or 0.2%, and Nasdaq 100 Futures slipped 61 points, or 0.2%.
The main averages on Wall Street recorded a mixed close on Wednesday. The blue-chip Dow Jones Industrial Average notched a new record closing high, while the broad-based S&P 500 also edged up. But the NASDAQ Composite slid, reflecting a rotation out of pricey technology stocks.
Government shutdown ends
U.S. President Donald Trump signed a bill to unlock funding and end the longest government shutdown in U.S. history late on Wednesday, after the spending package was approved by the Republican-controlled House of Representatives.
The legislation, which will keep the government funded through January 30, was passed in a 222 to 209 House vote, mostly along party lines. The Senate signed off on it earlier this week.
The end of the shutdown brings an end to a 43-day period that has sparked widespread disruptions in federal services, most notable in air traffic and travel safety staffing, which in turn saw thousands of flights being cancelled across the country, potentially weighing on economic growth in the world’s largest economy.
It is also likely to lead to the resumption of crucial data releases used by investors and policymakers to gauge the actual impact on the health of the U.S. economy.
"With a bit of luck, we may see job numbers starting early next week," analysts at ING said in a note.
However, Trump administration officials have warned that employment and inflation for October might never be published because of the shutdown. If so, this could leave Federal Reserve officials in particular without key pieces of data before their next interest rate decision in December.
Cisco lifts annual guidance
Investors were seen rotating further out of heavyweight technology stocks on Wednesday, amid growing doubts over an AI-fuelled surge in valuations.
However, the sector received some positive news after the close with Cisco Systems (NASDAQ:CSCO) raising its annual guidance.
In a wager on a surge in demand for the equipment needed to underpin massive data center expansion sparked by the AI boom, the U.S. networking gear provider said it expects fiscal 2026 revenue to be between $60.2 billion and $61 billion, versus prior projections of $59 billion to $60 billion.
Full-year adjusted per-share earnings are tipped to be $4.08 to $4.14, compared to $4 to $4.06 previously.
Cisco, whose fiscal first quarter results also topped Wall Street expectations, predicted that it would rake in $3 billion in AI infrastructure revenue during its current year.
Elsewhere, Flutter Entertainment (LON:FLTRF), the world’s largest sports betting and gambling company, cut its full-year guidance, citing winning streaks from gamblers, while Firefly Aerospace (NASDAQ:FLY) reported stronger than expected quarterly results.
Starbucks (NASDAQ:SBUX) will also be in the spotlight after the union representing workers at the coffee giant launched a strike in at least 40 cities Thursday on Red Cup Day, one of the chain’s biggest sales days of the year.
Crude bounces after hefty losses
Oil prices edged higher, bouncing after the previous session’s hefty losses after rising U.S. crude inventories reinforced demand concerns in the world’s largest consumer.
Brent futures gained 0.8% to $63.23 a barrel, and U.S. West Texas Intermediate crude futures rose 0.8% to $58.98 a barrel.
Both contracts dropped around 4% on Wednesday after the American Petroleum Institute said U.S. crude stockpiles rose by 1.3 million barrels in the week that ended November 7.
Also weighing was the news that the Organization of the Petroleum Exporting Countries said global oil supplies will slightly exceed demand in 2026.
Gold rises above $4,200/oz
Gold prices surpassed the $4,200 per ounce level, extending recent advances as traders remained uncertain over the state of the U.S. economy even after lawmakers voted to end the country’s longest ever government shutdown.
The yellow metal has steadily risen over the past week as a slew of weak private readings on the U.S. labor market spurred bets that the Fed will cut interest rates in December.
But gold’s pace of gains slowed in recent sessions, with media reports signaling that Fed officials are divided over a rate reduction next month.
Sustained central bank buying of gold, especially in China, has also aided bullion prices. Recent data showed the People’s Bank of China purchased gold for the 12th straight month in September.