Market Overview

Investors pushed the S&P/TSX 60 index standard futures up by 2 points, or 0.1%, to 10:45 GMT (06:45 ET) on Wednesday, reflecting cautious optimism ahead of the release of key U.S. inflation data. For the month, the S&P/TSX composite average is poised to break a five‑month winning streak and could record a ninth‑consecutive positive quarter, despite September’s volatility driven by rising global bond yields and heightened trade tensions between Washington and Ottawa.

U.S. Economic Data and Fed Outlook

The personal consumption expenditures (PCE) price index for August, the Federal Reserve’s preferred inflation gauge, is due later Wednesday and is expected to show inflation remaining well above the Fed’s 2% target. The data will feed into the Fed’s assessment of whether further rate hikes are needed; the central bank raised rates by 25 basis points this month and signalled a hawkish stance amid sticky inflation. New York Fed President John Williams cautioned that there may be no urgency to raise rates again in October, yet 16 of the 18 Federal Open Market Committee members have forecast at least one more increase this year. U.S. employment figures for September are scheduled for release on Friday, offering additional insight into labour‑market health.

U.S. Futures Snapshot

By 07:01 ET, Dow Jones futures slipped 31 points (‑0.1%), S&P 500 futures were largely unchanged, and Nasdaq‑100 futures fell 49 points (‑0.2%).

Micron Technology Forecast

Ahead of its fiscal fourth‑quarter earnings, which will be reported after the market close, analysts at Investing.com project Micron Technology Inc (NASDAQ:MU) to post a dramatic year‑on‑year earnings surge. Revenue is expected to jump roughly 350% to $50.45 billion, while earnings per share are forecast at $31.16, up from $3.03 a year earlier. The company’s outlook for the next quarters and any commentary on AI‑driven memory‑chip demand will be closely watched. Micron, together with Samsung Electronics Co Ltd and SK Hynix Inc, ranks among the world’s largest memory‑chip manufacturers and is viewed as a sector bellwether.

Commodity Movements

Crude oil prices rebounded, gaining 1.62%, after a sharp decline in the prior session, as traders weighed signs of recovering Middle‑East exports against ongoing concerns about disruptions to shipments through the Strait of Hormuz. Gold prices were largely unchanged, with the spot price up 0.03%, and are on track for a monthly decline.

Summary of Key Figures

  • TSX 60 futures: +2 points (+0.1%) by 10:45 GMT
  • Dow futures: –31 points (‑0.1%)
  • S&P 500 futures: flat
  • Nasdaq‑100 futures: –49 points (‑0.2%)
  • Oil (LCO): +1.62%
  • Gold (GC): +0.03%
  • Micron revenue forecast: $50.45 bn (+350% YoY)
  • Micron EPS forecast: $31.16 (vs $3.03 YoY)