TSX Futures Rise with Corporate Earnings, Tariff Impact on Watch

Canadian stock index futures rose 0.6% as corporate earnings boosted sentiment and investors weighed the impact of US tariffs. Shopify became the most valuable publicly traded company on the TSX after delivering an upbeat revenue forecast. Canadian Natural Resources and MDA beat second-quarter profit and revenue estimates, respectively. Maple Leaf Foods raised its fiscal-year outlook and beat analysts' estimates. Gold prices edged higher on safe-haven demand, while copper and other base metals rose on US-China trade deal hopes. Oil prices steadied on potential Trump-Putin meeting.

Canadian stock index futures rose 0.6% on Wednesday, as investors bought the dip following Friday's sell-off and assessed more corporate earnings. Futures on the S&P/TSX index (SXFcv1) were up 0.2% by 6:15 a.m. ET (1015 GMT), marking the second consecutive day of gains after the TSX posted its biggest decline in 10 weeks on Friday [1].

The Toronto stock market climbed to a new record high on Wednesday, driven by Shopify's impressive quarterly results. Shopify Inc. (SHOP.TO) reported second-quarter results that beat estimates and forecasted upbeat revenue for the third quarter, sending its shares soaring by 21.5% [3]. This performance elevated Shopify's market capitalization to approximately C$277 billion ($201.63 billion), making it the most valuable publicly traded company on the TSX and surpassing Royal Bank of Canada (RY.TO) [3].

Canadian Natural Resources (CNQ.TO) and MDA Space (MDA.TO) also delivered strong results. Canadian Natural Resources beat second-quarter profit and revenue estimates, while MDA Space reported a backlog of $4.6 billion at quarter-end, providing revenue visibility for 2025 [4]. Maple Leaf Foods (MAP.TO) raised its fiscal-year outlook and beat analysts' estimates, further bolstering investor confidence [2].

Gold prices inched higher on a firm dollar, while copper and other base metals rose amid hopes for a US-China trade deal. Oil prices steadied on potential Trump-Putin meeting discussions [1].

The TSX index (GSPTSE) on Tuesday posted a new record high, boosted by materials and technology shares. The technology sector climbed 5.1%, while financials added 0.4% and the materials group ended 0.6% higher [3].

BCE Inc.'s stock outlook has been revised to Market Perform with a price target of C$35 by BMO Capital. The firm anticipates a slight decline in revenue in 2025 and 2026, prior to Ziply Fiber benefits. The acquisition is expected to contribute 2% growth in consolidated EBITDA by 2026. Net earnings may face pressure due to increased interest and depreciation costs. Free cash flow is projected to remain unchanged, while leverage is expected to stay high [2].

References:
[1] https://www.reuters.com/markets/europe/tsx-futures-rise-investors-buy-dip-assess-corporate-results-2025-08-06/
[2] https://www.ainvest.com/news/bce-stock-outlook-revised-market-perform-adjusted-price-target-2508/
[3] https://www.reuters.com/markets/europe/tsx-hits-record-high-shopify-becomes-indexs-most-valuable-stock-2025-08-06/
[4] https://www.prnewswire.com/news-releases/mda-space-reports-second-quarter-2025-results-302523864.html