September futures on the S&P/TSX index were flat at 7:10 a.m. ET (1110 GMT).
Energy stocks are expected to get a boost as U.S. oil futures jumped to their highest in more than a year after a drop in crude stocks in the United States added to worries over tight global supplies from OPEC+ output cuts. [O/R]
Meanwhile, materials stocks are expected to remain steady as prices of most metals stabilize, while an elevated U.S. dollar and Treasury yields continued to exert pressure.
Gold prices were subdued after having slid to their lowest in about six months in the last session, while copper prices rebounded after traders squared positions ahead of a long public holiday in China. [MET/L] [GOL/]
The Toronto Stock Exchange's S&P/TSX composite index ended down 120.17 points, or 0.6%, at 19,435.98 on Wednesday, its lowest closing level in more than three months as bond yields continued to climb and a drop in gold prices weighed on mining shares. [.TO]
Investors will closely monitor final gross domestic product estimate and weekly jobless claims - due at 8:30 a.m. ET - along with remarks from Federal Reserve Chair Jerome Powell during the day to gauge the strength of the U.S. economy.
U.S. stock index futures slipped in early trade as soaring oil prices cemented the prospects for a prolonged restrictive monetary policy [.N]
In company news, Pipestone Energy shareholders on Wednesday voted in favor of the proposed sale to privately held larger rival Strathcona Resources in an all-stock deal that would value the combined company at C$8.6 billion ($6.36 billion).
COMMODITIES AT 7:10 a.m. ET
Gold futures: $1,882.8; +0.1% [GOL/]
US crude: $93.53; -0.2% [O/R]
Brent crude: $96.27; -0.3% [O/R]
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report [.TO]
Canadian dollar and bonds report [CAD/] [CA/]
Reuters global stocks poll for Canada
Canadian markets directory
($1= C$1.349)
(Reporting by Khushi Singh in Bengaluru; Editing by Maju Samuel)
