TSX futures dip as Canada-U.S. trade tensions escalate; Nvidia earnings awaited

Canadian stock futures edged lower Wednesday as investors weighed an escalating Canada-U.S. trade dispute, while markets awaited Nvidia's quarterly earnings and a key U.S. inflation report. The S&P/TSX 60 futures contract dipped 0.1%, following Tuesday's record closing high for the composite index. Ottawa plans retaliatory tariffs of up to 50% on roughly 700 American products, covering about $20 billion in annual U.S. imports, effective September 8. This follows U.S. duties of 50% on Canadian exports that took effect Saturday after negotiations collapsed. Strong bank earnings had previously boosted Canadian financial stocks. U.S. futures were flat ahead of the July PCE price index release and Nvidia's results, with revenue expected to double to $92.18 billion. Brent crude fell below $90 a barrel on reported ceasefire progress in the Middle East, while gold edged lower.