May 29 (Reuters) - Futures tied to Canada's main stock index rose on Thursday, as investors cheered a U.S. court's ruling to block U.S. President Donald Trump's April 2 tariffs and strong earnings by domestic banks.
The Court of International Trade on Wednesday found Trump had overstepped his authority by imposing duties on trading partners.
June futures on the S&P/TSX index were up 0.3% at 6:25 a.m. ET (1025 GMT) on Thursday, while Wall Street stock futures rose more than 1%.
On the day, the Canadian Imperial Bank of Commerce (CM.TO), reported a rise in second-quarter profit, led by its capital markets business.
Royal Bank of Canada (RY.TO), posted a jump in second-quarter profit, as the country's biggest bank benefited from the acquisition of HSBC's domestic business and the performance of its wealth management business.
The sentiment was also boosted by AI bellwether Nvidia (NVDA.O),which surpassed quarterly sales expectations on Wednesday. The chipmaker climbed 6.3% in premarket trading.
Later in the day, the energy sector could make big moves due to a jump in crude oil prices following the U.S. court's decision.
Canada's March as well as first-quarter gross domestic product figures are set to be released at 08:30 a.m. ET.
The data could reveal how the U.S. tariff policy shifts have affected the economy and rejig bets on the Bank of Canada's interest rate decision next month. Traders widely expect the central bank to stay put on interest rates.
Toronto's main stock index ended at a record closing high on Wednesday, supported by robust earnings from major domestic banks such as Bank of Montreal (BMO.TO), and the National Bank of Canada (NA.TO), opens new tab.
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($1 = 1.3817 Canadian dollars)
Reporting by Nikhil Sharma; Editing by Sahal Muhammed
