June 25 (Reuters) - Futures tracking Canada's blue-chip stocks edged higher on Thursday, mirroring gains on Wall Street after upbeat forecasts from Micron and Qualcomm, while investors kept an eye on developments in the Middle East.
September futures on the S&P/TSX index were up 0.3% at 6:25 a.m. ET (1025 GMT).
U.S. chipmakers rose in premarket trading after strong forecasts from Micron (MU.O), and Qualcomm (QCOM.O), signaled robust AI demand, easing concerns that the rally in AI-linked stocks had stretched too far.
On the geopolitical front, developments around the U.S.-Iran conflict remained in focus after the U.S. administration sought additional funding for the war.
Oil prices fell to levels last seen before the start of the Iran war as expectations of rising supply from the Middle East outweighed demand concerns.
Spot gold and silver fell 0.3% and 0.04%, respectively, as expectations of U.S. interest rate hikes weighed on the precious metals.
Canada's S&P/TSX Composite Index (.GSPTSE), fell to a near-two-week low on Wednesday as the price of oil moved back toward its level before the start of the Iran war, with energy and metal mining shares leading the market lower.
Meanwhile, the Bank of Canada's governing council agreed to keep its monetary policy nimble to respond to new U.S. trade restrictions, the impact of energy prices, or both playing out at the same time, according to the minutes of its meeting released on Wednesday.
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Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Joyjeet Das
