News

Feb 1 (Reuters) - Futures for Canada's main stock index rose on Thursday after crude prices advanced, while investors repriced their expectations of the first rate cut to May by the U.S. Federal Reserve.

March futures on the S&P/TSX index SXFcv1 were up 0.3% at 7:14 a.m. ET (12:14 GMT).

Futures on Wall Street also rose following a sell-off in the previous session, after the Federal Reserve dashed hopes of a rate cut in March. .N

Energy stocks could see a rebound from the previous session of losses, as oil prices ticked higher after OPEC+ sources said that the group's meeting on Thursday left production policy changes off its agenda. O/R

Material-related stocks are expected to take a hit as prices of non-ferrous metals, including copper, fell on a stronger U.S. dollar. Gold prices steadied on hopes of rate cuts by the Fed later in the year. MET/LGOL/

A weekly reading of jobs data from the United States is due at 8:30 a.m. ET, alongside a January reading of manufacturing PMI in Canada at the open of trading today.

Investors will also monitor quarterly earnings from tech giants Apple AAPL.O, Meta META.O and Amazon AMZN.O in the U.S. after the closing bell on Thursday.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended nearly 1% down, at 21,021.88, on Wednesday, in its biggest decline since Jan. 17.

Heavy-weight financials and energy stocks declined over 1%, as the Fed's decision overshadowed upbeat domestic growth data. .TO

In corporate news, telecom operator Rogers Communications RClb.TOtopped analysts' expectations for quarterly wireless subscriber additions, while luxury parka maker Canada Goose GOOS.TOforecast its fourth-quarter revenue above expectations.

A top U.S. bank regulator on Wednesday imposed a $65 million fine on the Royal Bank of Canada's RY.TO American unit, City National Bank, over gaps in the lender's risk management and internal controls.

COMMODITIES AT 7:14 a.m. ET

Gold futures GCc2: $2,041.1; -0.8% GOL/

US crude CLc1: $76.26; +0.5% O/R

Brent crude LCOc1: $80.98; +0.5% O/R

(Reporting by Purvi Agarwal in Bengaluru; Editing by Vijay Kishore)

((Purvi.Agarwal@thomsonreuters.com))

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