Stock futures pointed to a lower opening for markets in Canada’s biggest market due to a drop in oil prices as concerns over the global oil glut continued to weigh on sentiment.
The S&P/TSX Composite dipped 52.38 points to end Tuesday at 14,870.63
The Canadian dollar dipped 0.11 cents to 74.79 cents U.S. early Wednesday.
Canadian National Railway reported a 6.5% fall in quarterly revenue on Tuesday as it moved lower volumes of crude oil, coal and fracking sand. The company's net income fell to $972 million, or $1.25 per share, from $1.01 billion, or $1.26 per share, a year earlier.
Government officials say First Quantum Minerals expects Zambia to approve the creation of a new industrial park it is putting up near its Kalumbila mine in the coming days.
Canaccord Genuity initiates coverage on Mullen Group with a hold rating and a $20.50 price target as the company provides investors with a diversified play on a Western Canadian Sedimentary Basin.
RBC raised the target price on West Fraser Timber to $45.00 from $40.00 on the back of a great quarter highlighted by sequential improvements in all business units.
ON BAYSTREET
The TSX Venture Exchange made it to within 0.46 points of breakeven Tuesday to 785.68
ON WALLSTREET
U.S. stock futures are dipping, indicating a lot of weakness in the stock market.
Ahead of the opening bell, futures for the Dow Jones Industrials retreated 40 points, or 0.2%, to 18,057, while futures for the S&P 500 dipped 6.25 points, or 0.3%, to 2,131.75. NASDAQ futures fell 18.75 points, or 0.4%, at 4,867.25.
Shares in Apple are slipping by about 3% pre-market and putting a drag on Wall Street after the company reported its first annual sales decline since 2001.
The tech giant said Tuesday that annual sales fell to $216 billion U.S. in the fiscal year ending September 30, from a record $234 billion U.S. a year earlier.
Chipotle shares are also dipping in extended trading after the burrito chain reported sales at existing restaurants are down 22% from a year ago.
Customers are avoiding the restaurants in the wake of a nationwide E. coli outbreak.
Investors are clearly avoiding the company, too, with shares down about 47% from their all-time high set in mid-2015.
Shares in Twitter are set to pop at the open as investors hope the influential micro-blogging site may have found a buyer in Disney. Neither company would confirm to the media.
Boeing, Airbus, Coca-Cola, Comcast, Hilton Hotels and Southwest Air are releasing earnings before the open.
Tesla Motors, Buffalo Wild Wings and Cheesecake Factory are set to release earnings after the close.
European markets are declining in early trading, with some indexes down by about 1%. And most Asian markets ended the day with losses.
Oil prices fell 93 cents to $49.05 U.S. a barrel
Gold prices faded $1.20 to $1,272.40 U.S. an ounce.
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