Stock futures pointed to a lower opening for Canada's main stock index on Wednesday as oil prices declined after data showed an increase in U.S. crude stockpiles and the Organization of the Petroleum Exporting Countries reported a rise in production.
The S&P/TSX Composite Index was negative 4.05 points to end Tuesday’s session at 15,379.75. June futures doffed 0.06% early Wednesday.
The Canadian dollar gained 0.18 cents to 75.72 cents U.S. early Wednesday.
Thomson Reuters plans to release a tool on Wednesday that will allow customers to plug its market data into systems that run on the digital ledger technology known as blockchain.
Cowen and Co cut the target price on Canopy Growth Corp. to $10.00 from $15.00
National Bank started coverage on Petrus Resources with an outperform rating and a $3.00 target price
Cowen and Co cut the price target on Hudson's Bay Co. to $9.00 from $12.00, and a market perform rating
ON BAYSTREET
The TSX Venture Exchange retreated 0.26 points Tuesday to 785.54
ON WALLSTREET
U.S. stock index futures pointed to a higher open on Wednesday after markets closed at new highs Tuesday following a rebound in technology stocks.
Ahead of the opening bell, futures for the Dow Jones Industrials backtracked 15.23 points, or 0.1%, to 21,317. Futures for the S&P 500 tacked on two points, or 0.1%, to 2,440. NASDAQ futures progressed 9.25 points, or 0.2%, to 5,768.50,
Notable technology names like Nvidia, Amazon, Tesla and Alphabet all saw their stock prices rise before the bell.
Traders will be looking ahead to the second day of the Federal Reserve's two-day policy meeting, in which it is largely expected to raise interest rates and announce its plans for the U.S. balance sheet. The announcement is due at 2 p.m. E.T.
But the recent slowdown in inflation has become a red flag for markets, which doubt the Fed's ability to hike a second time before year end.
Fed Chair Janet Yellen holds a post-meeting briefing and is expected to provide some more detail on the Fed's $4.5-trillion balance sheet.
The Fed hopes to begin shrinking that balance sheet this year by scaling back a program to replace Treasury and mortgage securities as they mature.
The latest read on the consumer price index, retail sales and business inventories are all due Wednesday.
European markets vaulted as of noon on the continent, while, in Asia, the Nikkei 225 in Japan inched back 0.1%, while Shanghai’s CSI 300 plummeted 1.3%
Oil prices dipped 22 cents to $48.50 U.S. per barrel.
Gold prices slid $1.30 to $1,267.30 U.S. an ounce.
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