Futures Slide Despite Stimulus Package

Emera, Suncor in Spotlight

Canada's main stock index futures fell on Wednesday, after oil prices slipped as faltering demand due to the spread of the coronavirus pandemic eclipsed a $2 trillion fiscal package from Washington.

The TSX Composite Index zoomed 1,342.59 points, or 12%, to conclude Tuesday at 12,571.08

The Canadian dollar gained 0.15 cents early Wednesday to 69.40 cents U.S.

March futures dipped 1.7% early Wednesday.

CIBC raised the target price on Emera to $55.00 from $47.00

RBC cut target price on Suncor Energy to $27.00 from $31.00

National Bank of Canada cut the target price Toronto-Dominion Bank to $62.00 from $80.00

ON BAYSTREET

The TSX Venture Exchange regained 29.56 points, or 8.4%, Tuesday to 380.75.

ON WALLSTREET

Stock futures looked to an unchanged open Wednesday following Tuesday’s historic rally in anticipation of a coronavirus stimulus deal by Congress. The White House and Senate reached an agreement overnight.

Futures for Dow Jones Industrials squirted ahead 26 points, or 0.1%, early Wednesday to 20,634.

Futures for the S&P 500 slipped 19.5 points, or 0.8%, at 2,418.50

Futures for the NASDAQ Composite faded 65.5 points, on 0.9%, to 7,489.25.

The action in the futures market followed an epic comeback on Wall Street. The Dow soared more than 2,100 points, or over 11%, notching its biggest one-day percentage gain since 1933 and its best point increase ever. The S&P 500 rallied 9.4% for its best day since October 2008.

White House and Senate leaders agreed to a massive $2-trillion coronavirus stimulus bill in the middle of the night.

Overseas, in Japan, the Nikkei 225 sprang up 8%, while Hong Kong, the Hang Seng Index took on 3.8%.

Oil prices docked 52 cents to $23.49 U.S. a barrel.

Gold prices gave back $29.30 to $1,631.50 U.S. an ounce.