Lower Start for Markets

Cenovus, Pinnacle in Spotlight

Canada's main stock index was set to open lower on Wednesday, due to rising U.S. bond yields and warnings from top global companies about increasing costs.

The S&P/TSX Composite Index faltered 75.06 points to close the day at 15,477

The Canadian dollar handed back 0.37 cents to 77.6 cents U.S. early Wednesday

June futures were down 0.1% Wednesday.

Cenovus Energy posted a first-quarter loss on Wednesday, hurt in part by maxed-out pipelines that hampered efforts to move crude to the United States and weighed on prices of Canadian heavy oil.

CIBC raised the target price on Pinnacle Renewable Holdings to $15.50 from $15.00

ON BAYSTREET

The TSX Venture Exchange withered 8.17 points, or 1%, Tuesday to 789.24

ON WALLSTREET

The Dow Jones industrial average was tipped to open slightly higher on Wednesday after Boeing reported quarterly results that easily beat expectations.

Futures for the Dow dipped 11 points, or 0.1%, to 23,973

S&P 500 futures slumped 9.25 points, or 0.4%, to 2,626, while futures for the NASDAQ composite index dropped 27.5 points, or 0.4%, to 6,499.25

Shares of Boeing jumped 2.7% in the pre-market after the Dow member released its first-quarter earnings and revenue numbers. The company also raised its outlook for 2018.

Stocks have been under pressure recently despite a string of earnings that beat analyst expectations. On Wednesday, Twitter reported a better-than-expected profit and revenue for the first quarter, sending its stock higher by 6%. NBCUniversal-parent Comcast also posted stronger-than-forecast earnings and revenue.

On Tuesday, bellwether Caterpillar posted earnings and revenue that beat expectations, but the shares fell after the company's CFO said their first-quarter results may have been the "high watermark" for the year. Those remarks helped push the market lower in the previous session.

In Japan, the Nikkei 225 sagged 0.3%, while in Hong Kong, the Hang Seng Index lost 1%.

Oil prices gave back 25 cents to $73.61 U.S. per barrel.

Gold prices slid $10.70 to $1,322.30 U.S. an ounce.