Futures for Canada’s main stock index edged down on Wednesday as lower oil prices pushed down energy shares.
The S&P/TSX Composite Index vaulted 170.27 points, or 1.1%, to conclude Tuesday at 15,579.74
The Canadian dollar leaned lower 0.27 cents to 77.04 cents U.S. early Wednesday
December futures dwindled 0.2% Wednesday
Canada became the first industrialized nation to legalize recreational cannabis on Wednesday but a legal buzz will be hard to come by in its biggest cities as some, including Toronto and Vancouver, will have no stores open.
CIBC raised the price target on Cargojet to $90.00 from $70.00
Berenberg cut the price target on Endeavour Mining to $22.55 from $28.33
CIBC cut the price target on Westjet Airlines to $16.00 from $17.00
On the economic calendar, Statistics Canada reported that manufacturing sales in this country fell 0.4% to $58.6 billion in August, following three consecutive monthly increases. The decline was mainly due to lower motor vehicle sales.
ON BAYSTREET
The TSX Venture Exchange sank 11.55 points, or 1.6%, Tuesday to 699.81
ON WALLSTREET
U.S. stock index futures pointed in different directions on Wednesday as volatile trading continues through the start of the latest earnings season.
Futures for the Dow Jones Industrials settled 138 points, or 0.5%, to 25,644
S&P 500 futures dropped 11.5 points, or 0.4%, to 2,806.25, while futures for the NASDAQ composite plummeted 42.5 points, or 0.6%, to 7,311.25
Netflix shares were up 10% in the pre-market after the streaming giant posted third-quarter earnings that easily beat expectations. The big beat was driven by stronger-than-expected subscriber growth in both the U.S. and overseas.
J.P. Morgan said in a note the company is "back on track" following the release of its latest results.
CSX and Cree also reported better-than-expected earnings Tuesday after the close, while M&T Bank and U.S. Bancorp's results topped estimates Wednesday before the bell.
However, IBM reported mixed quarterly results, with earnings topping estimates and revenue missing. The results sent the company's stock down by more than 5%.
Overall, the earnings season is off to a good start. Of the S&P 500 companies that have reported thus far, 89.8% have topped analyst expectations, according to FactSet.
Wednesday's moves come a day after the major indexes posted their best day since March, boosted by strong earnings. On Tuesday, the Dow surged more than 500 points as Goldman Sachs, Johnson & Johnson, and UnitedHealth jumped. Tuesday's jump helped Wall Street recover some of the steep losses from last week.
On the data front, housing starts fell 5.3% last month, more than expected. At 2 p.m ET, the Federal Open Market Committee will release the minutes of its meeting held in late September.
Overseas, in Japan, the Nikkei 225 gained 1.3% Wednesday, while in Hong Kong, markets were closed for holiday.
Oil prices slumped 63 cents to $71.29 U.S. a barrel.
Gold prices dwindled 80 cents to $1,230.20 U.S. an ounce.
