Futures tracking Canada's blue-chip stocks fell on Wednesday as elevated oil prices and climbing yields made investors risk averse, while markets awaited the minutes of the U.S. Federal Reserve's September meeting later in the day.
The TSX Composite Index gained 129.20 points to conclude the session Tuesday at 35,647.75, an 11-day high.
The Canadian dollar slid 0.08 at 70.23 cents U.S.
December futures trudged 0.4% lower Wednesday morning.
In Canada, investors are pricing in at least one 25 basis point hike by the Bank of Canada by year-end
ON BAYSTREET
The TSX Composite Index gained 129.20 points to conclude the session Tuesday at 35,647.75
ON WALLSTREET
U.S. equity futures fell Wednesday, a day after the S&P 500 reached a fresh all-time high, as oil prices moved higher alongside Treasury yields.
Futures for the Dow Jones Industrials hurtled lower 282 points, or 0.5%, Wednesday to 51,534.
Futures for the S&P 500 fell 24.5 points, or 0.3%, to 7,849.50.
Futures for the NASDAQ Composite dropped 216.75 points, or 0.6%. to 31,266.50.
Constellation Brands shares fell 5% even after the company reported better-than-expected results for its fiscal second quarter. The beer distributor earned $3.74 per share on revenue of $2.63 billion. Analysts expected a profit of $3.56 per share on revenue of $2.54 billion.
U.S. crude prices crept back toward $90 per barrel. International Brent traded 1% higher at $101.92. Those moves led yields, which took a breather in the previous session, to resume the recent surge that drove them to multiyear highs.
In Japan, the Nikkei 225 sank 0.9%, while in Hong Kong, the Hang Seng let go of 0.6%.
Oil prices subsided 55 cents to $89.99 U.S. a barrel.
Gold prices slumped $41.60 to $4,145.50 U.S an ounce.
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