Futures drifted lower on Wednesday for Canada’s largest stock market as investors turned cautious ahead of the U.S. Federal Reserve's rate decision this afternoon.
The S&P/TSX composite index leaped 188.16 points, or 1.6%, to finish Tuesday at 12,331.32. March futures on the S&P TSX index were down 0.8%.
The Canadian dollar gained 0.37 cents to 71.19 cents U.S. early Wednesday.
While the central bank stateside is almost certain to keep interest rates unchanged, investors are keen to see its latest economic outlook, given the turbulent start to global financial markets this year.
Canadian National Railway reported a better-than-expected fourth quarter profit and raised its 2016 quarterly dividend by 20% as costs fell on lower fuel expenses. What’s more, Raymond James cut the target price on CN stock to $78.00 from $84.00
Goldman Sachs raised the target price on Detour Gold to $18.00 from $17.00, with a buy rating
NBF raised target price on Trican Well Service to $2.70 from $2.00 with an outperform rating.
ON BAYSTREET
The TSX Venture Exchange recovered 6.97 points, or 1.4%, Tuesday to 489.58.
ON WALLSTREET
U.S. stock futures are dipping again and European markets are slipping in early trading, moving in lock-step with declining oil prices.
Ahead of the opening bell, futures for the Dow Jones Industrials trailed 85 points, or 0.5%, to 15,981, futures for the S&P 500 dipped 7.75 points, or 0.4%, to 1,888.25. NASDAQ futures slumped 24.75 points, or 0.6%, to 4,202.
A range of major global companies will be posting earnings before the opening bell rings, including Fiat Chrysler Automobiles, Ericsson, Boeing, Progressive and Tupperware.
Another round of reports is due after the market close from companies such as Facebook, eBay and Qualcomm.
Apple reported its most profitable quarter ever on Tuesday, but the results show it has reached the end of an era of unprecedented growth.
Apple said it expected sales in the current quarter will fall for the first time in 13 years. Its shares are dipping by 3% ahead of the open
New data on U.S. crude oil inventories come out around 10:30 a.m. ET, which could have further impact on prices and overall market sentiment.
The Federal Reserve is due to release its latest monetary policy decision at 2 p.m. after a two-day meeting.
Oil prices faded 82 cents to $30.63 U.S. a barrel
Gold prices gained 42 cents to $1,120.33 U.S. an ounce.
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