Stock futures pointed to a lower opening for markets in Canada’s biggest centre on Wednesday as investors digested quarterly results from a slew of major companies including Loblaw, CGI and Torstar.
The S&P/TSX Composite Index advanced 44.02 points to close Tuesday at 15,619.95. June futures faded 0.2% early Wednesday
The Canadian dollar let go of 0.09 cents to 72.86 cents U.S. early Wednesday.
Loblaw Companies reported a higher-than-expected quarterly profit as the company kept a tight lid on expenses and attracted more customers to its stores with discounts.
Beleaguered lender Home Capital Group has delayed its first-quarter earnings to after close of market on May 11.
CIBC raised the rating on Kinross Gold to outperform from neutral, with a price target of $4.75
Morgan Stanley started coverage on Source Energy Services with overweight rating
CIBC cut the price target on Westjet Airlines to $24.00 from $25.00
The Toronto Real Estate Board said Toronto home prices and new listings surged in April from a year earlier while sales fell, suggesting the market may be starting to re-balance after new housing rules were put it place amid fears of a bubble in Canada's largest city.
ON BAYSTREET
The TSX Venture Exchange dropped 4.86 points Tuesday to 796.20
ON WALLSTREET
U.S. stock index futures pointed to a lower open on Wednesday, with the NASDAQ composite set to fall from a record high after mixed quarterly results from Apple.
Ahead of the opening bell, futures for the Dow Jones Industrials eased 16 points, or 0.1%, to 20,849. Futures for the S&P 500 dipped 3.5 points, or 0.2%, to 2,382.25. NASDAQ futures dumped 15.25 points, or 0.3%, to 5,624.50.
The tech giant posted better-than-expected adjusted earnings per share, but iPhone sales missed analyst expectations. Shares of Apple fell more than 1% in the pre-market.
The tech-heavy NASDAQ posted record highs on an intraday and closing basis on Tuesday before Apple released its quarterly results.
On the earnings front, AIG, Facebook, Kraft-Heinz and Tesla are due to report after the bell.
Investors also awaited the Federal Reserve's latest policy decision on interest rates.
It's the second day of the Fed's policy meeting. A decision from the central bank is due in the afternoon around 2 p.m. ET, but markets expect the Fed to hold steady.
On the data front, the U.S. private sector created 177,000 jobs last month, according to a report from ADP and Moody's Analytics. Economists expected an addition of 175,000 jobs.
The ADP and Moody's Analytics report is seen as a preview to the government's monthly jobs report, which will be released Friday.
Investors will also get the final Markit services PMI reading for April, as well as the Institute for Supply Management non-manufacturing reading.
European markets were slightly lower as morning became afternoon on the continent, while the Shanghai CSI 300 docked 0.4% by the close in Asia. Markets were shuttered in Japan and Hong Kong for holidays.
Oil prices gained 21 cents to $47.87 U.S. per barrel.
Gold prices dropped $2.70 to $1,254.30 U.S. an ounce.
Related Stories
