Futures for Canada's main stock index fell on Wednesday, dragged by weakness in oil prices, as rising coronavirus cases around the globe stoked fuel-demand recovery concerns.
The TSX dropped 51.98 points to conclude Tuesday at 16,510.83.
The Canadian dollar nicked up 0.04 cents early Wednesday to 76.13 cents U.S.
December futures docked 0.1% Wednesday.
The biggest shareholder in Air Canada and Transat A.T. Inc said on Tuesday the airline’s revised offer for the Canadian tour operator was "a very reasonable one", given the turmoil in the aviation industry.
Credit Suisse cut the target price on Centerra Gold to $17.00 from $19.00
PI Financial raised the rating on Fury Gold Mines to buy from neutral
CIBC started coverage on Trisura Group with outperform rating and price target of $110.00.
ON BAYSTREET
The TSX Venture Exchange fell 1.69 points Tuesday to 730.56.
ON WALLSTREET
U.S. stock index futures were flat on Wednesday after the major averages registered their first day of losses in five trading sessions.
Futures for the Dow Jones Industrials eked higher 11 points to 28,596.
Futures for the S&P 500 retreated 2.5 points, or 0.1%, at 3,502.25.
Futures for the NASDAQ Composite gained 29.75 points, or 0.3%, to 12,123.75.
Stocks fell on Tuesday, snapping a four-day winning streak. The Dow Jones Industrial Average slid 157.71 points, or 0.6%, while the S&P 500 declined 0.6%. The Nasdaq Composite was the relative outperformer, dipping 0.1%.
The decline came amid a number of headwinds. Eli Lilly said Tuesday afternoon that it would pause its trial of a coronavirus antibody treatment, news that followed Johnson & Johnson’s earlier announcement that it halted its vaccine trial after an "adverse event" was reported. Additionally, hopes for near-term stimulus have faded as Democrats and Republicans remain at odds.
The White House recently proposed $1.8-trillion for an aid package, which House Speaker Nancy Pelosi said "falls significantly short" of what is needed.
On Tuesday, Senate Majority Leader Mitch McConnell said that the Senate will vote on a limited stimulus bill later this month, which will be "targeted relief for American workers, including new funding" for Paycheck Protection Program small business loans.
The corporate earnings season continued on Wednesday as Bank of America and Goldman Sachs released their latest quarterly numbers on Wednesday along with UnitedHealth.
Bank of America’s earnings topped analyst expectations but the bank’s revenue missed the mark, sending the stock down 2%. Goldman, meanwhile, reported much better-than-expected earnings and the stock rose 2.7%. UnitedHealth shares gained 0.8% after the Dow component reported better-than-expected earnings and revenue for the previous quarter.
Earnings season kicked off on Tuesday with both JPMorgan Chase and Citigroup reporting better-than-expected results.
Stocks are higher for October, with the Dow up more than 3% while the S&P 500 has added 4%, and the NASDAQ has gained more than 6%.
Overseas, in Japan, the Nikkei 225 gained 0.1% Wednesday. Trading in Hong Kong resumed Wednesday, after a typhoon suspended activity in the city-state, with the Hang Seng index inching up 0.1%.
Oil prices slumped 16 cents to $40.04 U.S. a barrel.
Gold prices gained $8.80 to $1,903.45.
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