Futures for Canada's main stock index rose on Wednesday, with energy shares leading the gains as oil prices strengthened on supply cuts from major oil producers while prospects of demand recovery for fuel also buoyed investor sentiment.
The S&P/TSX Composite was firmly in the green by Tuesday’s close, 78.36 points, to 18,408.62.
The Canadian dollar shied away 0.01 cents to 78.74 cents U.S.
March futures moved up 0.2% Wednesday.
Retail investor participation at Canadian exchange operator TMX Group rose to 45% of total equities trading in January, from 35% a year ago, on the back of the Reddit-driven trading frenzy.
Canaccord Genuity raised the target price on Lithium Americas to $31.00 from $20.00
BMO raised the target price on Absolute Software to $21.00 from $18.00
Scotiabank raises target price on Firstservice to $153.00 from $128.00
ON BAYSTREET
The TSX Venture Exchange faded 6.56 points Tuesday from its recent high levels to 1,071.29.
ON WALLSTREET
Stock futures rose early Wednesday with the market set to resume its February rally, as investors assessed a new batch of corporate earnings.
Futures for the Dow Jones jumped 84 points, or 0.3%, to 31,360
Futures for the S&P 500 acquired 12.25 points, or 0.3%, at 3,917.50.
Futures for the NASDAQ Composite leaped 44.25 points, or 0.3%, to 13,724.50.
Coca-Cola rose more than 1% in pre-market trading after the company topped Wall Street’s estimates for its fourth-quarter earnings with cost-cutting efforts. Under Armour jumped 4.3% after reporting a surprise profit for the holiday quarter as sales were boosted by strong digital growth.
Twitter popped 7.7% in early trading after the social media company beat Wall Street’s earnings and revenue expectations.
Better-than-expected earnings from Lyft, Cisco Systems, Mattel and Yelp also boosted sentiment on Wall Street. Lyft reported signs of a recovery from the COVID-19 pandemic.
Traders will also be watching closely Federal Reserve Chairman Jerome Powell’s speech before The Economic Club of New York at 2:00 p.m. ET.
Moreover, the consumer price index report is scheduled to be released at 8:30 a.m. ET. Economists expect a consensus 0.3% increase in the index, a measure of inflation, or a year-over-year gain of 1.5%, according to Dow Jones. Excluding food and energy, it is projected to rise by 0.1%.
Overseas, in Japan, the Nikkei 225 picked up 0.2%, while in Hong Kong, the Hang Seng index gained 1.9%.
Oil prices progressed 36 cents to $58.72 U.S. a barrel.
Gold prices climbed $2.10 to $1,826.00 U.S.
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