Futures for Canada's main stock index showed muscle on Wednesday as global stock markets rallied on upbeat earnings and easing geopolitical tensions, but gains were capped as crude prices extended their fall on profit-taking.
The S&P/TSX Composite gained 141.68 points to close Tuesday at 21,377.18
The Canadian dollar inched higher 0.09 cents to 78.78 cents U.S.
March futures popped 0.7% Wednesday
Manulife Financial and Sun Life Financial are expected to report earnings for the fourth quarter after markets close on Wednesday.
TMX Group’s CEO says the stock market operator plans to launch its first cryptocurrency futures product in response to institutional investors' desire to offset the risks of trading in the relatively new asset class.
ATB Capital Markets cut the target price Northland Power to $50.00 from $52.00
Canaccord Genuity raised the target price on Prairiesky Royalty to $21.00 from $20.00
National Bank raised the target price on TFI International to $160.00 from $153.00
Additionally, Bank of Canada Governor Macklem is due to speak at the Canadian Chamber of Commerce this afternoon.
ON BAYSTREET
The TSX Venture Exchange inched up 0.3 points Tuesday to 858.95.
ON WALLSTREET
U.S. stock futures rose in early morning trading on Wednesday as investors digested another batch of corporate earnings and tech shares looked to build on their rebound.
Futures for the Dow Jones Industrials rocketed 247 points, or 0.7%, to 35,589.
Futures for the S&P 500 hiked 43.25 points, or 1%, to 4,555.75
Futures for the NASDAQ spiked 199.5 points, or 1.4%, to 14,934.
Tech stocks appeared poise to outperform on Wednesday, with chipmaker Advanced Micro Devices rising more than 1% after an upgrade from Daiwa Capital Markets. E-commerce stocks including Amazon and Shopify were pushing higher in pre-market trading.
On the earnings front, Chipotle rose more than 6% in after-hours trading on the back of its strong earnings, while Lyft tumbled nearly 4%, after announcing it had fewer active riders than in the prior quarter.
Solar stock Enphase Energy surged 20% in pre-market trading after the company beat estimates on the top and bottom lines for the fourth quarter and delivered upbeat guidance.
Elsewhere, Peloton continued its rebound, rising more than 4% pre-market the day after the company announced a restructuring plan that will include layoffs and the removal of its CEO. Despite a bumpy road, shares of the interactive fitness company are now positive year to date after soaring more than 25% in Tuesday trading.
A handful of strong corporate earnings boosted sentiment on Tuesday, after a slow start to the week. Harley-Davidson, Chegg, DuPont and Centene all rose after reporting better-than-expected earnings.
As of the closing bell on Tuesday, nearly 60% of all S&P 500 companies have reported fourth-quarter earnings and roughly 77% have topped Wall Street’s earnings estimates.
Overseas, in Japan, the Nikkei 225 shot ahead 1.1% Wednesday, while in Hong Kong, the Hang Seng zoomed 2.1%.
Oil prices dipped 40 cents to $88.96 U.S. a barrel.
Gold prices advanced $3.50 to $1,831.40 U.S. an ounce.
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