Futures of the commodity-heavy Canada's main stock index rose on Wednesday on stronger gold and crude prices, with investors bracing for the likelihood of a rare 50-basis-point rate hike by the Bank of Canada later in the day.
The TSX Composite Index fell 75.08 points to wind up Tuesday at 21,715.41.
June futures vaulted 0.4% on Wednesday.
The Canadian dollar was off 0.12 cents to 79.03 cents U.S.
CIBC initiated coverage on Copperleaf Technologies with a neutral rating
Credit Suisse cut the rating on Hydro One to underperform from neutral
ATB Capital Markets raised the rating on Organigram Holdings to outperform from sector perform
The Bank of Canada is poised to deliver its much-anticipated interest rate announcement this morning (about 10 EDT). The smart money has the central bank upping its trendsetting rate half a percentage point, to keep runaway inflation at bay.
ON BAYSTREET
The TSX Venture Exchange added 4.79 points Tuesday to 881.12.
ON WALLSTREET
Stocks futures were bouncing Wednesday as Wall Street tried look past the highest inflation in decades and focus on the start of start of first quarter earnings reporting season.-
Futures for the Dow Jones Industrials surged 91 points, or 0.1%, to 34,230.
Futures for the S&P 500 grew 14.5 points, or 0.3%, to 4,407.50.
Futures for the NASDAQ Composite Index hiked 66.25 points, or 0.5%, to 14,011.25.
First-quarter earnings reporting season kicks off Wednesday and analysts have tempered their expectations amid rising commodity costs, the war in Ukraine and the lingering pandemic. But earnings for S&P 500 companies are still expected to increase a healthy 4.5% in the period.
Delta, BlackRock, and Fastenal earnings results all topped estimates Wednesday morning and the shares were higher in premarket trading.
Delta was the biggest winner so far, gaining 6% as its quarterly loss was less than expected and it forecast a return to profitability for this quarter.
JPMorgan Chase shares were slightly lower in premarket trading after the bank reported mixed results. JPMorgan reported a $524-million hit in the quarter following market upheavals related to Russia sanctions that lowered earnings per share by 13 cents. But JPMorgan managed to report $31.59 billion in revenue for the period, slightly more than expected by analysts. It also reported a new $30-billion buyback program.
Traders were awaiting the March producer prices report on Wednesday following the hot CPI report that knocked markets on Tuesday. March PPI was expected to climb 1.1% last month, according to economists polled by Dow Jones. The report is due at 8:30 a.m.
In Asia, the Nikkei 225 in Japan leaped 1.9% Wednesday, while in Hong Kong, the Hang Seng moved forward 0.3%.
Oil prices spiked $1.17 to $101.77 U.S. a barrel.
Gold prices grabbed $4.80 to $1,959.90 U.S.
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