Canada's main stock index futures were little changed on Wednesday, tracking subdued global markets, as investors remained on the sidelines ahead of the U.S. Federal Reserve's decision on rate hike.
The S&P/TSX Composite leaped 213.06 points, or 1%, to end Tuesday at 20,905.28.
June futures were flat Wednesday.
The Canadian dollar moved up 0.15 cents to 78.07 cents U.S.
Barrick Gold reported a fall in first-quarter profit on Wednesday, hurt by lower output at its Carlin and Cortez mines in Nevada.
National Bank cut the rating on Algonquin Power & Utilities to sector perform from outperform
Canaccord Genuity cut the rating on IAMGOLD to sell from hold
National Bank of Canada initiated coverage on Kiwetinohk Energy with outperform rating
Economically speaking, Statistics Canada told us this country's merchandise trade increased substantially in March, with both imports and exports reaching record highs. Imports increased 7.7%, while exports rose 6.3%.
As a result, Canada's merchandise trade surplus with the world narrowed from $3.1 billion in February to $2.5 billion in March.
ON BAYSTREET
The TSX Venture Exchange stumbled 22.75 points, or 2.8%, Monday to 791.68
ON WALLSTREET
Stock futures moved higher in early morning Wednesday as investors braced for the Federal Reserve’s big interest rate decision, where the central bank is widely expected to hike rates by half a percentage point.
Futures for the Dow Jones Industrials leaped 133 points, or 0.4%, to 33,166.
Futures for the S&P 500 gathered 18.75 points, or 0.5%, to 4,188.
Futures for the NASDAQ Composite Index jumped 49.75 points, or 0.4%, to 13,136.75.
Markets are preparing for a hawkish Fed, and the central bank is also expected to announce a plan to cut its roughly $9 trillion balance sheet by $95 billion a month, beginning in June.
Respondents to a survey indicated they expect the central bank to announce a 50-point rate hike Wednesday, followed by a second one in June as it looks to cut its balance sheet. The survey found a majority of respondents also expect a recession at the end of the tightening cycle.
Meanwhile, Lyft plummeted 26% in pre-market trading after the ridesharing company shared on Tuesday evening weak guidance for the current quarter as it expects to invest in driver supply. Airbnb rose 3.6% as the company expects a continued travel rebound, and Starbucks added 2.4% after topping revenue estimates.
Elsewhere, chipmaker Advanced Micro Devices also moved higher after its report, gaining about 6%. Casino stock Caesars Entertainment was under pressure after missing estimates on the top and bottom lines.
Markets in Japan remained closed for holiday, while in Hong Kong, the Hang Seng index slid 1.1%.
Oil prices popped $4.57 to $106.98 U.S. a barrel.
Gold prices lost three dollars to $1,867.50 U.S.
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