Futures for Canada's resource-heavy main stock index rose on Wednesday tracking firmer commodity prices and a buoyant global mood after better-than-expected results from U.S. megacaps Microsoft and Google, while markets braced for the U.S. Federal Reserve's rate hike.
The TSX stumbled 131.8 points to conclude Tuesday at 18,972.68.
Futures for the TSX advanced 0.5% Wednesday.
The Canadian dollar gathered 0.16 cents to 77.83 cents U.S.
Loblaw Cos reported quarterly revenue below estimates as high inflation forces consumers to rein in discretionary spending.
Teck Resources said CEO Don Lindsay will step down after 17 years in the role, and the company also posted a forecast-beating quarterly profit on upbeat prices for steelmaking coal.
ON BAYSTREET
The TSX Venture Exchange dipped 3.01 points Tuesday to 605.28.
ON WALLSTREET
Stock futures climbed early on Wednesday morning, boosted by strong gains from Google-parent Alphabet and Microsoft, as traders await the
Federal Reserve’s latest interest rate decision, scheduled for later in the day.
Futures for the Dow Jones Industrials shot higher 142 points, or 0.5%, early Wednesday to 31,874.
Futures for the S&P 500 leaped 32.75 points, or 0.8%, to 3,956.
Futures for the NASDAQ Composite popped 161 points, or 1.3%, to 12,273.50.
Alphabet shares rose nearly 4% pre-market after the tech giant’s quarterly report showed strong revenue from Google’s search business. That said, the company’s overall earnings and revenue came in below expectations.
Microsoft popped 3.7% even after the company’s earnings and revenue came in below analyst estimates.
Enphase Energy also popped on the back of its latest results, trading 9.7% higher. Chipotle also added 8% following its mixed second-quarter earnings release.
There are more major earnings reports to come. On Wednesday, Boeing and Shopify are expected to release their quarterly results before the bell. Qualcomm, Ford and Meta Platforms will report at the end of the day.
More than 150 S&P 500 companies have reported calendar second-quarter earnings thus far. Of those names, roughly 70% have beaten analyst expectations, FactSet data shows.
Investors are also awaiting a key announcement from the Federal Reserve. The central bank will announce its latest interest rate decision on Wednesday afternoon. Markets widely expect a three-quarter percentage point increase in the benchmark rate.
In Japan, the Nikkei 225 forged a gain of 0.2% Wednesday. In Hong Kong, however, the Hang Seng dumped 1.1%
Oil prices gained 83 cents to $95.81 U.S. a barrel.
Gold prices moved upward $1.10 to $1,718.30 U.S. an ounce.
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