Futures tracking Canada's main stock index slipped on Wednesday as prices of precious metals dropped, while investors awaited domestic inflation data to gauge the future path of interest rate hikes.
The TSX Composite leaped 177.16 points, or 1%, to greet the closing bell Tuesday at 18,798.18.
December futures waned 0.1% on Wednesday.
The Canadian dollar lost 0.37 cents to 72.49 cents U.S.
In the economic docket, Statistics Canada said its consumer price index rose 6.9% on a year-over-year basis in September, decelerating from a 7.0% gain in August. On a seasonally-adjusted monthly basis, the CPI rose 0.4% in September.
The Industrial Product Price Index edged up 0.1% month over month in September and was up 9.0% year over year. The Raw Materials Price Index fell 3.2% on a monthly basis in September and rose 11.0% year over year.
ON BAYSTREET
The TSX Venture Exchange gained 1.89 points Tuesday to 588.52.
ON WALLSTREET
U.S. stock futures gave up gains from earlier in the day Wednesday, even after the release of strong quarterly results from Netflix.
Futures the Dow Jones Industrials slumped 98 points, or 0.3%, to 30,478.
Futures for the S&P 500 dipped 14.5 points, or 0.4%, to 3,718.25.
Futures for the NASDAQ Composite dropped 46.25 points, or 0.4%, to 11,152.50.
Netflix shares rallied 13% after the streaming giant posted earnings and revenue that beat estimates as well as strong subscriber growth for the third quarter. Other tech-related names such as Meta, Amazon and Microsoft traded higher in the premarket.
Those results come as some on Wall Street reset their earnings projections lower as investors worry about a recession. Gene Goldman, chief investment officer at Cetera Investment Management, said that while an economic recession could be mild, the market could struggle with those downward revisions.
Tech earnings will be in full swing next week, but IBM and Tesla are on deck to report Wednesday. Social media firm Snap will report later in the week.
In economic data, investors are looking forward to housing starts on Wednesday. The Federal Reserve’s so-called Beige Book, the central bank’s report on the current state of economic conditions, will come out as well.
In Japan, the Nikkei 225 acquired 0.4% Wednesday, while in Hong Kong, the Hang Seng Index retreated 2.4%.
Oil prices picked up $1.23 to $84.05 U.S. a barrel.
Gold prices sank $17.00 to $1,638.80 U.S. an ounce.
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