Futures for equities in Canada’s largest market seesawed on Wednesday, after stocks hit a one-year low in the previous session as bond yields jumped, while investors brace for key economic data from the United States.
The TSX Composite came off its lows of the day, but was still negative 156.26 points, to conclude Tuesday at 19,020.92.
December futures inched ahead 0.2% Wednesday.
The Canadian dollar eked ahead 0.03 cents to 72.97 cents U.S.
ON BAYSTREET
The TSX Venture Exchange sagged 9.19 points, or 1.7%, Tuesday to 536.26.
ON WALLSTREET
Stock futures ticked up Wednesday following a tough session that dragged the Dow Jones Industrial Average into negative territory for 2023.
Futures for the 30-stock index gained 43 points, or 0.1%, to 33,244.
Futures for the S&P 500 hiked 7.25 points, or 0.2%, at 4,272.
Futures for the NASDAQ gathered 28.75 points, or 0.2%, to 14,743.25.
An ADP report released Wednesday showed that private payroll data from September came in lower than expected, indicating that labour market growth may be slowing. Job growth came in at just 89,000 for the month, down from an upwardly revised 180,000 in August sharply lower than the 160,000 forecasted by economists polled by Dow Jones.
The data comes on the back of a losing session on Wall Street after job openings data indicated the labour market is still strong and bond yields marched higher. The Dow lost 1.3%, notching its worst session since March. The S&P 500 tumbled 1.4% and at one point hit its lowest level since June. The NASDAQ ended 1.9% lower.
The labour market remains a focus of investors through the end of the week. Traders will watch for economic data on purchasing and housing orders slated for Wednesday and the weekly jobless claims report expected Thursday.
In Japan, the Nikkei 225 subtracted 2.3% Wednesday, while in Hong Kong, the Hang Seng lost 0.8%.
Oil prices stepped back $1.68 to $87.55 U.S. a barrel.
Gold prices gave back two dollars to $1,839.50 U.S. an ounce.
Stock Futures Rebound
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