Futures for Canada's main stock index slipped on Wednesday as investors grew cautious ahead of the U.S. Federal Reserve's monetary policy meeting later in the day, while a drop in metal prices is expected to drag materials stocks.
The TSX Composite squeezed higher 16.71 points to close Tuesday at 18,873.47.
December futures were down 0.2% early Wednesday.
The Canadian dollar was unchanged at 72.05 cents U.S.
On the economic slate, Markit Canada Manufacturing PMI is due out for October (about 9:30 a.m. EDT).
ON BAYSTREET
The TSX Venture Exchange gained 2.63 points Tuesday to 516.07.
ON WALLSTREET
Stock futures were slightly lower on Wednesday as Wall Street geared up for the Federal Reserve’s latest policy decision on interest rates after closing out a terrible month.
Futures for the Dow Jones Industrials dropped 107 points, or 0.3%, to 33,027.
Futures for the S&P 500 hesitated 15.75 points, or 0.4%, at 4,196.50.
Futures for the NASDAQ faded 57.25 points, or 0.4%, to 14,433.
Restaurant operator Yum China Holdings plunged 12% after missing revenue estimates for the third quarter, while shares of Tinder parent Match Group fell 6.2% on disappointing revenue guidance for the fourth quarter. Advanced Micro Devices fell 2% on the back of disappointing fourth-quarter revenue guidance.
Those moves come as traders turn their eyes to Washington for the Fed’s latest policy announcement. Central bankers are largely expected to maintain rates steady, with fed funds futures pricing suggests a more than 99% probability that rates will remain at current levels.
The decision is slated for release at 2 p.m. ET, followed by a news conference with Chair Jerome Powell at 2:30 p.m. ET.
Wall Street is coming off a dismal October, which led the major indexes to post their third-straight losing month.
The Dow and the S&P 500 ended the month lower by 1.4% and 2.2%, respectively, marking the first three-month losing streak for both indexes since March 2020. The Nasdaq Composite, meanwhile, declined 2.8% in October.
In Japan, the Nikkei 225 rocketed 2.4% Wednesday, while in Hong Kong, the Hang Seng slid 0.1%.
Oil prices added $1.39 to $82.41 U.S. a barrel.
Gold prices descended two dollars to $1,992.30 U.S. an ounce.
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