Futures for Canada's main stock index gained on Wednesday as a set of positive results helped boost optimism around corporate performance, while lower oil prices capped further gains.
The TSX dropped 163.64 points to finish Tuesday’s trading session at 19,040.78.
The Canadian dollar eked up 0.04 cents Wednesday at 79.33 cents U.S.
June futures were better by 0.2% Wednesday.
Rogers Communications reported first-quarter revenue that trumped analysts' estimates, as more live sports on television helped boost the Canadian telecom operator's advertisement sales.
Cormark Securities initiated coverage on Boat Rocker Media with a buy rating, and a price target of $13
CIBC raises target price on Emera to $58.00 from $57.00
RBC cut the rating on PrairieSky Royalty to sector perform from outperform
In the economic docket, Statistics Canada says March’s Gross Domestic Product rose 2.2% on a year-over-year basis, up from a 1.1% gain in February. On a seasonally adjusted monthly basis, the CPI rose 0.1% in March.
Later this morning (about 10 a.m. EDT), the Bank of Canada comes out with its rate announcement., and all signs point to the central bank standing pat.
ON BAYSTREET
The TSX Venture Exchange staggered 14.41 points, or 1.6%, Tuesday to 914.76.
ON WALLSTREET
Broader stock market futures were little changed on Wednesday as equities try to recover from two days of losses. Futures for the tech-heavy NASDAQ fell slightly as Netflix shares dropped.
Futures for the Dow Jones Industrials lost nine points to 33,694.
Futures for the S&P 500 handed back 3.25 points, or 0.1%, to 4,123.25.
Futures for the NASDAQ Composite index weakened 36.25 points, or 0.3%, to 13,758.
Netflix shares plunged about 8% in pre-market trading after the streaming giant reported subscriber additions that fell far short of Wall Street estimates as the demand surge from the pandemic started to fade.
The company also said it only expects to add about one million subscribers in the current quarter, well below estimates. Shares of Roku fell 3% in sympathy.
Shares of Norwegian Cruise Line Holdings led a pop in reopening plays after Goldman Sachs upgraded the stock. Norwegian jumped 2% in early trading.
United Airlines plunged 8.5% on Tuesday after the carrier reported its fifth consecutive quarterly loss and said that business and international travel is still far from a recovery. The State Department said it would increase “do not travel” advisories to 80% of the world’s countries, adding that the pandemic presents an "unprecedented risk to travelers."
Companies have been handing in solid quarterly results, but the bar is high for earnings to lift the stock market higher after a strong rally to record highs this year. The Dow and the S&P 500 are still both up 10% for the year after hitting records on Friday.
Verizon and Chipotle Mexican Grill are slated to report numbers on Wednesday.
Overseas, in Japan, the Nikkei 225 withered 2% Wednesday, while in Hong Kong, the Hang Seng index staggered 1.8%.
Oil prices fell $1.35 to $61.32 U.S. a barrel.
Gold prices climbed $5.20 to $1,783.60 U.S.
