Stronger gold prices boosted Canadian main stock index's futures on Wednesday, a day after the benchmark index touched its lowest level in more than one week.
The TSX Composite plunged 289.28 points, or 1.4%, to stumble to the finish Tuesday at 20,174.14.
The Canadian dollar retreated 0.08 cents to 78.79 cents U.S.
December futures regained 0.6% Wednesday,
Enbridge said on Tuesday it signed partnerships with Royal Dutch Shell and Vanguard Renewables to make low-carbon fuels, seeking to tap into sales to companies that want to lower their greenhouse gas emissions.
Millennial Lithium said on Tuesday Chinese battery maker Contemporary Amperex Technology Co Ltd has agreed to buy the miner for $376.8
Million, after outbidding compatriot Ganfeng Lithium.
Veritas Research raised the rating on CAPREIT to buy from sell.
Veritas then raised the rating on Interrent REIT to reduce from sell
Scotiabank raised the target price on SNC-Lavalin Group to $50.00 from $44.00
On the economic front, Statistics Canada’s industrial product price index declined 0.3% month over month in August, but was up 14.3% from August 2020.
The agency’s Raw Materials Price Index decreased 2.4% month over month in August, yet rose 27.7% compared with the same month in 2020.
ON BAYSTREET
The TSX Venture Exchange shuddered 12.82 points, or 1.5%, to 876.59.
ON WALLSTREET
U.S. stock futures were higher Wednesday as the rapid increase in the 10-year Treasury yield eased, causing investors to buy some beaten-up tech stocks on the dip.
Futures for the Dow Jones Industrials zoomed 154 points, or 0.5%, to 34,332.
Futures for the S&P 500 advanced 24 points, or 0.6%, to 4,367.50
Futures for the NASDAQ Composite Index recovered 100.25 points, or 0.7%, to 14,865. On Tuesday, the tech-heavy index posted its worst day since March amid a spike in bond yields.
The Dow and S&P are now down 3% for September. The NASDAQ is down more than 4.5%.
Tech stocks led Wednesday’s rout with Facebook, Microsoft and Alphabet losing more than 3%. Amazon fell more than 2%. Rising bond yields can hurt growth stocks, including tech stocks, because they lower the relative value of future earnings and can make the shares look overvalued.
But tech stocks were rebounding in Wednesday’s pre-market. Facebook, Amazon, Apple and Alphabet were all up about 1%. Nvidia and Zoom Video were also bouncing in the pre-market.
Shares of the semiconductor company Micron fell more than 3% in pre-market trading after it reported earnings and revenue outlook for the first quarter of 2022 that missed consensus estimates.
Pending home sales data is due out on Wednesday.
Overseas, in Japan, the Nikkei 225 lost 2.1% Wednesday, while in Hong Kong, the Hang Seng gained 0.7%
Oil prices added 50 cents to $74.49 U.S. a barrel.
Gold prices jumped $5.70 to $1,743.20 U.S. a pound.
