Futures for Canada's main stock index was flat on Wednesday as weak crude oil outweighed gains in gold prices, while investors held back on trades ahead of key consumer inflation data that could raise the rate hike possibilities.
The S&P/TSX Composite maintained gains of 34.08 points to conclude Tuesday at 21,717.16.
Futures were unchanged Wednesday
The Canadian dollar inched ahead 0.07 cents to 79.65 cents U.S.
Loblaw beat market estimates for quarterly revenue on Wednesday, aided by sustained consumer demand for groceries and other essential items during the COVID-19 pandemic.
The chairman of Rogers Communications tightened his grip on the company with the appointment of his confidant Tony Staffieri as interim chief executive on Tuesday, replacing Joe Natale, with whom he had a falling out.
RBC raised target price on to $73.00 from $65.00.
CIBC raised target price on Pet Valu Holdings to $43.00 from $34.00
Canaccord Genuity raised the rating on Superior Plus to buy from hold
On the economic slate, Statistics Canada’s consumer price index rose 4.7% on a year-over-year basis in October, up from a 4.4% increase in September. On a seasonally adjusted monthly basis, the CPI rose 0.5% last month.
Floods and landslides that have killed at least one person have also reportedly cut all rail access to Vancouver.
ON BAYSTREET
The TSX Venture Exchange plummeted 12.74 points, or 1.3%, Tuesday to 1,008.75.
ON WALLSTREET
Stock futures were little changed in morning trading Wednesday as investors weighed earnings reports from big-box retailers.
Futures for the Dow Jones Industrials moved lower 49 points, or 0.1%, to 36,013.
Futures for the S&P 500 eased 3.5 points, or 0.1%, to 4,692.50.
Futures for the NASDAQ Composite eked higher five points to 16,305.75.
Home improvement giant Lowe’s got a boost after reporting earnings that easily beat Wall Street expectations. The stock initially popped in pre-market trading as the company not only topped the Street view but also raised its full-year sales forecast. Shares were last higher by less than 1%.
Target also posted beats on the top and bottom lines, however, its CEO noted rising costs related to supply chain issues and compensation could have an impact going forward as the company plans to absorb those costs rather than passing them onto the customer. Shares slid 3.3% pre-market.
Shares of TJX jumped more than 6% after the apparel and home retailer reported a quarterly earnings beat on the top and bottom lines as well as a same-store sales increase of 14% year-over-year.
Shares of Dow component Boeing rose nearly 2% in pre-market trading after the company received an Akasa Air order for its 737 MAX worth $9 billion. The aerospace company’s stock has been a laggard this year, up just 5.5%.
Also, Tesla climbed higher by about 1% as the stock continued its rebound from a 15.4% loss last week, when CEO Elon Musk began his Tesla stock selloff.
On the downside, Visa shares slumped about 2% after Amazon said it will stop accepting payments made via Visa credit cards issued in the U.K. starting next year.
Investors await more retail earnings Wednesday from Bath & Body Works and Victoria’s Secret. Other major companies reporting results Wednesday include Cisco Systems and Nvidia.
Overseas, the Nikkei 225 fell back 0.4% Wednesday, while the Hang Seng in Hong Kong settled 0.3%.
Oil prices skidded 83 cents to $79.93.
Gold prices jumped $13.30 to $1,867.40 U.S. an ounce
