Futures for Canada's main stock index slipped on Wednesday dragged by a fall in oil prices, while investors worried about interest rates staying higher for longer as they awaited the minutes of the latest U.S. Federal Reserve policy meeting.
The TSX jettisoned 262.3 points, or 1.3%, to close Tuesday at 20,252.64.
March futures on the S&P/TSX index crept back 0.2% Wednesday morning.
The Canadian dollar notched higher 0.03 cents to 73.89 cents U.S.
In company news, a Brookfield-led consortium on Tuesday trimmed its offer for Origin Energy by 1%, valuing the Australian power producer and energy retailer at A$15.33 billion ($10.5 billion U.S.), after government's move to cap gas prices hit valuations in the sector.
Equinox Gold beat fourth-quarter profit estimates but the gold miner posted a decline in earnings hurt by lower production and higher operating costs amid inflationary pressures.
Ritchie Bros Auctioneers reported a fourth-quarter profit beat, with a rise in net income boosted by higher interest income.
On the economic slate, Statistics Canada said new home prices in Canada declined 0.2% month over month in January. Prices were down or unchanged in 25 of the 27 census metropolitan areas surveyed and up in two.
ON BAYSTREET
The TSX Venture Exchange lost 2.27 points Tuesday to 625.51.
ON WALLSTREET
Stock futures ticked up slightly on Wednesday as Wall Street braced for the Federal Reserve’s latest meeting minutes and more insight on the central bank’s future hiking agenda.
Futures for the Dow Jones Industrials gathered 85 points, or 0.3%, early Wednesday to 33,247.
Futures for the S&P 500 gained 12.5 points, or 0.3%, to 4,018.25.
Futures for the NASDAQ Composite jumped 56.75 points, or 0.5%, to 12,153.50.
Shares of Palo Alto Networks popped 9.5% after the cybersecurity company lifted its earnings forecast for the year. Crypto exchange platform Coinbase topped revenue expectations.
Mounting concerns that the Fed will continue hiking rates spooked investors Tuesday and pushed stocks to their worst day of 2023. A slew of earnings reports, including disappointing results from Home Depot also sparked concerns about the health of the consumer.
Earnings season rolls on with results from Nvidia, Etsy and Baidu.
Attention now shifts toward the Fed minutes due out Wednesday. Investors will scour the results for insight into the central bank’s future rate hiking path and its recent 25-basis-point increase.
In Japan, the Nikkei 225 index sank 1.3%, while in Hong Kong, the Hang Seng fell 0.5%.
Oil prices drooped 45 cents to $75.91 U.S. a barrel.
Gold prices hiked $8.20 to $1,850.70 U.S. an ounce.
