Goldman, Tesla in Focus
Futures tracking Toronto stocks edged higher on Wednesday, a day after the main index touched a two-month high as cooling inflation prompted investors to bet that the Bank of Canada was nearing the end of its interest rate-hike cycle.
The TSX perked 149.78 points to end Tuesday at 20,376.57.
September futures were ahead 0.1% Wednesday.
The Canadian dollar was down 0.09 cents to 75.83 cents U.S.
Meanwhile, dock workers at ports along Canada's Pacific coast rejected on Tuesday a tentative four-year wage deal agreed with their employers last week and returned to the picket line, the International Longshore and Warehouse Union (ILWU) said.
The resumption of the strike could trigger more supply-chain disruptions and risk worsening inflation.
ON BAYSTREET
The TSX Venture Exchange dropped 1.03 points to 624.41.
ON WALLSTREET
U.S. stock futures ticked higher Wednesday night after the Dow Jones Industrial Average notched its longest winning streak since 2021.
Futures for the Dow Jones Industrials picked up 31 points to 35,173.
Futures for the S&P 500 nicked higher 0.75 points to 4,588.50.
Futures for the NASDAQ gained 24.5 points to 15,999.25.
Carvana shares climbed more than 27% after securing a deal to reduce roughly $1.2 billion in debt. The online auto retailer said Tuesday it will post second-quarter earnings results on Wednesday, moving the date of its report up from Aug. 3.
Thus far, the second-quarter earnings season is off to a strong start. Of the companies in the S&P 500 that have reported results, 82% have exceeded expectations, according to FactSet data. For many investors, the recent streak of gains bolsters the case for a soft-landing scenario.
It’s an outlook that has gained traction after last week’s encouraging inflation data.
Goldman Sachs is set to report before the open Wednesday. Other major companies such as Netflix, Tesla, IBM and United Airlines will post earnings after the close.
June housing data will release Wednesday at 8:30 a.m. ET. Housing starts are expected to have dropped by 9.3%, according to economists polled by Dow Jones. That would be down from the huge 21.7% jump in the prior month.
Meanwhile, June building permits are anticipated to have declined 0.7%, according to Dow Jones consensus estimates. That would be down from a 5.2% gain the previous month.
In Japan, the Nikkei 225 took on 1.2%. while in Hong Kong, the Hang Seng lost 0.3%.
Oil prices took on 26 cents to $76.01 U.S. a barrel.
Gold prices shed $1.60 to $1,979.20. U.S. an ounce.
