Futures for Canada's main stock index inched lower on Wednesday, as a dip in oil and copper prices weighed on market sentiment, while investors awaited a slew of economic data from the U.S. for more clues on the outlook for interest rates.
The TSX Composite finished Tuesday down 136.5 points at 20,109.97.
December futures were down 0.1% early Wednesday.
The Canadian dollar slid 0.03 cents to 72.96 cents U.S.
CIBC slashed its price targets for at least seven Canadian banks including, Scotiabank, Bank of Montreal and TD Bank Group.
ON BAYSTREET
The TSX Venture Exchange sagged 2.84 points Tuesday to 529.62.
ON WALLSTREET
Stock futures rose slightly on Wednesday, as traders tried to regain their footing following a losing session.
Futures for the Dow Jones Industrials acquired nine points to 35,157.
Futures for the S&P 500 picked up 8.5 points, or 0.2%, at 4,559.75.
Futures for the NASDAQ jumped 57.75 points, or 0.4%, to 16,048.
The S&P 500 and NASDAQ Composite on Tuesday ended a five-day winning streak, as the blistering November rally took a pause. The Dow also closed lower.
Those moves came after the Federal Reserve signaled in its latest meeting notes that monetary policy will remain restrictive, and gave no indication of cutting interest rates anytime soon.
Chipmaker Nvidia reported its latest quarterly results Tuesday after the bell. The company posted fiscal third-quarter adjusted earnings and revenue that beat expectations, but warned export restrictions on China would weigh on its fiscal fourth quarter.
The lackluster response to the quarterly beat suggests to some investors Nvidia’s stock may be overvalued after its more than 200% rise this year. This week, Nvidia shares crossed the $500 threshold for the first time to an all-time high. It closed Tuesday at $499.44, down 0.9%.
In Japan, the Nikkei 225 eked higher 0.3% Wednesday, while in Hong Kong, the Hang Seng captured less than one point.
Oil prices fell $1.83 to $75.94 U.S. a barrel.
Gold prices gained $1.70 to $2,003.30 U.S. an ounce.
