Canada's main stock index looked set to open lower on Tuesday, tracking Wall Street, as investors looked to the outcome from the U.S. Federal Reserve two-day meeting to gauge the health of the world's largest economy.
The S&P/TSX Composite Index was in the red 0.72 points to close out Monday at 12,815.91, with futures Tuesday off 0.2%.
The Canadian dollar was flat at 99.39 cents U.S. early Tuesday.
The U.S. Federal Reserve is paying close attention to risks linked to its bond buying program, including the possibility of losses on its massive portfolio that might touch off a political fire storm and harm the central bank's independence.
In company news, Canadian Pacific Railway reported a 93% fall in fourth-quarter profit, but said it expects 2013 adjusted earnings per share to rise more than 40%.
Susquehanna raises target price of Agrium's U.S. listed shares to $135 from $130 after the company raised its fourth-quarter earnings estimate above its previous outlook.
National Bank Financial cut the rating on Progressive Waste Solutions to sector perform from outperform and says the REIT model would not be favourable for the company and would limit its ability to grow through acquisition.
ON BAYSTREET
The TSX Venture Exchange moved lower 9.36 points Monday to 1,217.88
ON WALLSTREET
Stocks may take another breather Tuesday as investors wait to take their next cue from earnings and economic data.
Futures for the Dow Industrials faded 20 points, or 0.1%, to 13,812. Futures for the S&P 500 fell 3.4 points, or 0.2%, to 1,493.70, and futures for the NASDAQ demurred 5.75 points, or 0.2%, to 2,731.75
Ahead of the bell, Ford posted higher fourth-quarter sales and income, boosted by strong results in North America. But worse-than-expected weakness from Europe weighed on Ford's shares, which slid in premarket trading.
Shares of drug maker Pfizer inched higher on better-than-expected quarterly results. Rival Eli Lilly and Co reported fourth-quarter earnings and sales that also topped expectations.
Glass maker Corning' stock jumped after the company delivered earnings and sales ahead of forecasts.
Shares of data storage equipment maker EMC plunged after the company's earnings outlook fell short of estimates.
Amazon.com results are due after the closing bell.
Yahoo shares rose almost 3% premarket trading after the company posted earnings that beat expectations late Tuesday.
On the economic front, the Case-Shiller 20-city home price index was to be released at 9 a.m. ET, followed by data from the Conference Board's monthly Consumer Confidence Index at 10 a.m. ET.
Tuesday also marks the start of the Federal Reserve's first monetary policy meeting of the year. At the conclusion of the two-day meeting Wednesday afternoon, investors will look for clues from the central bank's statement for when the bond buying program could end.
European markets were mostly lower in afternoon trading. Asian indices ended mixed, as Hong Kong's Hang Seng edged lower while the Shanghai Composite and Japan's Nikkei both posted gains of about 0.3%.
Oil prices eked forward three cents to $96.47 cents U.S. a barrel
Gold prices took on $9.40 an ounce to $1,662.30 U.S.
